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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

4.8
(601 notes)

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 onlinemba.illinois.edu....

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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132 avis

par Fazil Mohamed Ashiq

May 10, 2019

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par Yevgenii Podgaietskyi

May 05, 2019

Pretty useless as a part of Online MBA. I assume Managerial Economics is a common course for every MBA, but in its current version, the course doesn't provide much value. It won't help me understand the business or the industry better. The knowledge is really general and not related to actual life. Even examples are from Industry sector, while all modern economies are powered by the Service sector.

Still, thank you for not adding formulas and complex calculations (so far). The quality of video, audio, and graphs is okay as well.

par Upasna Tyagi

Apr 19, 2019

very informative, very smooth teaching techniques. loved it

par Kanwar Simar Singh

Apr 01, 2019

GREAT COURSE. iNSTRUCTOR WAS EXELLENT. GREAT EXPLANTIONS AND GOOD COVERAGE.

par Vivianne Pereira Salas Roldan

Mar 23, 2019

Excelente

par Innocent Okwenna

Mar 18, 2019

The course was well understood as the instructor made everything seem so easy

par Eric M. Leander, Esq.

Mar 08, 2019

Very interesting material and well-delivered and understandable / accessible. Not entirely sure of it's real-world applicability just yet.

par Keith Kendall Dupersoy

Mar 03, 2019

Great course, professor is really good at explaining the concepts.

par Kausar Khan

Mar 01, 2019

Learned a lot on Supply & Demand and different markets in this course. The course is well written/prepared and had a fun time going thru this.

par John Stibbard

Feb 28, 2019

Peer review took awhile for Module #4, alittle stressful as the deadline looms. 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.