Microeconomics

Familiarizing the students with the nature of motivation that determines the behavior of market participants and laws of market functioning that are set up by this behavior. Meaning of such studies is that students master the basics of economic logic, to understand the role of economic motivation, economic goals, competition, freedom of economic decision-making in conditions of uncertainty and the basics of taking economic risks. Mastering the tools of microeconomic analysis should enable that the logic of economic behavior is transferred to measuring the economic phenomena, establishing prices and measures of feasibility of economic objectives, and reducing the risk of economic decisions.

Основи економије

Establishing own logical system of economic decision-making; knowledge of the manner, nature and patterns of behavior of economic subjects; mastering methods of microeconomic analysis; ability to identify different types of behavior of market participants; ability to measure efficiency in the realization of economic goals; ability to measure the impact of market changes on the behavior of market participants; ability to identify market morphology; ability to analyze the behavior of market structures; ability to create economic policy measures with the influence on behavior of market participants; ability to measure the effects of economic policies on the behavior of market participants.

Basic principles and tools of microeconomic analysis; market; budget constraints; preferences; utility; customer choice; customer demand; revealed preference; effects of substitution and income; purchase and sales; intertemporal choice; property market; uncertainty; risky assets; the consumer's and the manufacturer's surplus; market demand; market equilibrium; the theory of production and selection of technologies; maximizing the profits; minimizing the costs; the cost function; offer of companies and industries; full competition; monopoly; oligopoly; cartel; monopsony; monopolistic competition; the market of production factors; game theory; welfare theory; externalities; public goods; asymmetric information.

Lectures, seminar papers and exercises. All forms of teaching include simulations of actual economic situation, the application of appropriate methods of analysis, discussing solutions and proposing measures to achieve the optimum. All stages of the teaching process envisage the active involvement of students. Independent students' work is based on case studies that analyze and interpret the mastered methods of analysis.

Colloquium I (0-20 points); Colloquium II (0-20 points); Final exam (0-50 points); Attendance (2point); Class activities (seminar papers, discussions, case studies) (0-8 points)

Hal R. Varian, 2014, Microeconomics, A Modern Approach, Seventh Edition, Faculty of Economics, Belgrade Rajko Tomaš, 2016, Microeconomic Analysis, Principles and Applications, Zavod za udžbenike i nastavna sredstva, I. Sarajevo

The subject is taught according to the same program at leading universities in the world.