The virtual course "Economics at the company level: consumer and producer behavior - Virtual Course - Coursera", is a course with different contents and that offers video classes of Approx. 17 hours to complete. Explore its essential features, and click the orange button to get detailed information on the Coursera e-Learning platform
All goods and services are subject to scarcity at some level, requiring society to develop some allocation mechanism to determine who gets what.
Throughout recorded history, these assignment rules were usually command-based, meaning the king or 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 a balanced allocation of resources.
To understand this process, companies construct demand curves to capture consumer behavior and consider supply curves to capture producer behavior.
The resulting equilibrium price "rations" the scarce good.
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 the market equilibrium • Explain elasticity of demand • Describe cost theory and how firms optimize given their own cost constraints and an exogenously given price This course is part of the Gies College of Business suite of online programs, including iMBA and iMSM.
Learn more about admission to these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.
giesbusiness.
Illinois.
edu/idegrees/.
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University of Illinois at Urbana-Champaign
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