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Exam & Grading rubric

2 hours, 6 problems with different number of subproblems with different weight, do each task as complete as possible, ~20 min per task, calculator, take a list with formulas

Objectives, Books

- Deepening and extending knowledge on the microeconomic theory of demand, production, supply, product and factor markets - Practicing the use of formal mathematical tools, specifically optimisation techniques, to train rigorous economic reasoning and to develop the basis for quantitative economic analysis The course content follows parts of Snyder C., Nicholson, W. (2012, 11th edition): Microeconomic Theory: Basic Principles and Extensions, South-Western. Five copies of the book are available at the textbook section of the University Library (section Nussallee 15a, Signatur: Wirt Afb 9) and eight copies of the 10th edition in the main library (Signatur: Agr Bf 26). However, reading whenever assigned as part of the weekly assignment will be scanned and provided on eCampus. The material relevant for the exam is restricted to assigned readings, class presentations and the problem sets. There are many microeconomics textbooks available for further information. For example: - A little lower level as the course, but good to work through fundamentals: Varian, H. R. (2006): Intermediate Microeconomics (7th edition), Norton and Co. - Similarly: Espinola-Arredondo, A., Muñoz-Garcia, F. (2020): Intermediate Microeconomics Theory: Tools and Step-by-Step Examples - Or: Pindyck, R.S., Rubinfeld, D.L. (2010): Microeconomics. Prentice Hall. - New very good advanced textbook but with good access: Munoz-Garcia, F. (2018): Advanced Microeconomic Theory - An Intuitive Approach with Examples. MITPress. Some other references and background material will be given during the course.

key is efficiency in knowing how to distruinguish problems, solve fast correctly and show my solution in understandable way

exam repeatable topics

Okay, I will sort the problems from the "Microeconomics Exams 2007 2022 2024.pdf" file by the topics they cover, presenting the information in a table format. The first column will list the topics, and the second column will list the corresponding problems, including the exam date, in a single row per topic.

Topics

Exams

Market Equilibrium

2024 Problem 6, 2015 Problem 6, 2016 Problem 6, 2018 Problem 6, 2014 Problem 6, 2017 Problem 3

Utility Maximisation

2019 Problem 1, 2017/2015 Problem 2, 2024 Problem 1, 2013 Problem 1

Production Functions

2008 Problem 1, 2011 Problem 1, 2013 Problem 4, 2013 Problem 4

Cost Minimisation

2011 Problem 3, 2011 Problem 3, 2022 Problem 2, 2024 Problem 1

Profit Maximisation

2013 Problem 4, 2015 Problem 5, 2015 Problem 5

Game Theory

2011 Problem 6, 2015 Problem 5, 2024 Problem 5

Perfect Competition

2017 Problem 3, 2024 Problem 3 , 2024 Problem 3

Expenditure Function

2017/2015 Problem 2, 2024 Problem 1

Nash Equilibrium

2011 Problem 6, 2024 Problem 5, 2022 Problem 4

CES production function

2024 Problem 1, 2024 Problem 1

Stone-Geary Utility Function

2019 Problem 1, 2019 Problem 1

Short-Run Supply Curve

2024 Problem 3

Elasticity

2011 Problem 4

Price Expectations

2008 Problem 6

Tragedy of the Commons

2015 Problem 5

There are no rows in this table

⁠

Additional Notes

Recurring Themes: Several topics appear across multiple exams, which highlights their importance in the course, for example Utility Maximisation, Market Equilibrium, Game Theory and Production Functions are often recurring themes.

Problem Variations: Even when topics are the same, the specific questions and required calculations may vary across the different exams.

Exam Structure: It appears that many of the exams follow a similar format, including a mix of calculation-based problems and theoretical questions.

This table should help you quickly identify the topics covered in each exam and the types of problems that you should expect. The bolded parts of this response emphasize the key areas to focus on when preparing.

key knowledge needed

Okay, let's analyse the "Microeconomics Exams 2007 2022 2024.pdf" file to determine the factual, conceptual, procedural, and metacognitive knowledge needed to complete each problem within 20 minutes. This analysis will draw upon the provided sources and our conversation history, especially regarding the skills and knowledge required for different grade levels.

Analysis of "Microeconomics Exams 2007 2022 2024.pdf"

The exam questions in the file predominantly assess the application of microeconomic theory through problem-solving. Success requires a blend of different kinds of knowledge and skills. The questions often involve:

Setting up and solving optimisation problems, for example, utility maximisation or cost minimisation.

