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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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426 - 450 of 600 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Aditya K

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Apr 22, 2025

Great Course

By Aakriti.

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Aug 23, 2022

GOOD COURSE.

By Khoder K T

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Jan 17, 2021

thanks a lot

By R. R K

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Dec 10, 2020

it was great

By Malika P P

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Oct 12, 2020

Great course

By Mancha J S

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Jul 26, 2020

Great course

By Vidushi G

•

Jun 23, 2020

Great Course

By Gerardo A J

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Feb 7, 2019

Great course

By Hamada S

•

Jan 29, 2019

Great Course

By Nikolaos P

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Mar 4, 2018

Great Course

By Oryngali T

•

Apr 13, 2025

good course

By Obaidullah Z

•

May 20, 2024

it was good

By Haygen S

•

Dec 2, 2022

nice.......

By Keerthana

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Feb 3, 2021

Really good

By Nguyễn T H H

•

Dec 8, 2020

many thanks

By Renju P

•

Nov 24, 2020

nice course

By Ishara S S

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Oct 30, 2020

Good course

By OLALEKAN O R

•

Aug 23, 2020

Nice course

By Dr T K K

•

Aug 20, 2020

Very useful

By Henry N

•

Jul 31, 2020

nice course

By S S S V

•

Jul 28, 2020

Good course

By Dang P L K

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Mar 19, 2021

very good.

By Deleted A

•

Dec 21, 2020

Excellent!

By Tong V C

•

Dec 19, 2020

Good level

By Vũ T H D

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Aug 22, 2020

it's great