The objective of the course is to provide students at advanced level with the sound understanding of microeconomic issues and functions by presenting the building blocks of microeconomic theory.

Individual Demand Curve, Market Demand Curve, Market Supply Curve, Price and Income Elasticity, Consumer Preferences Indifference Curves, Utility Functions (Cobb-Douglas, CES), Convexity and Concavity in Utility Functions, Indirect Utility Functions, Indirect Expenditure Functions, Budget Line, consumer's equilibrium, Hicksian and Slutskian Income and Substitution Effects, Consumer Surplus, Some Applications, Isoquant Curves, Elasticity of substitution, Production in the Short-Run and Long-Run, Returns to Scale, Total, average and marginal costs Scale and Scope Economies, A Mathematical Treatment of Cost Theory, Theory of Perfect Competition, Output Decision in the Short-Run, The Efficiency of a Competitive Market, Minimum Prices and Wages, Monopoly Theory, Output Decision of Monopoly, Regulate of monopoly, Pricing with Market Power