Firm Level Economics: Consumer and Producer Behavior Course Reviews

The course covers consumer behavior, producer behavior, and market equilibrium, with a focus on how firms make decisions in response to market forces.

The course begins with an overview of consumer behavior, including the theory of demand and how consumers make choices. Students will learn about the determinants of demand, such as income and price, and how these factors affect consumer behavior. The course also covers the concept of elasticity, which measures the responsiveness of consumers to changes in price.

Next, the course moves on to producer behavior, including the theory of supply and how firms make production decisions. Students will learn about the determinants of supply, such as input prices and technology, and how these factors affect production decisions. The course also covers the concept of elasticity of supply, which measures the responsiveness of producers to changes in price.

The course then covers market equilibrium, including how the interaction of consumers and producers leads to market outcomes. Students will learn about the concept of market power, including monopoly and oligopoly, and how these market structures affect firm behavior. The course also covers the concept of externalities, which are costs or benefits that are not reflected in market prices.

Throughout the course, students will have the opportunity to apply their knowledge through case studies and exercises. The course is designed for anyone interested in learning about microeconomics at the firm level, including students, professionals, and anyone looking to improve their understanding of economic concepts.

Course Content:

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/.

The Firm Level Economics: Consumer and Producer Behavior course by Larry DeBrock on Coursera is divided into 5 modules, with a total of 55 lectures. The modules include:

Module 1: Course Orientation (2 videos + 6 readings + 1 quiz)

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.

Module 2: Module 1: Scarcity, Allocation, and Markets (7 videos + 2 readings + 2 quizzes)

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 3: Module 2: Government Intervention in Markets (10 videos + 2 readings + 3 quiz)

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 4: Module 3: Firms, Production, and Costs (14 videos + 2 readings + 2 quizzes)

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 5: Module 4: Firm Behavior (11 videos + 5 readings + 2 quizzes)

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.

Reviews:

As a former student of the Firm Level Economics: Consumer and Producer Behavior course, I found the course to be highly informative and engaging. The course is divided into 5 modules, each of which covers a different aspect of microeconomics. These parts include consumer behavior, producer behavior, market equilibrium, market structure, strategic behavior, and public policy.

One of the strengths of the course is Dr. DeBrock's teaching style. He is a skilled instructor who is able to explain complex economic concepts in a clear and accessible manner. He provides numerous real-world examples and case studies throughout the course, which makes the material more engaging and easier to understand. He also uses a variety of teaching methods, including lectures, quizzes, and assignments, which helps to keep students engaged and motivated.

The assignments in the course are challenging but manageable. They require students to apply the concepts they have learned in the lectures to real-world problems and situations. The assignments are also designed to help students develop their quantitative skills, which is important in the field of economics. The feedback provided by the instructors is also very helpful, as it allows students to understand where they need to improve and how they can do so.

Another strength of the course is the online learning platform itself. Coursera provides an easy-to-use platform that allows students to access lectures, assignments, and quizzes at their own pace. The platform also provides a discussion forum where students can interact with each other and the instructors, which helps to create a sense of community among the students.

In conclusion, the Firm Level Economics: Consumer and Producer Behavior course is an excellent course for anyone interested in microeconomics. It provides a solid foundation in microeconomic theory and its applications, and it is taught by a skilled and experienced instructor who is committed to helping his students succeed. The assignments are challenging but manageable, and the online learning platform is easy to use and engaging. I highly recommend this course to anyone who is interested in economics.

At the time, the course has an average rating of 4.8 out of 5 stars based on over 2,339 ratings.

What you'll learn:

After completing the Firm Level Economics: Consumer and Producer Behavior course by Larry DeBrock on Coursera, students will gain the following skills:

1. Understanding of microeconomic concepts: Students will have a solid understanding of microeconomic concepts such as consumer behavior, producer behavior, market equilibrium, and market power.

2. Analytical skills: Students will be able to use analytical tools and frameworks to analyze firm-level decisions and market outcomes.

3. Decision-making skills: Students will have an understanding of how firms make decisions in response to market forces and will be able to apply this knowledge to real-world situations.

4. Problem-solving skills: Students will be able to identify and analyze problems related to consumer and producer behavior and develop solutions based on economic principles.

5. Communication skills: Students will be able to communicate economic concepts and analysis clearly and effectively in both written and verbal form.

Overall, the course provides a strong foundation in microeconomics at the firm level and prepares students for further study in economics or for careers in a variety of fields, including business, finance, and public policy.

Author:

Larry DeBrock is an accomplished economist who is currently a Professor of Finance at the University of Illinois at Urbana-Champaign. He has over 30 years of experience teaching microeconomics, finance, and accounting, and has published numerous articles in top academic journals.

Dr. DeBrock received his Ph.D. in Economics from the University of Wisconsin-Madison in 1983. He then joined the faculty of the University of Illinois at Urbana-Champaign, where he has remained ever since. In addition to his teaching and research, Dr. DeBrock has also served in various administrative roles at the University of Illinois, including as Dean of the College of Business.

Dr. DeBrock is widely recognized as an expert in microeconomic theory and its applications. His research has focused on topics such as market power, industrial organization, and pricing strategies. He has also published research on the economics of higher education, including topics such as student loan debt and the returns to college education.

Dr. DeBrock's expertise in microeconomics and his extensive teaching experience make him an ideal instructor for the Firm Level Economics: Consumer and Producer Behavior course on Coursera. He is able to convey complex economic concepts in a clear and accessible manner, and his real-world examples help students understand how these concepts apply to the world around them.

Overall, Larry DeBrock is a highly respected economist and educator, and his expertise and experience make him a valuable asset to the field of economics and to students who are seeking to deepen their knowledge of microeconomics.

Requirements:

The Firm Level Economics: Consumer and Producer Behavior course by Larry DeBrock on Coursera has several requirements that students must meet in order to succeed in the course. These requirements include:

1. Basic knowledge of economics: Students should have a basic understanding of microeconomic concepts, such as supply and demand, market equilibrium, and consumer and producer behavior.

2. Strong quantitative skills: The course involves a significant amount of math, so students should have strong quantitative skills and be comfortable with algebra and calculus.

3. Familiarity with spreadsheets: Students should be familiar with using spreadsheets, as they will be required to use them to complete assignments and analyze data.

4. Good study habits: The course requires a significant amount of reading, watching lectures, and completing assignments, so students should have good study habits and be able to manage their time effectively.

5. Strong English language skills: The course is conducted in English, so students should have strong English language skills in order to understand the lectures and complete assignments.

By meeting these requirements and putting in the necessary time and effort, students can successfully complete the Firm Level Economics: Consumer and Producer Behavior course and gain a solid understanding of microeconomics concepts and their applications in real-world settings.