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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
2,552 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

PP

Jan 13, 2021

Found the content extremely interesting. Mr DeBrock delivered the content in a simple and understandable way. Definitely recommended for any beginners wanting to get into economics.

KS

Jul 26, 2020

Great course that gives you a deep understanding on how the different cost and revenue curves behave. i would especially like to thank the instructor for teaching us. Thank you.

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276 - 300 of 600 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Devin P

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Nov 9, 2020

I had a fantastic experience with this course!

By DENIS K B A (

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Jan 9, 2025

Very good online class and easy to understand

By Rohit G

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Mar 25, 2023

A quick course which is very informational :)

By Ponnusamy J

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Nov 29, 2021

Prof Larry is fantastic guy. Excellent course

By Hoàng H C

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Mar 16, 2020

Good lesson & it is very useful. Thanks a lot

By CHE E L B O

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Apr 6, 2026

verry good to learn very good study material

By Harish G

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Nov 11, 2020

Amazing course and content by Prof LeBrock !

By Fahim A R

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Jun 7, 2020

This course explains economics at its roots!

By jodu p b

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May 30, 2020

Its great thing to learn from economic sides

By Esteban G

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Apr 11, 2020

Excellent course, the instructor is awesome!

By dileep k

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Nov 21, 2021

The professors' teaching style is too good.

By Akriti S

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Jul 11, 2020

Great course! Strengthened my fundamentals!

By Lorenzo B

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Jul 13, 2020

Exciting course and excellently explained.

By MCENROE N T E

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Nov 11, 2018

easy understanding and in dept explanation

By Andre F

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Nov 17, 2016

Excellent course with a great explanation.

By Apoorva

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Oct 6, 2020

I learned demand, supply and English too.

By Adam D

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Aug 10, 2016

Larry is really engaging. Great lectures.

By APURVA S

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Sep 10, 2020

Very helpful course!

Professor is amazing

By Kamal A

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Dec 16, 2018

Great Course to Start learning Economics

By SIMON O

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Jun 9, 2024

Course is well structured and delivered

By Юрченко А В

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Jun 7, 2024

Excellent Course, Thank You in advance!

By R.M.B.M. R A

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Nov 15, 2020

Improved knowledge. Gained many skills

By Andrew J

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Sep 18, 2019

Great class and Even better instructor

By Anmol A

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Apr 19, 2020

Great course and amazing explanations