Decision-making by consumers, producers, and governments lies at the heart of economic analyses. The first half of this intermediate course in microeconomic theory is devoted to the study of rational decision-making and the modelling of associated market behaviour. We then study how individual economic decisions interact in markets with varying degrees of competition, paying substantial attention to the comparative welfare outcomes produced by different market forms. Additional topics include game theory and its applications, uncertainty and asymmetric information. There is substantial emphasis on the use of analytical and mathematical tools. These tools and the subject material underpin much of the current research in microeconomics.
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