Production and Consumption
Students shall be enabled to use the mathematical properties of central concepts of the theory of production and of consumption, and in particular to solve optimization problems in production and consumption.
The class deals with the microeconomic foundations of production (1) and consumption (2)
- Analysis of production in terms of activity analysis and production functions; cost minimization in the long and in the short run.
- Analysis of consumption with the help of preferecen relations and their properties; direct and indirect utility functions; utility maximization; consumer surplus.
For more details we refer to UNIGRAZonline.
Literature
- Kurz, Heinz D. / Salvadori, Neri (1995): Theory of Production: A Long-Period Analysis, Cambridge: University Press.
- Snyder, Christopher / Nicholson, Walter (2008): Microeconomic Theory, Baisc Principles and Extensions, 10th Edition, Mason: South-Western.
- Mas-Colell, Andreu / Whinston, Michael / Green, Jerry (1995): Microeconomic Theory, Oxford: University Press.