- Demand, supply and market equilibrium. Elasticity.
- Consumer choice: demand curve and Engel curve, income and substitution effects. Labour supply. Intertemporal choices.
- 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.
- Monopoly: equilibrium and deadweight loss. Regulation of monopolies.
- Pricing policies: perfect price discrimination, two-part tariffs, multimarket discrimination.
- Game theory: dominance and Nash equilibrium in static games. Sequential games.
- Oligopoly: Cournot and Bertrand models.