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Firm Level Economics

Consumer and Producer Behavior

Larry DeBrock

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.

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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/.

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What's inside

Syllabus

Course Orientation
You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.
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Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Explores scarcity and allocation mechanisms, which is standard in economics
Develops demand curves, which are core skills for economics
Teaches equilibrium and tax impact, which helps learners analyze market behavior
Examines elasticity of demand, which is highly relevant to marketing
Covers cost theory, which is core knowledge for economics
Develops professional skills in economics

Save this course

Create your own learning path. Save this course to your list so you can find it easily later.
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Reviews summary

Firm economics: consumer and producer basics

According to learners, this course provides a solid foundation in firm-level economics, covering key concepts like consumer and producer behavior, market equilibrium, and cost theory. Many students found the lectures clear and easy to follow, appreciating the instructor's ability to explain potentially complex topics. While the course is generally well-regarded, some learners noted that prior familiarity with basic economic principles might be helpful, as the material can be challenging for complete beginners. The assignments and quizzes were frequently mentioned as useful tools for reinforcing understanding.
Quizzes and assignments reinforce learning.
"The practice problems and quizzes were essential for testing my understanding of each module."
"Assignments effectively reinforced the lecture material and helped me prepare for later concepts."
"I liked that the quizzes made sure I was keeping up with the material weekly."
Instructor explains complex ideas simply.
"The professor does an excellent job explaining potentially confusing topics like elasticity and cost curves."
"Lectures were always well-structured and easy to follow, making learning effective."
"I appreciated the clear examples provided in the video lessons; they really helped."
Builds a solid understanding of core topics.
"This course gave me a really solid foundation in understanding consumer and producer behavior and how markets work."
"Very useful for grasping the basic concepts of firm-level economics needed for further study."
"I feel much more confident about the fundamental economic principles after taking this."
May require prior economics background for ease.
"Found the material quite challenging without any prior economics knowledge, had to do extra reading."
"While the concepts are explained well, the pace can feel fast if you're brand new to the subject."
"The mathematical parts weren't too bad, but the underlying economic logic sometimes took effort to grasp."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Firm Level Economics: Consumer and Producer Behavior with these activities:
Read 'Microeconomics' by Paul Krugman and Robin Wells
Enhance your understanding of microeconomic principles by delving into this comprehensive textbook.
View MICROECONOMICS (INTERNATIONAL EDITION). on Amazon
Show steps
  • Acquire a copy of 'Microeconomics' by Paul Krugman and Robin Wells.
  • Allocate dedicated time for reading and studying the textbook.
  • Take notes, highlight key concepts, and engage in active recall to reinforce your learning.
Review basic economic concepts
Reinforce your understanding of foundational economic concepts that will be expanded upon in this course.
Browse courses on Demand
Show steps
  • Review basic economic principles such as scarcity, opportunity cost, and trade-offs.
  • Read introductory articles or watch videos on demand and supply.
Participate in online discussion forums
Engage with classmates to discuss course concepts, share insights, and enhance your understanding through peer interaction.
Browse courses on Market Analysis
Show steps
  • Join online discussion forums related to the course.
  • Participate in discussions by asking thoughtful questions and providing informed responses.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Solve demand and supply problems
Practice applying economic principles to real-world scenarios to improve your problem-solving skills.
Browse courses on Demand Curves
Show steps
  • Work through practice problems related to demand and supply analysis.
  • Use online resources or textbooks to find additional practice exercises.
  • Review solutions and explanations to reinforce your understanding.
Explore interactive simulations of market economies
Supplement your learning by engaging with interactive simulations that demonstrate economic concepts in a dynamic and visual way.
Browse courses on Market Equilibrium
Show steps
  • Identify reputable websites or platforms that offer interactive economic simulations.
  • Explore different simulations that relate to the topics covered in the course.
  • Analyze the results of your simulations and draw conclusions about economic principles.
Develop a presentation on a specific economic topic
Demonstrate your understanding and critical thinking skills by creating a presentation that explores an economic topic in depth.
Browse courses on Market Failure
Show steps
  • Choose an economic topic that interests you and aligns with the course curriculum.
  • Conduct thorough research to gather relevant information and data.
  • Organize your content into a clear and logical presentation structure.
Develop a hypothetical market model
Apply your understanding of market dynamics by creating a model that simulates real-world economic scenarios.
Browse courses on Market Equilibrium
Show steps
  • Define the parameters of your hypothetical market, including demand and supply functions.
  • Use economic principles to analyze the equilibrium price and quantity.
  • Simulate different scenarios, such as changes in demand or supply, and analyze the resulting market outcomes.
Assist at a local non-profit organization focused on economic empowerment
Apply your economic knowledge in a practical setting by volunteering at an organization that works towards economic empowerment.
Browse courses on Economic Development
Show steps
  • Identify local non-profit organizations that focus on economic empowerment.
  • Inquire about volunteer opportunities and assess if they align with your interests and skills.
  • Commit to a regular volunteering schedule and actively participate in the organization's activities.

