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.
이 강좌는 Managerial Economics and Business Analysis 전문 분야의 일부입니다.
Firm Level Economics: Consumer and Producer Behavior
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About this Course
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다음 전문 분야의 7개 강좌 중 1번째 강좌:
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완료하는 데 약 23시간 필요
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강의 계획 - 이 강좌에서 배울 내용
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.
검토
4.8
FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR의 최상위 리뷰
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.
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.
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
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The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
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Managerial Economics and Business Analysis 전문 분야 정보
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