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
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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
S
Feb 17, 2020
Larry is one of my all time favorite professors. No one teaches price theory like him. He makes the material entertaining and creates an enjoyable learning experience. I wish he taught more courses.
FP
May 13, 2017
In the beginning I thought this was going to be a very basic course, but the way the professor explained the topics really make it interesting a practical, going beyond the classical economic theory.
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576 - 576 of 576 Reviews for Firm Level Economics: Consumer and Producer Behavior
By EBIN J
•Jul 17, 2020
Good