Main field of study: Economics, Microdata Analysis
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Learning outcomes for the course
On completion of the course, students will be able to:
- explain and calculate opportunity costs as a basis for decision-making
- explain how the individual’s consumption choices depend on the prices of the goods as well as the individual’s income and preferences
- explain how companies’ production choices to maximize profit depend on the prices of the goods and the company’s costs in different market structures
- derive the demand curve for factors of production
- carry out a simpler economic analysis of the outcome in a market when there are exogenous effects or regulations and taxes are introduced
- carry out a simpler economic analysis of the outcome in a market where there is market failure.