SUBJECT

Microeconomy

lecture

master

Faculty of Science

Mathematics MSc

3

Semesters 1-4

Autumn/Spring semester

The production set, plan and function, The isoquant set, Cobb-Douglas and Leontief technology, Hostelling lemma, The Le Chatelier principle, Cost minimization, The weak axiom of cost minimization, Hicks and Marshall demand function, Hicks and Slutsky compensation, Roy identity, Monetary utility, Engel curve, Giffen effect, Slutsky equation, Properties of demand function, Axioms of observed preferences, Afriat theorem, Approximation of preference relation in GARP model, Product aggregation, Hicks separability, Functional separability, Consumer aggregation, Perfect competitive market, Supply in competitive markets, Optimal production quantity, Inverse supply function, Pareto optimality, Market entering, Representative manufacturer and consumer, Several manufacturers and consumers, Oligopoly and monopoly markets, Welfare economics.