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ECO – 2013 Principles of Microeconomics

ECO 2013 Principles of Microeconomics (3) Production; specialization and the move-from the barter economy; concept of cost; organization of industry; private and public sector; economies of scale; consumption vs. capital goods; location of industry. Supply and demand: function of the price mechanism in a market economy (comparison with centrally planned economies); price, income and cross elasticity. Theory of the firm: price determination in perfect and monopoly markets: other forms of imperfect competition.

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