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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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501 - 525 of 599 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Aniket R

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Jan 18, 2021

Good

By Ruhim R

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Dec 20, 2020

good

By Quang T V

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Dec 14, 2020

good

By Selman S

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Dec 2, 2020

good

By Nguyen H M S

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Oct 28, 2020

Good

By KISLEW A Y H

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Oct 24, 2020

nice

By SARANYA M

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Oct 1, 2020

Good

By Tuyên L T L

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Sep 20, 2020

Good

By Ananthasagaram S

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Jul 29, 2020

good

By SIDDIQA R

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Jul 28, 2020

Good

By Maheshwari

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May 25, 2020

Good

By OSAMAH A Y A

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May 20, 2020

good

By Ngo M T

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Mar 24, 2020

good

By Phạm T M T

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Dec 4, 2019

good

By Vòng N L

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Nov 1, 2019

Good

By Chiehlu Y

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Feb 9, 2019

Good

By sudindra

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Jun 12, 2017

good

By Abeed M

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Dec 23, 2021

,m

By Aman K s

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Jan 30, 2021

Na

By Nguyễn V Đ

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Oct 14, 2019

ok

By Fazil M A

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May 10, 2019

g

By Adler J

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Dec 3, 2017

G

By Subrat G

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Feb 16, 2017

V

By Kira

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Feb 9, 2020

Content was informative and not too difficult, but I do have a lot of Algebra, Geometry, and Calculus background. I didn't like the peer reviews as much. They are fun to do, but waiting for grades from peers gets cumbersome and you usually have to beg for reviews. On top of that, you're too subject to the peer's understanding of the content. On one of the assignments one of the peers clearly had no clue about content, didn't read the professor's criteria for grading, and graded well in the wrong. Fortunately, the lowest scores are dropped. Otherwise, I would've raked the peer over the coals with support. I personally wish they'd drop the peer-reviewed assessments, but still plan on working towards an mba. Some level of calculus required might be good too or at least a middle school refresher of slopes.