Revision 3
The aim of this course is to give the students a deeper understanding in mircroeconomic theory. The course starts with a review of the consumption theory including budget, preferences, utility, as well as the choice of consumption and demand. Next, the focus is on companies/producers and covers production theory including technology, costs and supply. The determination of prices under different market forms is also covered. Finally, the course includes an introduction to welfare analysis whereby terms such as Pareto-efficiency, externalities and public goods are considered.
Different mathematical tools such as functions, equations and derivatives are used in this course to enhance students for a better understanding of the theories involved and to enable them to apply these theories to real world problems.