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Retour à Firm Level Economics: Consumer and Producer Behavior

Firm Level Economics: Consumer and Producer Behavior, Université de l'Illinois à Urbana-Champaign

535 notes
124 avis

À propos de ce cours

All goods and services are subject to scarcity at some level. Scarcity means that society must develop some allocation mechanism – rules to determine who gets what. Over recorded history, these allocation rules were usually command based – 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 in such a way as to find an equilibrium allocation of resources. We will construct demand curves to capture consumer behavior and supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity. Markets are frequent targets of government intervention. 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 of demand. After this course, you will be able to: • Describe consumer behavior as captured by the demand curve. • Describe producer behavior as captured by the supply curve. • Explain equilibrium in a market. • 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 the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and

Meilleurs avis

par 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.

par RS

Aug 23, 2017

Excellent course and very well explained every basic economic concept with real examples.\n\nThanks a lot Professor for allowing me to audit this course, wishing you a great success ahead!!

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119 avis

par Ambarish Nagrajan

Feb 10, 2019

It is an excellent introduction to price theory. Loved the simple and efficient quizzing and teaching techniques.

par Raj Bommareddy

Feb 09, 2019

Excellent course with strong fundamentals and in depth concepts

par Cheihlun Cesar Yang

Feb 09, 2019


par Gerardo Ayala Jr.

Feb 07, 2019

Great course

par Joe Favre

Feb 06, 2019

Professor Larry is awesome! He makes Economics interesting and understandable. I was a little hesitant about this class since I have taken this subject as part of my undergrad ( a few years back) but Prof Larry does a great job in using real world scenarios as part of his learning as opposed to just theory. Well done!

par Meena Ganesh

Feb 05, 2019

Great course!

par Jay Koshchanov

Feb 04, 2019

whole a lot to learn from this course

par Shahid Najmi

Feb 04, 2019

Absolutely made me understand firm level economics concepts. Good practice and foundation building.

Professor is great and engages will with real life examples and connections.

par Vivek Bhamre

Feb 04, 2019

Excellent Course, Thank you!

par Gautham Bammanahalli

Feb 02, 2019

Incredible professor