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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
2,552 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 600 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Bandi L R 2

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Oct 25, 2022

It is useful to learneallearn

By isaac s

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Dec 13, 2021

great course, good instructor

By Charbel M M

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Oct 31, 2020

Good course i learn very much

By RAHUL

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Jul 17, 2020

It was an amazing experience.

By Shayne M

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Dec 20, 2020

Amazing and really enriching

By Jasir J

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Jul 16, 2020

Excellent teaching method...

By Jason T

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Feb 8, 2020

Larry teaches a great class!

By Vivek B

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Feb 4, 2019

Excellent Course, Thank you!

By RAMANNA S

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Jul 22, 2020

Well designed and delivered

By Joshua F

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Dec 2, 2019

Very good start to my iMBA!

By John K Y

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Aug 17, 2018

It was a great experience!!

By Himani G

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Jul 26, 2022

I had very good experience

By Thúy T P T

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Mar 7, 2021

The course is very helpful

By PRAVEEN K K S J

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Aug 10, 2020

it was good to learn here.

By Zabin T

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Jun 20, 2020

This course is so helpful.

By Xaqan N

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Apr 20, 2021

The course is excellence.

By Jogender R

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Oct 1, 2020

nice to study on coursera

By ALDO Y M H

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Apr 29, 2022

It's a fantastic course.

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 11, 2020

It's an excellent course

By wuxiangting

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May 30, 2017

Great basic introduction