Microeconomics

Microeconomics provides the fundamental frameworks of studying how individuals, households, and firms make decisions to allocate limited resources through markets. These decisions and behaviors, constitute the supply and demand for goods and services, and collectively determine their prices, which in turn, will affect those decisions. Efficiencies and welfare under general equilibrium of competitive markets are well analyzed. In addition, the inefficiencies of particular markets, like those of public goods, under imperfect competition, or with incomplete information will also be carefully examined as well as their remedies using economic models or game theory.