Deriving and interpreting key economic relationships, for instance, demand functions, cost functions, and supply functions.

Applying game theory concepts to strategic situations.

Analysing production functions, including marginal products and returns to scale.

Understanding market equilibrium and its implications.

Calculating elasticities and other relevant measures for market analysis.

Evaluating statements about economic concepts and explaining why they are correct or incorrect.

Given the time constraint of 20 minutes per problem, fluency in applying core microeconomic techniques and efficient problem-solving strategies are essential.

Types of Knowledge Required

Here's a breakdown of the factual, conceptual, procedural, and metacognitive knowledge needed:

Factual Knowledge

Definitions: Accurate recall of core microeconomic terms, such as:

Marginal product, marginal rate of substitution (MRS), and returns to scale.

Elasticity (price elasticity of demand, wage elasticity of labour demand, and cross-price elasticity).

Cost concepts (fixed, variable, marginal, and total costs).

Different types of market structures (perfect competition, monopoly, monopolistic competition, oligopoly).

Concepts from game theory, such as dominant strategies and Nash equilibrium.

Hicksian and Marshallian demand.

Formulas: Remembering key formulas, such as those for calculating elasticities, marginal products, and profit.

Basic understanding of the economic models, like the aggregate supply/aggregate demand model.

Conceptual Knowledge

Understanding of Core Principles: A grasp of the underlying logic of key concepts, including:

Utility maximisation and its implications for consumer choice.

Cost minimisation and its relation to production functions.

Profit maximisation for firms and how it relates to input choices.

Market equilibrium and how it is achieved in different market structures.

The relationships between cost functions and production functions.

The concept of separability and its implications for farm household models.

The idea of technical progress and how it is measured.

The concepts of substitution and income effects.

The difference between short-run and long-run equilibriums.

The logic of constrained optimization using Lagrangian method.

Ability to Connect Concepts: Understanding how various microeconomic concepts relate to each other (e.g. how changes in input prices affect production decisions and costs).

Understanding the importance of vocabulary as it may be needed to define the problem and know the solution.

Procedural Knowledge

Problem-Solving Techniques: Ability to set up and solve common types of microeconomic problems, including:

Using Lagrangian method for constrained optimisation (utility and cost minimisation).

Deriving input demand functions from cost minimisation.

Deriving supply functions from profit maximisation.

Finding Nash equilibria in simple games.

Calculating elasticities from given data.

Using comparative statics to assess the impact of changes in different variables.

Mathematical Skills: Being comfortable using mathematical tools:

Calculus (derivatives) for finding marginal products, marginal rates of substitution, and optimal values.

Algebraic manipulations to solve systems of equations and to derive new equations and relationships.

Graphing: Being able to draw and interpret graphs of production functions, cost curves, demand curves, supply curves, and indifference curves.

Using Tools: Understanding how to use tools like Excel to solve problems numerically.

Metacognitive Knowledge

Time Management: Efficiently allocating time to each problem to complete it within the 20-minute limit.

Self-Assessment: Recognising the limitations of your own knowledge and being able to adjust your approach accordingly.

Problem-Solving Strategies: Being able to break down complex problems into smaller, more manageable steps.

Error Detection: Being able to spot errors in your own calculations and logic, and correct them.

Adapting to Different Question Types: Understanding the differences between problem types, such as calculation-based problems and theoretical arguments, and being able to adjust your approach for each type of question.

How to Prepare to Finish Problems Under 20 Minutes

Practice: Work through a large number of problems under timed conditions to increase your speed and accuracy.

Focus on Fundamentals: Ensure you have a very solid grasp of core concepts, definitions, and techniques.

Develop a Strategy: Have a clear plan for how to approach each type of problem, focusing on quickly setting up the problem and solving it.

Identify Weaknesses: Pinpoint areas where you make frequent errors, and focus on improving in these areas.

Memorise Key Equations and Relationships: Commit common formulas and relationships to memory for faster application during the exam.

Use Tools Effectively: Become proficient in using mathematical tools (including your calculator), as well as Excel, for numerical problem-solving.

Develop a Clear and Organised Approach: Presenting work that is organised, with clear labels on graphs, will allow you to get the maximum amount of credit.

Use Past Papers: Review past papers and understand what kind of questions tend to come up.

