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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
2,538 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

SS

Jun 1, 2020

Though being a student in technical field, i was easy for me to become familiar with the subject, as all basics were point to point explained. Larry sir was amazing xD. "I have got the pen"

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!!

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351 - 375 of 595 Reviews for Firm Level Economics: Consumer and Producer Behavior

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 Dr. U S

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May 25, 2022

Excellent approach

By Tuấn P C

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Dec 16, 2020

Thank you so much!

By Cindia E L

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Aug 21, 2020

A very good course

By jyoti o

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Aug 14, 2020

GOOD LEARNING TIME

By Aziz M

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Jan 24, 2018

Well taught course

By Tran V N T

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Mar 14, 2016

I like this course

By Tran Q K C

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Nov 16, 2024

excellence course

By Thảo N T T

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Feb 24, 2021

helpful knowledge

By Sinneh T M

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Nov 12, 2020

Excellent course!

By VISHAL S

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Aug 24, 2020

fantastic content

By NAVYA R

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May 29, 2020

It's good course.

By Ryan W C

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Feb 11, 2020

Superb professor.

By Xin L

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Feb 5, 2020

Wonderful course.

By Surya B

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Sep 15, 2019

excellent content

By Frank A

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Sep 8, 2019

Excellent course!