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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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551 - 575 of 595 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Deleted A

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Aug 24, 2020

ISSUES IN RECEIVING CERTIFICATE

By NAKHEEB S M

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Sep 22, 2023

Good to learn something new

By Jun Z

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Mar 3, 2017

A useful elementary course.

By SARMAD H

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Nov 24, 2020

very informative course

By bisma i

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May 28, 2019

Good experience of mine

By Đại N Q

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Oct 23, 2020

very practical lesson.

By Clare P

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May 23, 2016

It is well organized.

By Keron S W

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Oct 15, 2020

Thank for knowledge

By Fedor G

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Mar 14, 2016

Really good course!

By POOJA V L

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Oct 9, 2020

Good to learn more

By Kayphet I

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Apr 6, 2021

Wonderful course!

By Harshida K

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May 15, 2020

Good course ever.

By ANURAG T

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Apr 18, 2021

Happy learning

By Siddharth N

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Nov 27, 2020

Great content

By Sunny P

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Sep 8, 2024

it was good

By Angel P A

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Jul 30, 2020

NICE COURSE

By ERASMO S

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Jan 3, 2019

Excelent!!!

By Romain V

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Jun 17, 2016

Complex. Bu

By Tackett K

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Jul 11, 2022

Intriging

By Anu K D

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Nov 6, 2021

wonderful

By 597_A_Devesh Y

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Oct 28, 2020

amazing

By ROOPA. A

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Sep 18, 2020

Helpful

By VAKKALAGADDA V

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Mar 9, 2021

GREAT

By Dadi Y L S 2

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Dec 8, 2022

good

By Yogesh J

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May 2, 2022

GOOD