Conclusion

Success on the microeconomics exam, especially under time pressure, hinges on a strong foundation of factual, conceptual, procedural, and metacognitive knowledge. Efficient problem-solving, time management, and the ability to apply microeconomic principles with fluency are essential for completing each problem within 20 minutes. The key is not only knowing the material but also knowing how to apply it effectively and efficiently within the time constraints. The ability to identify, set up, and solve problems swiftly, interpret the results and explain the reasoning clearly is crucial for a good grade.

Based on the sources, students need to know the following concepts and methods, among others:

Utility Maximization: Understanding how consumers maximize their utility given budget constraints.

Expenditure Minimization: Ability to minimise costs to achieve a certain level of utility.

Slutsky Equation: Understanding how to decompose price effects into income and substitution effects.

Demand Functions: Understanding Marshallian and Hicksian demand.

Production Functions: Understanding how inputs are used to produce output, as well as the marginal product of labour and capital.

Cost Concepts: Understanding fixed, variable, total, and marginal costs.

Isoquants: Understanding of the combinations of inputs that yield the same output.

Game Theory: Knowledge of dominant strategies and Nash equilibrium.

Market Equilibrium: Understanding short and long-run market equilibria.

Elasticity: Knowledge of price elasticity of demand, cross-price elasticity and income elasticity.

Spreadsheet Tools: Use of tools such as Excel to model and solve economic problems, including using Solver.

Time and Capital: How to evaluate investments considering the present value of future costs.

Behavioural Economics: Reference points, fairness, rules of thumb, and biases.

Course content

1 Introduction (including Math for Microeconomics)

2 Choice and demand

• Axioms of rational choice, concept of utility

• Marginal rate of substitution

• Utility maximization, indirect utility function

• Expenditure minimization

• Income and substitution effects

• Consumer surplus

• Demand relationships among goods

• (Newer developments in demand theory)

3 Production and supply

• Production functions, concept and properties

• Cost minimising input demand, cost functions,

• Profit maximisation, supply and input demand, profit functions

4 Coordination of supply and demand through markets

• Game theory, analysis of strategic behaviour

• Competitive markets, partial equilibrium

• Short and long-run analysis

• Policy impacts (price controls, taxes, ...)

Analysis of the Microeconomics Exam 2024 on a sufficient level

Okay, let's analyse the "Microeconomics Exam 2024.pdf" and determine the skills, knowledge, and cognitive processes needed to solve the 6 problems within an hour, aiming for at least a 'sufficient' grade, as defined in the grading rubric. We will also look at the relevant knowledge from the sources you have given

The exam consists of six problems to be solved in 1 hour. The instructions emphasize that all problems carry equal weight in grading. The exam requires a calculator, and the students are asked to write their name, student ID, and the problem number on each sheet.

Here is a breakdown of the skills required, drawing on the "Revised Blooms Handout.pdf" for cognitive processes, and the knowledge needed, drawing on all provided sources:

Problem 1

This problem requires understanding consumer choice theory.

Cognitive Process (Bloom's Taxonomy): Apply. This involves using learned information in a new situation and using the tools you have to solve the problem.

Type of Knowledge: Conceptual and Procedural. You need to understand the concepts of utility maximisation, budget constraints, and how to set up the problem, then execute the procedure using the tools.

Specific Knowledge Needed:

Understanding of utility maximisation with a budget constraint.

Ability to set up a Lagrangian and derive first-order conditions.

Skill in solving for optimal consumption choices.

Understanding of how to relate utility and consumption to utility-maximizing behavior.

Problem 2

This problem requires understanding of cost functions and cost minimisation

Cognitive Process (Bloom's Taxonomy): Apply and Analyse. This requires using knowledge of cost theory to find total, variable and marginal costs and understanding and working with data.

Type of Knowledge: Procedural and Factual. Requires knowing the definitions of cost concepts and being able to apply the calculations needed to find marginal costs etc.

Specific Knowledge Needed:

Understanding of fixed costs, variable costs, and total costs.

Ability to calculate marginal cost.

Understanding of the relationship between cost and profit.

Problem 3

This problem focuses on production functions, specifically the isoquants.

Cognitive Process (Bloom's Taxonomy): Apply and Analyse. You will need to apply theoretical knowledge to analyse production functions with multiple inputs and their relationships to isoquants.

Type of Knowledge: Conceptual and Procedural. Requires knowing and understanding what an isoquant is and understanding that they show how different combinations of inputs can produce the same amount of output, then you have to apply that knowledge to solve the problem.

