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Firm Level Economics: Consumer and Producer Behavior

Approx. 17 hours to complete

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Course Summary

This course explores the economics of firms, including topics such as pricing, competition, and strategic decisions.

Key Learning Points

Learn about the economic theories and models that underlie firm-level decision making
Understand the impact of market structure and competition on firms
Explore real-world case studies to apply economic concepts to business strategy

Learning Outcomes

Apply economic principles to real-world business scenarios
Evaluate the impact of market structure on firm behavior
Analyze strategic decisions based on economic models

Prerequisites or good to have knowledge before taking this course

Basic knowledge of microeconomics
Familiarity with Excel or Google Sheets

Course Difficulty Level

Intermediate

Course Format

Online self-paced course
Video lectures
Quizzes and assignments
Real-world case studies

Similar Courses

Business Strategy
Marketing Analytics
Applied Data Science: Business Case Studies

Related Education Paths

Notable People in This Field

Tyler Cowen
Hal Varian

Related Books

Description

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/.

Outline

Course Orientation
Welcome to Firm Level Economics: Consumer and Producer Behavior!
Learn on Your Terms
Syllabus
ePub
About the Discussion Forums
Glossary
Learn More About Flexible Learning Paths
Updating Your Profile
Orientation Quiz

Module 1: Scarcity, Allocation, and Markets
1-1.1. Scarcity and its Implications
1-1.2. Opportunity Costs
1-1.3. Demand Curves
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
Module 1 Overview
Module 1 Readings
Lesson 1-1 Practice Quiz
Lesson 1-2 Practice Quiz
Module 1 Quiz

Module 2: Government Intervention in Markets
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
2-2.1. The Price You Pay at the Pump
2-2.2. Excise Taxes
2-2.3. The Incidence of Taxation
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
Module 2 Overview
Module 2 Readings
Lesson 2-1 Practice Quiz
Lesson 2-2 Practice Quiz
Lesson 2-3 Practice Quiz
Module 2 Quiz

Module 3: Firms, Production, and Costs
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
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
Module 3 Overview
Module 3 Readings
Lesson 3-1 Practice Quiz
Lesson 3-2 Practice Quiz
Module 3 Quiz

Module 4: Firm Behavior
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
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
Gies Online Programs
Module 4 Overview
Module 4 Readings
Module 4 Peer Review Explanation
Congratulations!
Get Your Course Certificate
Lesson 4-1 Practice Quiz
Lesson 4-2 Practice Quiz
Module 4 Quiz

Summary of User Reviews

Discover the principles of firm-level economics with this engaging course from Coursera. Students rave about the valuable insights they gain from the program, which covers topics such as market structures, pricing strategies, and more. One key aspect that many users found particularly helpful was the clear and concise explanations provided by the instructor.

Pros from User Reviews

Clear and concise explanations
Valuable insights into firm-level economics
Engaging course material
Instructor is knowledgeable and engaging
Great for anyone interested in economics

Cons from User Reviews

Some users found the course material to be too basic
Lack of interaction with the instructor
Not enough practical examples
Some users found the course to be too theoretical
Some users found the quizzes to be too difficult

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