Microeconomics is a branch of economics that studies how individuals, households, firms and some states make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices; and how prices, in turn, determine the supply and demand of goods and services.
This course entails the use of intermediate microeconomic theory in the analysis of problems facing decision-makers, such as business, household, and government. In the first semester, topics include demand and supply, consumer behavior, market demand, production and cost, market supply; while in the second semester the topics include the analysis of competitive markets, monopoly theory, monopolistic competition and oligopoly, game theory, factor markets, and topics on general equilibrium analysis.