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 demand functions from utility maximization and supply functions from profit maximization
• analyse different market forms (monopoly, oligopoly, etc.)

Introduction to the principles of economics
Production possibility frontier, trade
Markets with perfect competition, supply and demand
Price- and income elasticity
Consumer- and producer rent
Housing market, labour market, agricultural commodity market, taxes
Consumer decision and demand
Theory of production
Cost of production
Perfect competition
Monopoly, price discrimination
Externalities
Public goods and common resources
Introduction to game theory

analysis of microeconomic models with algebraic and graphical means

economic interpretation of microeconomic relations

written exam