Microeconomic Theory

The course provides an advanced analysis of the economic principles and methodologies essential to the microeconomic analysis for decision making. The course introduces and evaluates the application of the economic concepts and analysis to the problems of consumer and producer behaviour and decision making in a complex world where sectoral, social, technology and financial interactions are important. Topics covered include demand, supply, pricing and production decisions, market structure, cosumer behavior, government interventions in the market and strategic behavior and performance of firms in a variety of market and non-market environments. Current topics of interest with impact on consumer and producer behaviour, such as socio-economic and environmental sustainability and resilience in times of crisis or technological innovation, are also examined. Upon completion students should be able to analyze how markets operate and how firms and consumers make production and consumption decisions, to evaluate how market powers and structures impact on decision making and strategic planning, and to design and implement strategies under alternative and complex frameworks and market forms.