Firm Level Economics
Consumer and Producer Behavior
Managerial Economics and Business Analysis ,
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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| Rating | 4.7★ based on 192 ratings |
|---|---|
| Length | 5 weeks |
| Effort | 4 weeks, 3-5 hours/week |
| Starts | Jul 3 (42 weeks ago) |
| Cost | $99 |
| From | University of Illinois at Urbana-Champaign via Coursera |
| Instructor | Larry DeBrock |
| Download Videos | On all desktop and mobile devices |
| Language | English |
| Subjects | Business |
| Tags | Business Finance |
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What people are saying
great course
Great Course A good introduction for many basic concepts on demand and supply.
Great course!
great course, clear and dinamic.
some mathematical background required but professor Larry makes it very easy to understand the intuition behind the fo Great course!
This is a great course!
excellent professor Great course !
Great course to make your Fundamentals strong.
Great course, managed to get the best out of it.
loved it GREAT COURSE.
Great course, professor is really good at explaining the concepts.
Excellent course with strong fundamentals and in depth concepts Good Great course Professor Larry is awesome!
Great Course Exceptional course!
Great Course to Start learning Economics Nice warm up module for further analysis of consumer and producer behavior.
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easy to follow
Excellent course material, great lectures, easy to follow a not so easy material.
Very easy to follow the videos and complete the assignments.
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peer review
The peer review and quizzes covered information that was not presented in the course.
Also, the peer review answers are not presented until after the the "week" is over.
Really liked the peer review process.
Bu Good lecture, good material, but the peer review part is sucks...
Peer review took awhile for Module #4, alittle stressful as the deadline looms.
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really enjoyed
It was my first class in this field and I really enjoyed it!
I really enjoyed this class.
This was my first Coursera course and I really enjoyed it.
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well organized
Well organized, perfectly flexible class with a nice professor.
It is well organized.
Well organized and prepares you well to go forward in deeper into microeconomics.
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price theory
No one teaches price theory like him.
Excellent framework Great Introduction to price theory!
awesome It is an excellent introduction to price theory.
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real world
His enthusiasm and use of real world examples (even if they lacked depth) captured my attention throughout the course.
The assignments are based on real world examples.
The occasional "field trips" give a real world perspective on how economics plays a hand everyday in the world around us.
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life examples
I liked the video lectures and the real-life examples.
Gary teaches always with a smile on his face and with great everyday life examples!
Good practice and foundation building.Professor is great and engages will with real life examples and connections.
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prof. larry
Excellent course by Prof. Larry Debrock!
I must applaud Prof. Larry DeBrock to be a great lecturer.
Thanks Prof. Larry!
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peer reviews
I didn't like the peer reviews as much.
Not a infrastructure issue, even emails to individuals were barely successful, need to improve on my part to do it earlier or how to influence peer reviews.
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prof debrock
You can't help but like Prof DeBrock.
The explanations were simple and Prof DeBrock explained really difficult concepts in a very easy to understand manner.
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recommend it
This is a great course, and I highly recommend it.
I really enjoyed this course and definitely recommend it.
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| Rating | 4.7★ based on 192 ratings |
|---|---|
| Length | 5 weeks |
| Effort | 4 weeks, 3-5 hours/week |
| Starts | Jul 3 (42 weeks ago) |
| Cost | $99 |
| From | University of Illinois at Urbana-Champaign via Coursera |
| Instructor | Larry DeBrock |
| Download Videos | On all desktop and mobile devices |
| Language | English |
| Subjects | Business |
| Tags | Business Finance |
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