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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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By Truong T N

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Jul 13, 2023

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Jun 2, 2023

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Dec 26, 2022

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Aug 17, 2021

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Jun 18, 2021

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Mar 17, 2021

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Mar 17, 2021

nice

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Mar 15, 2021

Good

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Jan 18, 2021

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Dec 19, 2020

good

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Dec 14, 2020

good

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Dec 2, 2020

good

By Nguyen H M S

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Oct 28, 2020

Good

By KISLEW A Y H

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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