Specific Knowledge Needed:

Knowledge of production functions and how inputs translate into outputs.

Understanding of the concept of isoquants.

Ability to relate changes in input use to changes in output.

Problem 4

This problem looks into consumer theory and demand, requiring knowledge of income and substitution effects.

Cognitive Process (Bloom's Taxonomy): Analyse and Evaluate. It requires the ability to separate price effects into income and substitution effects and understanding the consequences of a price change.

Type of Knowledge: Conceptual and Factual. Requires knowing the definitions of substitution and income effects, being able to interpret those concepts, and applying the related techniques.

Specific Knowledge Needed:

Understanding of the Slutsky equation.

Ability to decompose total effect into substitution and income effects.

Understanding of normal and inferior goods.

Knowledge of Marshallian and Hicksian demand.

Problem 5

This problem is about game theory.

Cognitive Process (Bloom's Taxonomy): Analyse and Evaluate. You need to identify dominant strategies and assess the equilibria based on these strategies.

Type of Knowledge: Conceptual and Procedural. You must know how to identify the players, actions, and pay-offs in the game, be able to analyse the game to determine if there are any dominant strategies and what the Nash Equilibrium is.

Specific Knowledge Needed:

Knowledge of basic game theory concepts.

Ability to identify dominant strategies.

Ability to find Nash equilibria.

Problem 6

This problem is a multiple choice questions about market equilibrium.

Cognitive Process (Bloom's Taxonomy): Remember, Understand, and Apply. Requires basic knowledge and being able to apply that knowledge to analyse the equilibrium assumptions.

Type of Knowledge: Factual and Conceptual. Requires knowing basic definitions and concepts such as short and long run.

Specific Knowledge Needed:

Understanding of short-run and long-run equilibrium.

Knowledge of the basic assumptions regarding firms' output and number in the short and long-run.

Skills Needed for a 'Sufficient' Grade

To achieve a 'sufficient' grade (3.6-4.0) on the exam, a student needs to demonstrate:

Basic Application: Ability to apply fundamental microeconomic principles and models to solve basic problems. The student should be able to use basic techniques accurately with minimal errors.

Reasonable Understanding: A basic understanding of core microeconomic concepts, including consumer choice, cost, production, demand, game theory, and market equilibrium.

Some Interpretation: Ability to interpret results in a limited way, though may not have a deep level of economic insight.

Time Management: Basic time management skills to attempt all questions, even if not all are solved completely. They should not get stuck on one or two questions.

Conclusion

To achieve a sufficient grade on this exam, a student needs a combination of basic knowledge of core microeconomic principles, the ability to apply those principles to simple problems, and basic skills in time management and interpretation. The exam requires a good understanding of the material covered in a standard microeconomics course, with a focus on applying that knowledge to problem-solving, as well as using the appropriate analytical tools. It appears to be less about deep understanding, and more about efficient use of techniques.

The cognitive skills are primarily focused on applying, analysing and remembering concepts, meaning that they should be able to take known information and models and use these to solve problems, they should be able to interpret results, and they should know the definitions of different concepts.

The time constraint of one hour will likely be a very significant factor, which means students who can accurately use techniques in a fast manner will likely achieve better scores.

Learning Outcome

1 - 1.5 Sehr Gut (Very Good)

1.6 - 2.5 Gut (Good)

2.6 - 3.5 Befriedigend (Satisfactory)

3.6 - 4.0 Ausreichend (Sufficient)

4.1 - 5.0 Nicht ausreichend (Insufficient)

Explain neoclassical theory of supply, demand and markets at a formal mathematical level.

Demonstrates an exceptional and comprehensive understanding of neoclassical theory. Accurately and rigorously explains concepts using formal mathematical tools and derivations. Shows deep insight into the underlying assumptions and implications.

Demonstrates a strong understanding of neoclassical theory. Accurately explains concepts using formal mathematical tools and derivations. Grasps the underlying assumptions and implications.

Demonstrates an adequate understanding of neoclassical theory. Explains basic concepts using mathematical tools, but may lack precision or depth in some areas. Identifies the main assumptions and implications.

Demonstrates a basic understanding of neoclassical theory but has significant gaps in knowledge. Explains concepts using basic mathematical tools, but might do so incorrectly or with major flaws. Can identify basic assumptions.

