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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.
Read more
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.
Read more
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/.
Register for this course and see more details by visiting:
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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.
Read more
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.
Read more
Module 1: Scarcity, Allocation, and Markets
The fundamental problem of scarcity challenges us to think about an allocation mechanism to determine what is produced and who consumes it. We will discuss scarcity and allocation mechanisms. In this course, we will focus on markets and prices as the solution to this resource allocation problem.
Module 2: Government Intervention in Markets
Markets are frequent targets of governments. This module will introduce government policy intervention into the market. This intervention can be direct control of prices or it could be indirect price pressure through the imposition of taxes or subsidies. Both forms of intervention are impacted by elasticity.
Module 3: Firms, Production, and Costs
This module will introduce cost theory. Firms are interested in producing profits, which are the residuals when costs are subtracted from revenue. Earlier modules constructed demand curves. They give us an idea of how many units of product we can sell at different prices; this would be firm revenue. We will work to understand inputs, production, and costs.
Module 4: Firm Behavior
The firm goal of profit maximization requires an understanding of costs and revenues. In this module, we will see how a firm optimally responds to a given market price by finding the profit maximizing output. The level of profits at this maximum profit point will help determine short run equilibrium.
Good to know
Good to know
Know what's good ,
what to watch for , 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
Save Firm Level Economics: Consumer and Producer Behavior to your list so you can find it easily later:
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Reviews summary
Excellent consumer and producer behavior course
Learners say this course is largely positive. They found the content engaging and easy to grasp, thanks to Professor Larry DeBrock's clear explanations and real-world examples. The course provides a solid foundation in microeconomics, covering key concepts such as demand, supply, and profit maximization. Students appreciate the intuitive approach, which helps them develop a deeper understanding of how consumers and producers interact in the marketplace.
The videos and quizzes keep learners motivated and engaged.
"The way Professor is explaining the material is easy to follow and enjoyable to study."
"It gets you intrigued from minute one."
"The quizzes make you think beyond what was said verbatim in the lectures."
The real-world examples and graphs help clarify complex concepts.
"The teaching method is quite good and understandable."
"Items which seem complex and intimidating are broken down and taught coherently, with real-world examples."
"Many people may feel that this is a dry subject, but it is not. The models that I worked on with Professor Larry are world class and if I were to plug in any practical numbers into those models, it would give me an insight into how a firm goes through profits and losses at a theoretical level."
The course provides a comprehensive overview of microeconomics.
"This course is good experience in my studies . I could know about microeconomics theories . And how it happened in the true life."
"A much better exercise for my mind in terms of practicality of the subject of economics in the real world."
"This course is really useful for the candidates who are aspiring to learn the economics at the firm and consumer level."
Professor DeBrock is an outstanding instructor who makes economics enjoyable.
"Larry is an excellent educator."
"I really enjoyed his lectures."
"Dr. Larry is an exception professor and educator."
"Larry is an extremely extremely good and capable teacher!"
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
Show steps
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
Show steps
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
Show steps
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
Show steps
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
Show steps
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
Show steps
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
Show steps
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
Show steps
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.
Read 'Microeconomics' by Paul Krugman and Robin Wells
Show steps
Enhance your understanding of microeconomic principles by delving into this comprehensive textbook.
View
MICROECONOMICS (INTERNATIONAL EDITION).
on Amazon
Show steps
Show steps
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
Show steps
Reinforce your understanding of foundational economic concepts that will be expanded upon in this course.
Browse courses on
Demand
Show steps
Show steps
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
Show steps
Engage with classmates to discuss course concepts, share insights, and enhance your understanding through peer interaction.
Browse courses on
Market Analysis
Show steps
Show steps
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
Show steps
Practice applying economic principles to real-world scenarios to improve your problem-solving skills.
Browse courses on
Demand Curves
Show steps
Show steps
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
Show steps
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
Show steps
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
Show steps
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
Show steps
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
Show steps
Apply your understanding of market dynamics by creating a model that simulates real-world economic scenarios.
Browse courses on
Market Equilibrium
Show steps
Show steps
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
Show steps
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
Show steps
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 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.
Financial 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.
Economist
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.
Business Consultant
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.
Marketing Manager
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.
Product 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.
Sales 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.
Operations 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.
Financial Planner
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.
Investment Banker
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.
Actuary
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.
Statistician
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.
Data Scientist
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.
Software Engineer
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.
Web Developer
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.
For more career information including salaries, visit:
OpenCourser.com/course/6txjxz/firm
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/6txjxz/firm
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Effort
4 weeks, 3-5 hours/week
Level
Intermediate
Via
Coursera
Institution
University of Illinois at Urbana-Champaign
Instructor
Larry DeBrock
Language
English
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آذربایجان دیلی
Good to know
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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