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On successful completion of the module, students should be able to:
- On successful completion of the module, students should be able to: recognize and use microeconomic terminology relating to technology, the theory of the firm and the theory of the consumer.
- identify the conditions required for economic agents to maximize their objective functions given the constraints and solve their optimization problems.
- explain at a technical and intuitive level the properties of a profit function, a cost function, a utility function, an expenditure function, as well as test if functions satisfy these properties.
- perform economic analysis for perfectly competitive market.
- translate microeconomic problems presented in non-technical language into mathematical formulation and translate mathematical formulation of microeconomic problems into non-technical language.
- have the necessary technical language skills to identify the deriving assumptions of an academic paper with microeconomic foundations and report the main findings.