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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

SM

Apr 26, 2020

Had lot of fun learning in this course. Although I had a basic concept of economics but with the help of this course I now have a clear and better understanding on Consumer and producer behavior.

JA

Sep 19, 2020

A background knowledge of microeconomics would most likely help many. The lectures were awesome but acing the quizzes might be difficult for anyone with little foreknowledge in microeconomics.

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By PUTAKA R K

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Mar 16, 2021

nice

By Bui N L

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Mar 15, 2021

Good

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Mar 14, 2021

Good

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Mar 10, 2021

good

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Jan 18, 2021

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Dec 19, 2020

good

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Dec 13, 2020

good

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Dec 1, 2020

good

By Nguyen H M S

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Oct 27, 2020

Good

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Oct 24, 2020

nice

By SARANYA M

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Oct 1, 2020

Good

By Tuyên L T L

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Sep 19, 2020

Good

By Ananthasagaram S

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Jul 29, 2020

good

By SIDDIQA R

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Jul 27, 2020

Good

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May 25, 2020

Good

By OSAMAH A Y A

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May 19, 2020

good

By Ngo M T

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Mar 24, 2020

good

By Phạm T M T

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Dec 3, 2019

good

By Vòng N L

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Nov 1, 2019

Good

By Chiehlu Y

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Feb 9, 2019

Good

By sudindra

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Jun 11, 2017

good

By Vikas K R

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Oct 7, 2025

nil

By Abeed M

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Dec 22, 2021

,m