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.
Этот курс входит в специализацию ''Специализация Экономика управления и бизнес-анализ '
Firm Level Economics: Consumer and Producer Behavior
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Курс 1 из 7 в программе
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Прибл. 16 часа на выполнение
Английский
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Иллинойсский университет в Урбане-Шампейне
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Программа курса: что вы изучите
Course Orientation
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 1: Scarcity, Allocation, and Markets
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 2: Government Intervention in Markets
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 3: Firms, Production, and Costs
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 4: Firm Behavior
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.
Рецензии
Лучшие отзывы о курсе FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR
This was awesome. I did not know Firm Level Economics when I joined this course. The explanations were simple and Prof DeBrock explained really difficult concepts in a very easy to understand manner.
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.
Larry is one of my all time favorite professors. No one teaches price theory like him. He makes the material entertaining and creates an enjoyable learning experience. I wish he taught more courses.
Concepts in this course are presented very thoroughly with real life examples and Larry is a great teacher! Learnt a lot in this course and looking forward to the second portion of the course.
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!!
Absolutely made me understand firm level economics concepts. Good practice and foundation building.\n\nProfessor is great and engages will with real life examples and connections.
Really liked this course. Only thing I'd wish to change would be to get an explanation of the answers to the assignments after they've been reviewed by the other peers.
Great class -- I have an undergraduate degree in economics. Of the many economics classes that I have attended in the past, this is by far one of the most enjoyable.
Amazing course!! Prof.DeBrock is a highly experienced professor who teaches critical micoreconomics concepts in a really easy to understand and intuitive fashion.
Larry is a great teacher who builds your intuition. He also presents the material incrementally so that you understand the material. The exams are great!
Great insights on the application of microeconomic theory to everyday decision-making. The application assignments makes the course more understandable.
Please unlock case solutions in advance so we can assess our peers correctly\n\nOtherwise great class with great references to other videos as well
It's a throrughly intriguing course with plenty of Economics treasure packed in nice and neat offering. It teaches you so much in such little time.
Excellent explanations. I felt that the concepts are well explained. The additional reading and video materials were on point. Highly recommended.
worth your time and effort. some mathematical background required but professor Larry makes it very easy to understand the intuition behind the fo
This was a great refresher on micro economics. The online format was easy to navigate and the content was challenging. Really enjoyed the course.
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.
Professor DeBrock is a terrific teacher. He has the ability to explain complex concepts in a simple way using examples from everyday life.
Very interesting material and well-delivered and understandable / accessible. Not entirely sure of it's real-world applicability just yet.
Excellent course for all economics, finance and management students and managers. Taught in a very interactive and comprehensive manner.
Специализация Экономика управления и бизнес-анализ : общие сведения
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Зарегистрировавшись на сертификацию, вы получите доступ ко всем видео, тестам и заданиям по программированию (если они предусмотрены). Задания по взаимной оценке сокурсниками можно сдавать и проверять только после начала сессии. Если вы проходите курс без оплаты, некоторые задания могут быть недоступны.
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Записавшись на курс, вы получите доступ ко всем курсам в специализации, а также возможность получить сертификат о его прохождении. После успешного прохождения курса на странице ваших достижений появится электронный сертификат. Оттуда его можно распечатать или прикрепить к профилю LinkedIn. Просто ознакомиться с содержанием курса можно бесплатно.
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