Duration: 3 hours for 13 weeks [ECTS: 6]

Course outline

1. Theory of Consumer Behavior
2. Theory of Market Demand
3. Theory of Production Function
4. Laws of Production
5. Technological Progress and the production Function
6. Equilibrium of the Firm: Choice of optimal combination of production factors

Learning Outcomes

Students should be able:

• To model consumer choice.
• To model how individuals make consumption choices given a limited budget.
• To analyze the changes in prices and income affect consumer purchasing patterns.
• To model and analyze demand curves from utility functions and
• To analyze income and substitution effects.
• To analyze and model firm production.