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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

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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 鈥渞ations鈥� the scarce commodity. You will be able to: 鈥� Describe consumer behavior as captured by the demand curve and producer behavior as captured by the supply curve 鈥� Define equilibrium and explain the impact of taxes and price controls on market equilibrium 鈥� Explain elasticity of demand 鈥� 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鈥� suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your 糖心vlog官网观看 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.

KS

Sep 12, 2019

This was awesome. I did not know Firm Level Economics when I joined this course. The explanations were simple and Prof DeBrock explained really difficult concepts in a very easy to understand manner.

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By Mzwandile

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Nov 2, 2023

excellent

By Yogie K S

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Jan 10, 2023

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By 19UCO167 S S M

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Jan 13, 2021

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By SOUBHIK B

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Dec 22, 2020

Excellent

By D瓢啤ng N T

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Oct 11, 2020

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By Aswathy p

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Sep 10, 2020

Excellent

By KUNTAL S

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Jul 20, 2020

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Mar 18, 2020

Very Good

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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

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Nov 29, 2020

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Jul 23, 2020

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Feb 26, 2019

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Jun 10, 2025

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By Visi S

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Dec 21, 2020

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By Aiswarya d S

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Sep 9, 2020

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By VINOTH.K

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Aug 30, 2020

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By Chris M

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Oct 31, 2017

Badass