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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
2,501 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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426 - 450 of 585 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Henry N

•

Jul 31, 2020

nice course

By S S S V

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Jul 28, 2020

Good course

By Dang P L K

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Mar 18, 2021

very good.

By Deleted A

•

Dec 21, 2020

Excellent!

By Tong V C

•

Dec 18, 2020

Good level

By Vũ T H D

•

Aug 22, 2020

it's great

By Mzwandile

•

Nov 2, 2023

excellent

By Yogie K S

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Jan 9, 2023

very good

By 19UCO167 S S M

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Jan 13, 2021

excellent

By SOUBHIK B

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Dec 21, 2020

Excellent

By Dương N T

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Oct 11, 2020

wonderful

By Aswathy p

•

Sep 9, 2020

Excellent

By KUNTAL S

•

Jul 20, 2020

Good one!

By TRƯƠNG M T

•

Mar 17, 2020

Very Good

By Phạm V T

•

Oct 22, 2019

Very well

By Vivianne P S R

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Mar 23, 2019

Excelente

By Renato F M F

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Nov 7, 2016

Very good

By Deleted A

•

Jul 7, 2020

dnthdgmg

By Do M C

•

Jun 29, 2020

Rất hay!

By Meghana J

•

Mar 17, 2025

awesome

By kyle s

•

Jan 4, 2021

Awesome

By Jithin K M R

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Nov 29, 2020

awesome

By Sona R V

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Aug 10, 2020

Is good

By Nitika K

•

Jul 23, 2020

Amazing

By NKETIAH E

•

Feb 25, 2019

awesome