Career center

Learners who complete Firm Level Economics: Consumer and Producer Behavior will develop knowledge and skills that may be useful to these careers:
Market Research Analyst
Market Research Analysts investigate market conditions to determine potential sales of a product or service. They analyze data such as demographics, competition, and economic trends to understand the target market for a product or service. The course "Firm Level Economics: Consumer and Producer Behavior" introduces the concept of scarcity, allocation, and markets, providing a foundation for understanding market dynamics. Knowledge of government intervention in markets, firm behavior, and cost theory can also be beneficial for Market Research Analysts.
See salaries and explore the career path for Market Research Analyst
Financial Analyst
Financial Analysts evaluate investments and make recommendations to clients. They analyze financial data such as earnings, balance sheets, and cash flow statements to assess the financial health of a company. The course "Firm Level Economics: Consumer and Producer Behavior" provides an understanding of firm behavior, cost theory, and equilibrium, which are important concepts for Financial Analysts to understand when evaluating investments.
See salaries and explore the career path for Financial Analyst
Economist
Economists study the economy and make predictions about its future performance. They analyze data such as employment, inflation, and interest rates to understand economic trends. The course "Firm Level Economics: Consumer and Producer Behavior" provides a foundation in economic principles, including scarcity, allocation, and market equilibrium. Knowledge of government intervention in markets, firm behavior, and cost theory can also be beneficial for Economists.
See salaries and explore the career path for Economist
Business Consultant
Business Consultants help businesses improve their performance by analyzing their operations and recommending solutions. They use their knowledge of business principles, including economics, to identify areas for improvement. The course "Firm Level Economics: Consumer and Producer Behavior" provides a foundation in economic principles, including firm behavior, cost theory, and equilibrium. This knowledge can be beneficial for Business Consultants when analyzing businesses and recommending solutions.
See salaries and explore the career path for Business Consultant
Marketing Manager
Marketing Managers plan and execute marketing campaigns to promote products or services. They use their knowledge of consumer behavior, market research, and advertising to create effective marketing strategies. The course "Firm Level Economics: Consumer and Producer Behavior" provides a strong foundation in consumer behavior and market equilibrium, which are essential concepts for Marketing Managers to understand when developing marketing campaigns.
See salaries and explore the career path for Marketing Manager
Product Manager
Product Managers are responsible for the development and launch of new products or services. They work with engineers, designers, and marketers to bring a product to market. The course "Firm Level Economics: Consumer and Producer Behavior" provides a foundation in consumer behavior, market research, and firm behavior, which are essential concepts for Product Managers to understand when developing new products or services.
See salaries and explore the career path for Product Manager
Sales Manager
Sales Managers oversee sales teams and develop sales strategies. They use their knowledge of consumer behavior, market research, and sales techniques to achieve sales goals. The course "Firm Level Economics: Consumer and Producer Behavior" provides a strong foundation in consumer behavior and market equilibrium, which are essential concepts for Sales Managers to understand when developing sales strategies.
See salaries and explore the career path for Sales Manager
Operations Manager
Operations Managers oversee the day-to-day operations of a business. They use their knowledge of business principles, including economics, to improve efficiency and productivity. The course "Firm Level Economics: Consumer and Producer Behavior" provides a foundation in economic principles, including firm behavior, cost theory, and equilibrium. This knowledge can be beneficial for Operations Managers when improving efficiency and productivity.
See salaries and explore the career path for Operations Manager
Financial Planner
Financial Planners help individuals and families plan for their financial future. They use their knowledge of economics, finance, and investing to create financial plans that meet the needs of their clients. The course "Firm Level Economics: Consumer and Producer Behavior" provides a foundation in economic principles, including firm behavior, cost theory, and equilibrium. This knowledge can be beneficial for Financial Planners when creating financial plans for their clients.
See salaries and explore the career path for Financial Planner
Investment Banker
Investment Bankers help companies raise capital by issuing securities. They use their knowledge of economics, finance, and investing to advise companies on the best way to raise capital. The course "Firm Level Economics: Consumer and Producer Behavior" provides a foundation in economic principles, including firm behavior, cost theory, and equilibrium. This knowledge can be beneficial for Investment Bankers when advising companies on the best way to raise capital.
See salaries and explore the career path for Investment Banker
Actuary
Actuaries use mathematics and statistics to assess risk and uncertainty. They work in a variety of industries, including insurance, finance, and healthcare. The course "Firm Level Economics: Consumer and Producer Behavior" provides a foundation in economic principles, including firm behavior, cost theory, and equilibrium. This knowledge can be beneficial for Actuaries when assessing risk and uncertainty.
See salaries and explore the career path for Actuary
Statistician
Statisticians use statistical methods to collect, analyze, and interpret data. They work in a variety of industries, including healthcare, education, and government. The course "Firm Level Economics: Consumer and Producer Behavior" provides a strong foundation in statistics, which is essential for Statisticians when collecting, analyzing, and interpreting data.
See salaries and explore the career path for Statistician
Data Scientist
Data Scientists use data to solve business problems. They use their knowledge of statistics, machine learning, and data mining to extract insights from data. The course "Firm Level Economics: Consumer and Producer Behavior" provides a strong foundation in statistics and data analysis, which is essential for Data Scientists when solving business problems.
See salaries and explore the career path for Data Scientist
Software Engineer
Software Engineers design, develop, and maintain software systems. They use their knowledge of computer science to create software that meets the needs of users. The course "Firm Level Economics: Consumer and Producer Behavior" may be helpful for Software Engineers when understanding the economic principles that drive software development and deployment.
See salaries and explore the career path for Software Engineer
Web Developer
Web Developers design and develop websites. They use their knowledge of web development technologies to create websites that are user-friendly and meet the needs of users. The course "Firm Level Economics: Consumer and Producer Behavior" may be helpful for Web Developers when understanding the economic principles that drive website design and development.
See salaries and explore the career path for Web Developer

