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Back to Firm Level Economics: Consumer and Producer Behavior

Learner Reviews & Feedback for Firm Level Economics: Consumer and Producer Behavior by University of Illinois Urbana-Champaign

4.8
stars
2,484 ratings

About the Course

All goods and services are subject to scarcity at some level, which requires that society develop some allocation mechanism to determine who gets what. Over recorded history, these allocation rules were usually command based, meaning that the king or the emperor would decide. In contemporary times, most countries have turned to market-based allocation systems. In markets, prices act as rationing devices, encouraging or discouraging production and encouraging or discouraging consumption to find an equilibrium allocation of resources. To understand this process, businesses construct demand curves to capture consumer behavior and consider supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity. You will be able to: • Describe consumer behavior as captured by the demand curve and producer behavior as captured by the supply curve • Define equilibrium and explain the impact of taxes and price controls on market equilibrium • Explain elasticity of demand • Describe cost theory and how firms optimize given the constraints of their own costs and an exogenously given price This course is part of Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/....

Top reviews

R

Oct 2, 2022

T​his is a very powrefull course about Economics, Consumer and Producer. Everyone must go through this course and its not that much easy as much people may guess about this.T​hanks

SN

Feb 3, 2019

Absolutely made me understand firm level economics concepts. Good practice and foundation building.Professor is great and engages will with real life examples and connections.

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By Aiswarya d S

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Sep 9, 2020

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Aug 30, 2020

good ,

By Chris M

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Oct 30, 2017

Badass

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Dec 7, 2023

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great

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Super

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Dec 12, 2020

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Feb 22, 2017

great

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Sep 4, 2025

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Sep 23, 2024

nice

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Sep 8, 2024

Good

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Sep 11, 2023

GOOD

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good

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Dec 26, 2022

Good

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good

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Jan 15, 2022

nice

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Aug 17, 2021

good

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Jun 18, 2021

Good

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Mar 25, 2021

good

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Mar 22, 2021

good

By THAKKAR N A

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Mar 16, 2021

Nice