-Producer Theory:Production Technology (Cobb-Douglas, Leontief, CES), Profit Maximization, Profit Functions and Supply, Cost Minimization and Conditional Factor Demands, Duality—Technology and Costs
-Consumer Theory:Preferences and Utility, Consumer Choice and Marshallian Demand, Expenditure Functions and Hicksian Demand, Duality—Utility and Expenditure, Slutsky Equation, Integrability, Inverse Demand (example from health sector)
-Duopoly and Oligopoly:Curnot’s duopoly model, Bertrand’s duopoly model, Chamberlin’s oligopoly model, Sweezy’s non-collusive stable equilibrium (the ‘kinked-demand’ model), Stackelberg’s duopoly model
– Collusive Oligopoly: Cartels
-Game Theory: The payoff matrix, Nash equilibrium, Mixed strategies, The prisoner’s dilemma, repeated games, sequential games
– Consumer Demand Topics: Welfare Evaluation of Economic Changes to Consumers—Consumer surplus, equivalent variation and compensating variation, Revealed Preference-Weak and Strong Axioms, Aggregation
– Consumer Choice under Uncertainty
– Partial Equilibrium, Efficiency and Welfare–Comparing Competitive and Monopoly Outcomes
- Jehle, G.A. and Reny, P.J. Advanced Microeconomic Theory, 2nd Edition, Addison Wesley; 2000.
- Varian, H.R. Intermediate Microeconomics: A Modern Approach, 7th Edition; WW Norton & Co; 2007
- Varian, H.R. Microeconomic Analysis; 3rd Edition.