After successful completion of the course, students are able to

• explain basic micro economic concepts of the theory of consumer behaviour and the theory of the firm,
• derive consumer demand functions from utility maximization and supply functions from profit maximation of firms,
• analyse different market forms (monopoly, oligopoly, etc.).

Theory of the private household (utility maximization and expenditure minimization, ordinary and Hicks demand function, Slutsky equation)
Theory of the firm (cost minimization, profit maximization, factor demand and goods supply functions)
Market structures and price formation (perfect competition, monopoly, monopolistic competition, oligopoly)

Analysis of microeconomic models with algebraic and graphical means

Economic interpretation of microeconomic relations

Written exam