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Firm Level Economics: Consumer and Producer Behavior
Course
en
English
12 h
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- Self-paced
- Free Access
- Fee-based Certificate
- 4 Sequences
- Introductive Level
Course details
Syllabus
- Week 1 - 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. - Week 1 - 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 ... - Week 2 - 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 ... - Week 3 - 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 diffe... - Week 4 - 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...
Prerequisite
None.
Instructors
Larry DeBrock
Dean Emeritus and Professor of Finance and Professor of Economics
University of Illinois, Urbana-Champaign College of Business Department of Business Administration
Editor
The University of Illinois at Urbana-Champaign was founded in 1867 (UIUC). The main campus of the University of Illinois is located in the twin cities of Champaign and Urbana, two hundred kilometres south of Chicago.
This major university is ranked among the most prestigious in the world by various measurements, such as the Center for World University Rankings, which place it 22nd worldwide for the period 2020-21.
Platform
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