Course Description

Obligatory (half flow), 6 ^o semester 

(Obligatory for the postgraduate programme, Energy Production and Management) 

Introduction to economic science. Basic concepts about production, consumption, transactions, prices and money. Microeconomic optimization of consumer behaviour. Utility and demand functions, income and price elasticities. Microeconomic optimization of producer behaviour. Production functions, productivity of production factors, cost functions, economies of scale. Market equilibrium, price formation, perfect and imperfect competition. Theory of monopoly and oligopoly competition. Macroeconomic general equilibrium. 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. Applications to public utilities, public projects and policy.