Name: Firm Level Economics: Consumer and Producer Behavior
Brand: University of Illinois Urbana-Champaign
Availability: OnlineOnly
Rating: 4.8 (579 reviews)

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

4.8

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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

Jul 7, 2020

It was a very interesting course. The instructor taught really well and all his teachings were very easy to understand. I learnt a number of valuable lessons and skills in this course.

Jan 21, 2022

Professor Larry DeBrock has a very hands on approach to the concepts of economics. He integrates theoretical content with relevant practical examples , helping to understand the framework easily.

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576 - 579 of 579 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Yevgenii P

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May 5, 2019

Pretty useless as a part of Online MBA. I assume Managerial Economics is a common course for every MBA, but in its current version, the course doesn't provide much value. It won't help me understand the business or the industry better. The knowledge is really general and not related to actual life. Even examples are from Industry sector, while all modern economies are powered by the Service sector.

Still, thank you for not adding formulas and complex calculations (so far). The quality of video, audio, and graphs is okay as well.