Microeconomics

The course is intended to deepen theoretical knowledge of economics, to develop skills for independent analysis of measures of microeconomics, their interconnections, evaluate the behaviour of consumers and producers and the main results of economic actors. After completing the course students will understand basics of demand and supply analysis, main concepts of consumers and suppliers behaviour, will be able to analyse and interpret the indicators of microeconomics. This course includes the main topics in microeconomics: main economic problems and specificities of their solution in different economic systems, demand and supply, market equilibrium, market structure, consumer and producer behaviour, short and long term costs. The main study methods are: narration, explanation, illustration, questions and answers, formulation, performing and explanation of practical tasks.

To create conditions for students to acquire knowledge of microeconomics, necessary for professional activities and rational economic decision-making; to develop a systemic approach to the changes in the markets; to develop the abilities of analysing economic processes, the behaviour of firms and households, and key performance data of economic agents.

The subject of Mathematics

1. Introduction to the theory of economic. Development of the theory of economic and changes in its object 2. Main economic problems and specificities of their solution in different economic systems 3. Normative and positive economic theory. Economic policy and its objectives 4. Methodology and methods of economic theory 5. Market concept and functions in economy 6. Demand and demand curve. Individual and market demand 7. Supply and supply curve. Individual and market supply 8. Market equilibrium. Factors of supply and demand 9. Elasticity of supply and demand. Elasticity rates and their calculation. 10. Practical use of elasticity theory 11. Consumer behaviour 12. Producer behaviour 13. Concept of production costs, income and profit 14. Short term costs and their reduction. Long term costs 15. Analysis of firms’ production costs 16. Market structures and pricing 17. Perfect competition and monopoly, their efficiency 18. Monopolistic competition and oligopoly 19. Markets and income of factors of production: salaries and wages, interest, rent and profit 20. Market failure and role of the state in market economy 21. Externalities and public goods

1. The research object of economic theory and the methods and explains the essence of the microeconomics are explained, the main concepts of economics are listed. 2. The basics of demand and supply are analysed, elasticity of demand and supply is calculated, result received are explained. 3. The concept of market equilibrium is explained, main factors of supply and demand are listed, types of market structure are analysed. 4. The concepts of consumers’ and suppliers’ behaviour are described, applying them in microeconomic problems solving. 5. The concepts of production costs, income and profit are explained, short and long term costs are described. 6. Markets of factors of production are described, connection with income is explained. 7. The principles of economic thinking in evaluation of main results of economic entities, and analysis of personal and business decision making are applied.