The unit will provide a thorough grounding in microeconomics at an advanced level. Topics include mathematical tools for microeconomics, profit maximization and cost minimization, monopoly, oligopoly, general equilibrium and the use of Pareto optimality to analyse the performance of markets including market failure.
What you'll learn
- explain profit maximization and cost minimization by producers using mathematically based analysis
- analyse market structures including competition, the behaviour of monopolists and oligopolists, price discrimination and consumer and producer behaviour within the general equilibrium framework
- evaluate government policies in regards to market failure