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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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By Mohd F I

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Jun 10, 2025

Great.

By Do T T N

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Jun 26, 2023

bổ ích

By Visi S

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Dec 21, 2020

Great!

By Aiswarya d S

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Sep 9, 2020

Thanks

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Aug 30, 2020

good ,

By Chris M

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Oct 31, 2017

Badass

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Dec 7, 2023

great

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Jul 16, 2022

great

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Mar 6, 2021

Super

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Dec 12, 2020

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Sep 20, 2020

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Jul 11, 2019

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Feb 23, 2017

great

By Sachin S

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Nov 11, 2025

Good

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Sep 4, 2025

good

By SHREYA R

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Sep 23, 2024

nice

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Sep 9, 2024

Good

By Soham A 0

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Sep 12, 2023

GOOD

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Jul 13, 2023

good

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Jun 2, 2023

good

By rahmat s

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Dec 26, 2022

Good

By Keella A 2

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Dec 11, 2022

good

By Miheer K 2

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Nov 21, 2022

good

By KAWADI M R H

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Jan 15, 2022

nice

By Yifei L

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Aug 17, 2021

good