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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
2,530 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 19, 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.

EO

Jul 6, 2020

It was a very interesting course. The instructor taught really well and all his teachings were very easy to understand. I learnt a number of valuable lessons and skills in this course.

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351 - 375 of 591 Reviews for Firm Level Economics: Consumer and Producer Behavior

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

By Miguel N

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Feb 1, 2021

Excellent material!

By Brett P

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Nov 10, 2020

love the professor!

By Chris K

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Feb 15, 2020

excellent professor

By Viral S

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Sep 9, 2019

Excellent framework

By Uyen T

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Aug 5, 2018

Easy to understand!

By Tiberiu I

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Jun 28, 2016

I love the teacher!

By Dr. U S

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May 25, 2022

Excellent approach

By Tuấn P C

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Dec 16, 2020

Thank you so much!

By Cindia E L

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Aug 20, 2020

A very good course

By jyoti o

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Aug 14, 2020

GOOD LEARNING TIME

By Aziz M

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Jan 23, 2018

Well taught course

By Tran V N T

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Mar 13, 2016

I like this course

By Tran Q K C

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Nov 15, 2024

excellence course

By Thảo N T T

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Feb 24, 2021

helpful knowledge

By Sinneh T M

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Nov 11, 2020

Excellent course!

By VISHAL S

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Aug 24, 2020

fantastic content

By NAVYA R

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May 29, 2020

It's good course.

By Ryan W C

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Feb 10, 2020

Superb professor.

By Xin L

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Feb 4, 2020

Wonderful course.

By Surya B

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Sep 15, 2019

excellent content

By Frank A

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Sep 7, 2019

Excellent course!

By Linda M

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Aug 7, 2017

Excellent course!

By Pierre L

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Oct 18, 2016

Excellent course.