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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
2,544 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 7, 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 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.

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276 - 300 of 599 Reviews for Firm Level Economics: Consumer and Producer Behavior

By DENIS K B A (

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Jan 10, 2025

Very good online class and easy to understand

By Rohit G

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Mar 26, 2023

A quick course which is very informational :)

By Ponnusamy J

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Nov 30, 2021

Prof Larry is fantastic guy. Excellent course

By Hoàng H C

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Mar 17, 2020

Good lesson & it is very useful. Thanks a lot

By CHE E L B O

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Apr 6, 2026

verry good to learn very good study material

By Harish G

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Nov 11, 2020

Amazing course and content by Prof LeBrock !

By Fahim A R

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Jun 8, 2020

This course explains economics at its roots!

By jodu p b

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May 30, 2020

Its great thing to learn from economic sides

By Esteban G

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Apr 11, 2020

Excellent course, the instructor is awesome!

By dileep k

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Nov 22, 2021

The professors' teaching style is too good.

By Akriti S

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Jul 11, 2020

Great course! Strengthened my fundamentals!

By Lorenzo B

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Jul 14, 2020

Exciting course and excellently explained.

By MCENROE N T E

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Nov 12, 2018

easy understanding and in dept explanation

By Andre F

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Nov 18, 2016

Excellent course with a great explanation.

By Apoorva

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Oct 6, 2020

I learned demand, supply and English too.

By Adam D

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Aug 10, 2016

Larry is really engaging. Great lectures.

By APURVA S

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Sep 11, 2020

Very helpful course!

Professor is amazing

By Kamal A

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Dec 16, 2018

Great Course to Start learning Economics

By SIMON O

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Jun 10, 2024

Course is well structured and delivered

By Юрченко А В

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Jun 7, 2024

Excellent Course, Thank You in advance!

By R.M.B.M. R A

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Nov 16, 2020

Improved knowledge. Gained many skills

By Andrew J

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Sep 18, 2019

Great class and Even better instructor

By Anmol A

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Apr 19, 2020

Great course and amazing explanations

By Ahsan F

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Feb 9, 2020

Loved the course. Very well explained