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LIST OF COURSES First degree of studies

Course code: CEN Price theory
ECTS: 10
Course envisaged by the study (E00) Economics, Business management and Statistics,
programme: Undergraduate studies
Teachers: Babi Lj. Stojan, Milovanovi R. Mili, Stojanovi J.
Number of active lessons per week
Lectures Practice Other types of Research Other
lessons lessons
4 4 0 0 0
Prerequisites: None
1.Educational objective:
The goal of the subject is studying the optimal choice of individual economic subjects: consumer,
company and investor. In addition, the goal is analysis of market structures: perfect competition,
monopoly, oligopoly and monopoly competition. Achieving balance in multiple markets at the
same time will also be considered, which represents a connection between micro and macro
economy. Finally, certain imperfections of markets in which achieving Pareto efficiency by free
action is not possible: externalities, public goods and asymmetric information.

2. Educational outcomes (Acquired knowledge)

After the end of the course, student is able to understand the powers behind offer and demand
and understand the true meaning of the shape and degree of competition ruling contemporary
markets. The student will also be able to use the basic tool of a modern economist: boundary
values, to apply the analysis of alternative use of resources or perceive the strategic behavior of
the market subjects. By applying learned models, the student will be able to solve problems of
the real world in an efficient manner.
3. Contents/structure of the course:
Market, Budgetary constraints, Preferences, Usage, Choice, Demand, Open preference, Slutsky
equation, Buying and selling, Intertemporal choice, Market assets, Uncertainty, Risk assets,
Consumer excess, Market demand, Balance, Technology, Maximising profit, Minimising cost,
Entity offer, Branch offer, Monopoly, Monopoly behaviour, Factor markets, Oligopoly,
Production, Welfare, Externalities, Public goods, Asymmetric information.
4. Lesson methods:
In the lectures, problems are studied in a general manner, while the material is made concrete in
practice, through practical examples and student discussion. Student activity in lectures and
practice during the whole semester is taken into account when deciding on a final grade.
Grade (maximum number of points 100)
Pre-exam tasks Obligatory Points Final exam points
Activity during lectures Yes 10.00 Written exam 20.00
Preliminary exam Yes 20.00 Oral exam 50.00
No. Author Name Publisher Year
1 Hal R. Varian Mikroekonomija: Faculty of 2008
moderan pristup Economics,
(Microeconomics: Belgrade
modern approach)

Date: 7.11.2008.

Stamp: 1 February 2017

round official seal: Republic of, University of Belgrade, Faculty of Economics