- Demand, supply and market equilibrium. Elasticity.
- Consumer choice: demand curve and Engel curve, income and substitution effects.
- Firm choice: production function and returns to scale, cost function, average and marginal cost, economies of scale, profit maximization for a price-taker firm.
- Competitive equilibrium.
- Market intervention: taxes and subsidies, price floors, tariffs and quotas.
- General equilibrium in a pure exchange economy: efficiency and equity.
- Monopoly: equilibrium and deadweight loss. Regulation of monopolies.
- Pricing policies: perfect price discrimination, two-part tariffs, multimarket discrimination, bundling.
- Game theory: dominance and Nash equilibrium, dynamic games.
- Oligopoly: Bertrand and Cournot models with homogeneous goods, Bertrand model with differentiated goods, Stackelberg model, collusion.