Reading list

We've selected 12 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Firm Level Economics: Consumer and Producer Behavior.
Cover image
Microeconomics
Save
This comprehensive textbook covers the foundational concepts of microeconomics, including consumer and producer behavior. It provides a rigorous and in-depth analysis of demand and supply, market equilibrium, and firm behavior.
Microeconomics
Hardcover
$$
Principles of Microeconomics
Save
This widely-used textbook presents the principles of microeconomics in a clear and accessible manner. It covers consumer and producer behavior, market equilibrium, and firm optimization. Its concise and straightforward explanations make it a valuable supplementary resource.
Principles of Microeconomics
Paperback
Check
Principles of Microeconomics
Kindle Edition
Check
Cover image
Loose-Leaf for Principles of Macroeconomics, A...
Save
This engaging and thought-provoking book explores the role of economics in shaping modern society. It provides insights into consumer behavior, market failures, and the impact of economic policies on individuals and businesses.
Loose-Leaf for Principles of Macroeconomics, A...
Loose Leaf
$$$
Loose-Leaf for Principles of Macroeconomics, A...
Loose Leaf
$$$
Cover image
Democratic Federalism
Save
This introductory textbook provides a comprehensive overview of microeconomic theory, covering topics such as consumer behavior, producer behavior, market equilibrium, and government intervention. It valuable resource for students who want to deepen their understanding of the fundamental concepts of microeconomics.
Democratic Federalism: The Economics, Politics, and...
Kindle Edition
$$
The Economic Way of Thinking (13th Edition)
Save
This classic text introduces the fundamental principles of economic reasoning. It provides a broad overview of microeconomic and macroeconomic concepts, with a focus on understanding how individuals and markets make decisions.
The Economic Way of Thinking (13th Edition)
Paperback
Check
The Economic Way of Thinking (13th Edition)
Kindle Edition
Check
Cover image
Economic Policy: Theory and Practice
Save
This advanced textbook provides a rigorous treatment of industrial organization, covering topics such as market structure, firm behavior, and antitrust policy. It valuable resource for students who want to specialize in industrial economics.
Economic Policy: Theory and Practice
Kindle Edition
$$$
Economic Policy: Theory and Practice
Kindle Edition
$$$$
Cover image
Production and Operations Analytics
Save
This textbook covers the principles and practices of production and operations management. It provides a thorough understanding of production systems, inventory management, and quality control, which are essential for understanding firm behavior and optimization.
Production and Operations Analytics, Eighth Edition
Hardcover
$$$$
Production and Operations Analytics
Kindle Edition
$$$
Cover image
Econometrics
Save
This introductory textbook provides a comprehensive overview of econometrics, covering topics such as regression analysis, time series analysis, and forecasting. It valuable resource for students who want to develop the skills necessary to analyze economic data.
Econometrics
Hardcover
$$$
Econometric Theory and Practice: Frontiers of...
Hardcover
