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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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276 - 300 of 595 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Adam D

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Aug 10, 2016

Larry is really engaging. Great lectures.

By APURVA S

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Sep 11, 2020

Very helpful course!

Professor is amazing

By Kamal A

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Dec 16, 2018

Great Course to Start learning Economics

By SIMON O

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Jun 10, 2024

Course is well structured and delivered

By Юрченко А В

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Jun 7, 2024

Excellent Course, Thank You in advance!

By R.M.B.M. R A

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Nov 16, 2020

Improved knowledge. Gained many skills

By Andrew J

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Sep 18, 2019

Great class and Even better instructor

By EZNI S B N K (

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Mar 29, 2026

i like it a lot, enhance my knowledge

By Mamta M C

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Dec 1, 2025

loved the teaching of the Instructor.

By Anmol A

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Apr 19, 2020

Great course and amazing explanations

By Ahsan F

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Feb 9, 2020

Loved the course. Very well explained

By Jay K

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Feb 5, 2019

whole a lot to learn from this course

By jeferson s d s

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Oct 28, 2017

ótimo curso e um excelente professor.

By Mehdi J

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Aug 4, 2021

Amazing course, M Larry is the best!

By Fathima R K

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Aug 10, 2020

The concepts were explained lucidly.

By umair h

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Apr 2, 2020

Excellent course and great learning.

By Erik W

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Sep 9, 2019

Great Introduction to price theory!

By Rifky V R

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Jun 17, 2021

its a good, thanks for your course

By Adithyan S

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Nov 24, 2020

ONE OF THE BEST COURSE IN COURSERA

By Virat K

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Oct 2, 2020

Good way to provide good knowledge

By Romayne W

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Apr 13, 2020

This is a very interesting course.

By V.V.L.N. S

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Nov 1, 2019

This is a good course. I liked it.

By Mitesh M

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Apr 8, 2021

It's useful for commerce students

By TINNI P

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Jul 25, 2020

He made it so easy to understand.