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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
2,550 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

RS

Aug 23, 2017

Excellent course and very well explained every basic economic concept with real examples.Thanks a lot Professor for allowing me to audit this course, wishing you a great success ahead!!

FP

May 13, 2017

In the beginning I thought this was going to be a very basic course, but the way the professor explained the topics really make it interesting a practical, going beyond the classical economic theory.

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351 - 375 of 600 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Irvan K

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Jul 3, 2024

Professor Larry Rocks !

By Akashkumar S

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Apr 27, 2021

all was very intersting

By Khoa N M

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Mar 2, 2021

Nice course! Thank you!

By Elgin G

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Oct 22, 2020

This course is amazing!

By Dr. L M S

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Apr 28, 2020

Very informative course

By Vvv P

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Jan 8, 2023

Informative and useful

By Sujisha T

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Sep 20, 2020

That's a good learning

By Anshul S

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Jun 12, 2016

Very articulate course

By Aashish B

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Feb 3, 2022

that's awesome course

By S A

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Jul 6, 2020

Excellent opportunity

By Devanshi J

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Jul 3, 2020

It was a great course

By Eliane D

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Dec 7, 2017

it's was interesting.

By Director S

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May 3, 2020

well structure couse

By Gautham B

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Feb 3, 2019

Incredible professor

By Vy H

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May 11, 2017

Really useful for me

By Bình N V

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Mar 3, 2021

Khóa học rất bổ ích

By Trinh M H

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Feb 6, 2021

thank you very much

By Miguel N

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Feb 2, 2021

Excellent material!

By Brett P

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Nov 11, 2020

love the professor!

By Chris K

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Feb 16, 2020

excellent professor

By Viral S

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Sep 9, 2019

Excellent framework

By Uyen T

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Aug 6, 2018

Easy to understand!

By Tiberiu I

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Jun 29, 2016

I love the teacher!

By GAYETHRII A S (

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Apr 13, 2026

Excellent tutorial