Principles of Microeconomics 4003-101WM

Economics decision making problems on the basis of production possibility frontier analysis - rarity and resources determinants, opportunity cost. Analysis of market forces - supply, demand, equilibrium, government interventionism in the economy. Supply and demand elasticity factors - interpretation and implementation in practice. Analysis of basic issues on consumer and producer market functions. Analysis of consumers decision making process in conditions of determined income, variable prices, and dysfunctional demand - emulate effect, snobbery and demonstrative consumption. Producer's functions on the market, production possibility curve and production costs, income, profit and loss analysis, perfectly competitive market, monopoly, oligopoly and monopolistically competitive market. Production factors market analysis - labor market, financial market and production factors market.