Microeconomics

Introduction.
Demand and supply.
The theory of production.
Theory of firm.
Partial Equilibrium: Perfect competition.
Monopoly.
The theory of imperfect competition.
Welfare economics.
General Equilibrium.

J. Prašnikar, P. Domadenik: Mikroekonomija, Gospodarski vestnik, Ljubljana, 2005.
P. Domadenik, A. Feldin, A. Gregorič, M. Koman: Mikroekonomija: Zbirka rešenih nalog, Gospodarski vestnik, Ljubljana, 2005.

The course acquaints students with basic economic problems and possible solutions. It presents the theory of production and costs, the operation of market mechanisms and the theory of distribution. Students are provided basic analytical and categorical apparatus required for this and subsequent economic courses. The course provides the institutional framework, and presents organizational and ownership forms of enterprises and the environment in which they operate. Also some aspects of state regulation are introduced.

Knowledge and Understanding: Students will be introduced to basic microeconomic laws, to a toolbox of supply and demand, basic principles of consumer behavior and the theory of production and costs. On this basis, students will get to know a wide variety of market structures (product markets and markets for factors of production) and their mutual interplay.
Use: Lessons learned will be for further study of economics and business. Practical examples, which represent an important part of the course, illustrate the possibilities of the actual implementation of theoretical examples in business practice.Reflection: Based on the acquired knowledge, the student will be able to understand and analyze the current developments in the economy and economic policy.Transferable skills - not tied to just one subject: Coursework induces a student to use of mathematical tools to solve economic problems. Students will develop the skills and competencies of collecting, interpreting, and graphical representations of data. Along with tasks and obligations, the student develops the skills of analytical thinking and creative team

Lectures, exercises, homework, consultations

• midterm exam representing 50% of the final grade
• 50% of the grade is a final exam
• A student must take the written tests of knowledge, on the exam at least 50% must be achieved and at least 50% of midterm exam points must be achieved
• Grades: 5 (negative), 6-10 (positive) (by Statute UL)