Demonstrates an insufficient understanding of neoclassical theory. Unable to accurately explain concepts, or use mathematical tools correctly. Fails to identify basic assumptions or implications of the models. Shows a lack of understanding of the main concepts.

Formulate and solve unconstrained and constrained optimization problems and apply optimization tools to solve quantitative economic problems.

Formulates and solves complex optimization problems flawlessly, selecting appropriate methods and applying them correctly. Demonstrates a superior ability to apply optimization tools to solve diverse quantitative economic problems and clearly interprets the results.

Formulates and solves optimization problems correctly, with minor errors. Demonstrates a strong ability to apply optimization tools to solve a variety of quantitative economic problems. Interprets the results accurately.

Formulates and solves basic optimization problems correctly but may struggle with more complex issues. Demonstrates an ability to apply optimization tools to solve some quantitative problems but may make errors. May misinterpret the results.

Formulates and solves basic optimization problems with some significant errors and omissions. Struggles to apply optimization tools to solve quantitative problems. Misinterprets the results.

Fails to formulate and solve even basic optimization problems. Demonstrates an inability to apply optimization tools to solve quantitative problems. Is unable to interpret the results.

Solve product supply and factor demand problems using production functions, cost minimization, profit maximization

Solves product supply and factor demand problems accurately and efficiently, demonstrating a deep understanding of production functions, cost minimisation and profit maximisation. Shows a remarkable ability to connect theory to real-world examples.

Solves product supply and factor demand problems effectively, demonstrating a good understanding of production functions, cost minimisation and profit maximisation. Can connect theory to real-world examples with some limitations.

Solves basic product supply and factor demand problems, but may struggle with more complex cases or make errors in the application of the theories. Shows a reasonable grasp of production functions, cost minimisation and profit maximisation.

Solves very basic product supply and factor demand problems, but struggles to apply theories correctly. Shows limited understanding of production functions, cost minimisation and profit maximisation.

Fails to solve even basic product supply and factor demand problems. Demonstrates a very poor understanding of production functions, cost minimisation and profit maximisation.

Analyse the description of economic decision problems and choose and apply the appropriate tool from set of possibilities.

Demonstrates an exceptional ability to analyse complex economic decision problems and identifies the optimal tool from a wide variety of possibilities, applying them accurately and demonstrating a nuanced understanding of their strengths and limitations.

Demonstrates a strong ability to analyse economic decision problems and select the appropriate tool from a set of possibilities, applying them effectively. Can interpret the outputs and explain their relevance with few limitations.

Analyses basic economic decision problems correctly and chooses an appropriate tool but may not fully understand its limitations, demonstrating a reasonable ability to apply them.

Analyses simple economic decision problems, but has difficulties identifying the appropriate tools and struggles to apply them accurately. Demonstrates a limited understanding of the tools.

Fails to analyse economic decision problems and cannot identify or apply appropriate tools. Shows a complete misunderstanding of how to approach economic decision problems.

Apply calculus and spreadsheet tools to economic decision problems.

Demonstrates exceptional proficiency in applying calculus and spreadsheet tools (like Excel) to complex economic decision problems. Selects and uses appropriate techniques flawlessly to solve problems and provides clear, insightful interpretations of results.

Demonstrates a strong ability to apply calculus and spreadsheet tools to economic decision problems. Can use appropriate techniques effectively, with minor errors, and provides accurate interpretations of results.

Applies calculus and spreadsheet tools to economic decision problems with reasonable competence, but may struggle with more complex problems or make errors. Interpretation of results may lack some depth.

Applies calculus and spreadsheet tools to basic economic decision problems, but demonstrates limited competence and makes errors. Struggles with interpretation of results.

Unable to apply calculus and spreadsheet tools to economic decision problems effectively. Shows a poor grasp of the tools and their application. Is unable to interpret results.

Solve choice and demand problems using utility maximization, expenditure minimization, Slutsky equation, market demand, welfare measures.

Solves complex choice and demand problems with outstanding accuracy and efficiency, demonstrating a deep and nuanced understanding of utility maximization, expenditure minimization, Slutsky equation, market demand and welfare measures. Connects theory to real-world examples with remarkable skill.

Solves choice and demand problems effectively, demonstrating a good understanding of utility maximization, expenditure minimization, Slutsky equation, market demand and welfare measures. Can connect theory to real-world examples with some limitations.

Solves basic choice and demand problems, but struggles with more complex cases or makes errors in application of the theories. Demonstrates reasonable familiarity with utility maximization, expenditure minimization, Slutsky equation, market demand, and welfare measures.

