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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
2,503 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

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.

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.

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551 - 575 of 586 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Keron S W

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Oct 14, 2020

Thank for knowledge

By Fedor G

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Mar 14, 2016

Really good course!

By POOJA V L

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Oct 9, 2020

Good to learn more

By Kayphet I

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Apr 5, 2021

Wonderful course!

By Harshida K

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May 14, 2020

Good course ever.

By ANURAG T

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Apr 17, 2021

Happy learning

By Siddharth N

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Nov 27, 2020

Great content

By Sunny P

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Sep 8, 2024

it was good

By Angel P A

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Jul 29, 2020

NICE COURSE

By ERASMO S

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Jan 2, 2019

Excelent!!!

By Romain V

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Jun 17, 2016

Complex. Bu

By Tackett K

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Jul 10, 2022

Intriging

By Anu K D

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Nov 6, 2021

wonderful

By 597_A_Devesh Y

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Oct 28, 2020

amazing

By ROOPA. A

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Sep 18, 2020

Helpful

By VAKKALAGADDA V

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Mar 8, 2021

GREAT

By Dadi Y L S 2

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Dec 8, 2022

good

By Yogesh J

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May 2, 2022

GOOD

By LAKKA V K 1

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Mar 16, 2021

Good

By K M B 1

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Mar 6, 2021

NICE

By Chơn N V

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Oct 2, 2020

good

By Hashara D

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Jun 27, 2020

good

By Rahul B

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Jun 13, 2020

Good

By Waduge P P

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May 21, 2020

good

By RAGHAVI K

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May 16, 2020

good