|Flow||O - Management and Decision Support Systems|
|Category||Obligatory (half flow)|
|Class Hours - Lab Hours||3 - 1|
Basic concepts about production, consumption, transactions, prices and money. Microeconomic optimization of consumer behavior. Utility and demand functions, income and price elasticities. Microeconomic optimization of producer behavior. Production functions, productivity of production factors, cost functions, economies of scale. Pricing commodities. Market equilibrium, price formation, perfect and imperfect competition. Theory of monopoly and oligopoly competition. Optimisation over time, investment and financial flows, discount rates, present value and rate of return on capital. Applications to investment, cost and production problems for firms and their evaluation. Decisions under uncertainty.