Solves very basic choice and demand problems but struggles to apply the theories and may have significant misunderstandings. Demonstrates limited familiarity with utility maximization, expenditure minimization, Slutsky equation, market demand, and welfare measures.

Unable to solve even basic choice and demand problems. Demonstrates a very poor understanding of utility maximization, expenditure minimization, Slutsky equation, market demand and welfare measures.

Decide on coordination of supply and demand problems using competitive markets for products and primary factors, strategic interaction (game theory), common pool resources, imperfect competition.

Demonstrates an exceptional ability to analyse and solve complex supply and demand coordination problems, using competitive markets, game theory, common pool resources and imperfect competition with sophisticated techniques and a profound understanding.

Demonstrates a strong ability to analyse and solve complex supply and demand coordination problems, using competitive markets, game theory, common pool resources and imperfect competition. Effectively applies tools and interprets results.

Analyses and solves basic supply and demand coordination problems using competitive markets, game theory, common pool resources, and imperfect competition, but struggles with more complex issues or interpretations.

Analyses simple supply and demand coordination problems, but has difficulties identifying and applying appropriate tools and struggles with accurate interpretations.

Fails to analyse supply and demand coordination problems and cannot identify or apply appropriate tools or interpret results correctly. Shows a complete misunderstanding of how to approach these problems.

There are no rows in this table

⁠

Key Points for Understanding the Rubric:

Formal Mathematical Level: This refers to the ability to use equations, graphs, and calculus to represent and analyze economic concepts. It means not just stating a theory, but expressing it in a precise, mathematical way.

Optimization Problems: These are problems where students must find the best possible solution (e.g., maximizing profit or utility, minimizing cost) using mathematical tools.

Unconstrained vs. Constrained: Unconstrained problems have no limits on the variables, while constrained problems have restrictions (like a budget).

Production Functions: A function showing the relationship between inputs (like labor and capital) and output.

Cost Minimization: The process of producing a given level of output at the lowest possible cost.

Profit Maximization: The process of choosing the level of output and inputs that generate the greatest profit.

Appropriate Tool: This refers to the ability to choose the correct method (e.g., optimization, comparative statics) for analysing a particular economic problem.

Calculus and Spreadsheet Tools: This refers to the ability to use derivatives, optimization techniques (like the Lagrangian), and software such as Excel to model and solve economic problems. This includes an understanding of how to set up models in Excel and use tools like Solver.

Choice and Demand Problems: This refers to problems that involve how consumers make decisions about what to purchase given their preferences and budget constraints. These problems utilise utility maximization and expenditure minimisation to derive demand functions, and the Slutsky equation to break down price effects into income and substitution effects. It also includes understanding market demand and welfare measures.

Coordination of Supply and Demand: This refers to understanding how supply and demand interact in different market structures, including competitive markets, strategic interactions (game theory), common pool resources and how these are affected by imperfect competition.

Application: The ability to apply the tools of analysis accurately, and to make use of the tools appropriately, drawing the correct conclusions from the analysis.

Interpretation: The ability to make clear, insightful conclusions based on analytical results, understanding the practical economic implications of analytical results.

Real-world examples: Connecting theoretical concepts to practical situations and contexts.

This rubric should allow you to assess your students' work more clearly based on the learning outcomes for the course. Let me know if you would like anything modified or expanded.

Learning content

Choice and demand: utility maximization, expenditure minimization, Slutsky equation market demand, welfare measures

Product supply and factor demand: production functions, cost minimization, profit maximization

Coordination of supply and demand through - competitive markets for products and primary factors - Strategic interaction (game theory), common pool recources, imperfect competition

Learning outcomes

After a successful completion of the course, the students…

- are able to explain the neoclassical theory of supply, demand and markets at a formal mathematical level.

- are able to formulate and solve unconstrained and constrained optimization problems and apply optimization tools to solve quantitative economic problems

- able to solve product supply and factor demand problems using production functions, cost minimization, profit maximization

- analyse the description of economic decision problems and choose and apply the appropriate tool from set of possibilities

- learned to apply calculus and spreadsheet tools to economic decision problems

- able to solve choice and demand problems using utility maximization, expenditure minimization, Slutsky equation market demand, welfare measures

- able to decide on coordination of supply and demand problems using competitive markets for products and primary factors, strategic interaction (game theory), common pool recources, imperfect competition

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