MICROECONOMICS

Syllabus in brief

Part I: Consumption Choice

The optimal static consumption problem (a reappraisal): budget constraint, preferences, utility, utility maximization, income and substitution effect. Leisure Vs. consumption choice.

Intertemporal choice: consumption-saving choice, discounted utility model.

Choice under uncertainty: expected utility model, risk attitude.

Part II: production choice

The firm and technology (a reappraisal): production function, marginal and average product, isoquants and isocosts, returns to scale, revenue curve.

Cost minimization and cost functions.

Monopolistic behavior and price discrimination

Introduction to game theory: Simultaneous and sequential games, dominant strategies equilibrium, Nash equilibrium, subgame perfect equilibrium.

Oligopoly: Bertrand, Cournot, Stackelberg.

Part III: General equilibrium and market failures

General equilibrium: Edgeworth box, Pareto efficiency, first and second welfare theorem

Market failures: externalities, public goods, asymmetric information.

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Syllabus in detail here

General rules here

TEXTBOOK: “Intermediate Microeconomics: a modern approach” by Hal Varian (last edition), W. W. Norton & Company.