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Firm Level Economics: Consumer and Producer Behavior
  • Level Foundation
  • Duration 17 hours
  • Course by University of Illinois Urbana-Champaign
  • Offered by

About

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.

Modules

About the Course

    • 2 Videos
    • 5 Readings
    • 1 Quiz
Show info about module content

2 Videos

  • Welcome to Firm Level Economics: Consumer and Producer Behavior!
  • Learn on Your Terms

5 Readings

  • Syllabus
  • ePub
  • About the Discussion Forums
  • Glossary
  • Online Education at Gies College of Business

1 Quiz

  • Orientation Quiz

About Your Classmates

    • 1 Readings
    • 1 Discussion
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1 Discussions

  • Getting to Know Your Classmates

1 Readings

  • Updating Your Profile

Module 1 Information

    • 2 Readings
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2 Readings

  • Module 1 Overview
  • Module 1 Readings

Lesson 1-1: Scarcity and Allocations

    • 3 Videos
    • 1 Quiz
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3 Videos

  • 1-1.1. Scarcity and its Implications
  • 1-1.2. Opportunity Costs
  • 1-1.3. Demand Curves

1 Quiz

  • Lesson 1-1 Practice Quiz

Lesson 1-2: Understanding Equilibrium in Markets

    • 4 Videos
    • 1 Quiz
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4 Videos

  • 1-2.1. More on the Demand Curve
  • 1-2.2. Movements Along vs. Shifts in the Demand Curve
  • 1-2.3. Constructing the Supply Curve
  • 1-2.4. Movements to New Equilibrium

1 Quiz

  • Lesson 1-2 Practice Quiz

Module 1 Graded Activities

    • 1 Quiz
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1 Quiz

  • Module 1 Quiz

Module 2 Information

    • 2 Readings
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2 Readings

  • Module 2 Overview
  • Module 2 Readings

Lesson 2-1: Direct Government Intervention (Price Controls)

    • 4 Videos
    • 1 Quiz
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4 Videos

  • 2-1.1. Setting Dairy Prices
  • 2-1.2. Government Intervention
  • 2-1.3. Direct Price Controls: Price Floors
  • 2-1.4. Direct Price Controls: Price Ceilings

1 Quiz

  • Lesson 2-1 Practice Quiz

Lesson 2-2: Indirect Government Intervention (Taxes)

    • 3 Videos
    • 1 Quiz
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3 Videos

  • 2-2.1. The Price You Pay at the Pump
  • 2-2.2. Excise Taxes
  • 2-2.3. The Incidence of Taxation

1 Quiz

  • Lesson 2-2 Practice Quiz

Lesson 2-3: Elasticity

    • 3 Videos
    • 1 Quiz
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3 Videos

  • 2-3.1. Higher Tuition Yet More College Applications
  • 2-3.2. Responsiveness of Quantity Demanded and Elasticity
  • 2-3.3. Elasticity Along a Linear Demand

1 Quiz

  • Lesson 2-3 Practice Quiz

Module 2 Graded Activities

    • 1 Quiz
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1 Quiz

  • Module 2 Quiz

Module 3 Information

    • 2 Readings
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2 Readings

  • Module 3 Overview
  • Module 3 Readings

Lesson 3-1: The Theory of the Firm

    • 5 Videos
    • 1 Quiz
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5 Videos

  • 3-1.1. An Economist's Production Function
  • 3-1.2. Types of Firms
  • 3-1.3. Behavior Rule
  • 3-1.4. Behavior Rule – Part 2
  • 3-1.5. Law of Diminishing Marginal Returns

1 Quiz

  • Lesson 3-1 Practice Quiz

Lesson 3-2: Cost Theory

    • 9 Videos
    • 1 Quiz
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9 Videos

  • 3-2.1. Cost Curves
  • 3-2.2. Derive Short Run Total Cost Family of Curves
  • 3-2.3. Derive Short Run Average Cost Family of Curves
  • 3-2.4. Derive Short Run Average Cost Family of Curves - Part 2
  • 3-2.5. Derive Short Run Average Cost Family of Curves - Part 3
  • 3-2.6. The Definition of Marginal Cost
  • 3-2.7. Derive Shape of the Marginal Cost Curve - Part 1
  • 3-2.8. Derive Shape of the Marginal Cost Curve - Part 2
  • 3-2.9. Derive Shape of the Marginal Cost Curve - Part 3

1 Quiz

  • Lesson 3-2 Practice Quiz

Module 3 Graded Activities

    • 1 Quiz
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1 Quiz

  • Module 3 Quiz

Module 4 Information

    • 2 Readings
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2 Readings

  • Module 4 Overview
  • Module 4 Readings

Lesson 4-1: Individual Firm Decisions

    • 5 Videos
    • 1 Quiz
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5 Videos

  • 4-1.1. Firm Optimization Behavior
  • 4-1.2. Firm Optimization Behavior - Part 2
  • 4-1.3. Maximizing Profit
  • 4-1.4. Maximizing Profit Graphically - Part 1
  • 4-1.5. Maximizing Profit Graphically - Part 2

1 Quiz

  • Lesson 4-1 Practice Quiz

Lesson 4-2: Short Run Optimization

    • 5 Videos
    • 1 Quiz
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5 Videos

  • 4-2.1. Showing Points on a Graph - Part 1
  • 4-2.2. Showing Points on a Graph - Part 2
  • 4-2.3. Profits After Total Cost Changes
  • 4-2.4. Short Run Shutdown Decisions
  • 4-2.5. Graphing Shutdown Conditions

1 Quiz

  • Lesson 4-2 Practice Quiz

Module 4 Graded Activities

    • 3 Readings
    • 1 Quiz
    • 1 PeerReview
    • 1 Plugin
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1 Peer Review

  • Module 4 Peer Review Assignment

3 Readings

  • Module 4 Peer Review Explanation
  • Congratulations on completing the course!
  • Get Your Course Certificate

1 Quiz

  • Module 4 Quiz

Auto Summary

This foundational course, "Firm Level Economics: Consumer and Producer Behavior," offered by Gies College of Business, delves into the intricacies of market-based allocation systems. Learners will explore consumer demand curves, producer supply curves, market equilibrium, elasticity of demand, and cost optimization. Led by expert faculty from Coursera, the course spans over 1020 minutes and is available through Starter, Professional, and Paid subscription options. Ideal for business and management enthusiasts, it also provides pathways to further degrees such as iMBA and iMSM.

Larry DeBrock
Instructor

Larry DeBrock