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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
2,490 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

JA

Sep 20, 2020

A background knowledge of microeconomics would most likely help many. The lectures were awesome but acing the quizzes might be difficult for anyone with little foreknowledge in microeconomics.

SH

Aug 13, 2020

Larry is an excellent teacher--clear, concise, and entertaining. This was a refresher course for me (I majored in Econ at Berkeley 40 yrs ago) and reminded me why I chose to study it!

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326 - 350 of 583 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Rocky

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Jul 17, 2021

nice course for learners

By Deleted A

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May 30, 2021

Prof. Larry is the best!

By Srijita G

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Oct 12, 2020

It was a nice experience

By Ahmad N T

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May 23, 2020

It’s an excellent course

By Debaleena D

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May 14, 2020

teaching was really good

By Dr M R

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Apr 12, 2020

It's an excellent course

By wuxiangting

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May 30, 2017

Great basic introduction

By Irvan K

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Jul 3, 2024

Professor Larry Rocks !

By Akashkumar S

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Apr 27, 2021

all was very intersting

By Khoa N M

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Mar 2, 2021

Nice course! Thank you!

By Elgin G

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Oct 22, 2020

This course is amazing!

By LAXMIKANT M S

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Apr 28, 2020

Very informative course

By Vvv P

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Jan 8, 2023

Informative and useful

By Sujisha T

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Sep 20, 2020

That's a good learning

By Anshul S

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Jun 12, 2016

Very articulate course

By Aashish B

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Feb 3, 2022

that's awesome course

By S A

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Jul 6, 2020

Excellent opportunity

By Devanshi J

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Jul 2, 2020

It was a great course

By Eliane D

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Dec 7, 2017

it's was interesting.

By Director S

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May 3, 2020

well structure couse

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