The aim of the course is to increase the students' understanding to advanced aspects and theories of microeconomic analysis. This course provides students with the tools to use economic principles in decision-making, and an understanding of the broader economic environment in which economic policies are formulated. Topics include demand, supply, market equilibrium, types of markets, determination of market price, price formation and resource allocation, market efficiency, factor markets, production, costs, externalities and public goods, welfare economics and game theory.

After completing this course, the student will be able to:

1. Explain the economic behavior of consumers and producers.
2. Discuss the concept of maximization of revenues and minimization of cost.
3. Analyze the behavior of firms in different market structures.
4. Describe the impact of different policies on consumption and production
5. Describe the concept of efficiency in the production sector.
6. Distinguish among different production techniques and the profit they generate.
7. Measure risk and return.
8. Evaluate the effect of different market structures

1. Preferences and Utility
2. Utility Maximization and Choice
3. Income and Substitution Effects
4. Demand Relationships among Goods
5. Uncertainty
6. Game Theory
7. Production Functions
8. Cost Functions
9. Profit Maximization
10. The Partial Equilibrium Competitive Model
11. General Equilibrium and Welfare
12. Monopoly
13. Imperfect Competition
14. Labor Markets
15. Capital Market

Nicholson, W. and Snyder, C., “Microeconomic Theory: Basic Principles and Extension,” 12^th Edition, New York USA: The Dryden Press, 2015.

• Mas-Colell, A., Whinston, M.D. and Green, J.R., “Microeconomic Theory,” Oxford, UK: Oxford Univ. Press, USA, 1995.
• Geoffrey Jehle and Philip Reny, Advanced Microeconomic Theory 2^nd Edition, New York, USA: Pearson, 2011.