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The striker has scored 12 goals for City, but they are bottom of their Champions League group and six points behind Premier League leaders Chelsea.
"Of course we understand the people who have been criticising us," 26-year-old Aguero told Football Focus.
"The club invests in top players and the fans want to see more from us."
Aguero added: "But we still have time to put things right. The supporters here are more respectful and patient but they still expect a bit more from all of us. We can still turn it around, though."
The Argentina international scored the winner as City began the week by winning 1-0 in a tumultuous Manchester derby.
But on Wednesday, they were booed off the field after losing 2-1 at home to Russian side CSKA Moscow.
City's Champions League record since they first played in the competition in 2011 is played 24, won eight, drawn six, lost 10. They have not kept a clean sheet in nine home games.
Manuel Pellegrini's team could go out even if they win their next two games against Roma and Bayern Munich.
"In the Champions League, we are not currently in the position we want to be," said Aguero.  "It's not what we were expecting. The only thing we can do is to keep going, we still have two games to play and we have to win both, and then wait and see how the other results go.
"In spite of how badly things have gone in the Champions League, we are still fortunate enough to be able to qualify. So it's up to us."

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Shakespeare was appointed Foxes manager until the end of the season on Sunday, having been caretaker boss since Claudio Ranieri was sacked in February.
Leicester have won both of their Premier League games under Shakespeare.
"On behalf of all the players we'd love to see him get the job long term," said Foxes midfielder Danny Drinkwater.
"We were all very happy to see him get it short term - I'm sure it would be the same reaction longer term."
Shakespeare said the club would "have plenty of time in the summer to take stock and evaluate".
Leicester host Sevilla in the second leg of their Champions League last-16 tie on Tuesday, trailing 2-1 from the first leg but with an away goal thanks to Jamie Vardy's strike in Spain.
Asked whether Premier League champions Leicester could win the Champions League, Shakespeare said: "Why not? We're in it and we have to try to be competitive every game."
He added: "'I'm expecting the team to take the momentum from the last two results and really play off the front foot."
Shakespeare, 53, was Ranieri's assistant last season after being brought to the club by the Italian's predecessor, Nigel Pearson.
He confirmed he had not spoken to Ranieri since his appointment was confirmed on Sunday but said there were "no grudges" between the two.
"I bear no grudges, Claudio bears no grudges. We have to try and move on as a football club," said Shakespeare.
While caretaker boss, Shakespeare was backed by 92% of readers in a local newspaper poll to take over full time, following wins against Liverpool and Hull City.
However, Shakespeare added: "If we'd have lost both games, it would probably have been 1-2% and that would probably have been my family."
Sergio Aguero says he can understand why Manchester City have been criticised this season, but expects their form to quickly improve.
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New Leicester boss Craig Shakespeare says he is "not looking beyond this season" despite being backed by his players to get the job longer term.