$$$
Econometrics
Kindle Edition
$$$
Loose-Leaf Version for Macroeconomics
Save
This textbook integrates economic principles with business decision-making. It covers topics such as cost analysis, pricing strategies, and investment decisions, providing practical insights into how firms optimize their behavior.
Loose-leaf Version for Macroeconomics
Loose Leaf
$$$
Loose-leaf Version for Macroeconomics
Loose Leaf
$$
Loose-leaf Version for Macroeconomics
Loose Leaf
$$$
Loose-leaf Version for Macroeconomics
Loose Leaf
$$$$
Loose-leaf Version for Macroeconomics 5e &...
Loose Leaf
$$
Loose-leaf Version for Macroeconomics in Modules
Loose Leaf
$$$$
Loose-Leaf Version for Macroeconomics 7e & Achieve...
Product Bundle
$$$$
Loose-leaf Version for Macroeconomics in Modules
Loose Leaf
$$$
Loose-Leaf Version for Macroeconomics
Loose Leaf
$$$$
Loose-leaf Version for Macroeconomics in Modules &...
Loose Leaf
$$$$
Cover image
Advanced Microeconomic Theory
Save
This advanced textbook provides a comprehensive and rigorous treatment of microeconomic theory. It covers topics such as game theory, market failures, and information economics, which can provide a deeper understanding of the theoretical foundations of market equilibrium and firm behavior.
Advanced Microeconomic Theory
Hardcover
$$$$
Advanced Microeconomic Theory (Addison-Wesley...
Hardcover
$$$
Cover image
Microeconomics of Banking, third edition
Save
This advanced textbook provides a comprehensive and in-depth analysis of industrial organization theory. It covers topics such as market structure, firm strategies, and government regulation, providing a deeper understanding of the factors that shape firm behavior and market outcomes.
Microeconomics of Banking, third edition
Hardcover
$$$
Microeconomics of Banking, third edition
Kindle Edition
$$
Cover image
Test-item file
Save
This classic textbook provides a comprehensive and accessible introduction to microeconomic theory. It covers topics such as consumer behavior, firm behavior, and market equilibrium, providing a solid foundation for understanding the course material.
Test-item file
Paperback
Check
Test-item file
Kindle Edition
Check

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Course image
Effort
4 weeks, 3-5 hours/week
Level
Intermediate
Via
Coursera
Institution
University of Illinois at Urbana-Champaign
Instructor
Larry DeBrock
Language
English
Transcripts
Español Français Português Deutsch Italiano 中文 العربية 한국어 日本語 हिंदी Nederlands Svenska Pусский Türkçe Polski Ελληνικά українська мова magyar nyelv Bahasa Indonesia ไทย қазақша اُردُو, فارسی বাংলা tiếng Việt پښتو آذربایجان دیلی
Firm Level Economics: Consumer and Producer Behavior belongs to the following collections:
  1. Managerial Economics and Business Analysis
  2. Managerial Economics and Business Analysis
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Explores scarcity and allocation mechanisms, which is standard in economics
Develops demand curves, which are core skills for economics
Teaches equilibrium and tax impact, which helps learners analyze market behavior
Examines elasticity of demand, which is highly relevant to marketing
Covers cost theory, which is core knowledge for economics
Develops professional skills in economics
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