The course is a continuation of Microeconomic Theory I. The course covers important microeconomic models, such as, the partial equilibrium competitive model, the general equilibrium model and the monopoly, and further examines firms’ behavior in imperfectively competitive markets. Moreover, the course provides a coverage of the basic principles of game theory and explores the strategic behavior of firms under uncertainty. Finally, the course covers the basic input markets and introduces students to the concept of asymmetric information. The basic aim of the course is to enable students to reach a deeper understanding of the key models of microeconomic theory and apply proper microeconomic approaches to solve microeconomic problems. Particular emphasis is given to applications focusing on the agricultural sector.
Upon successful completion of the course, the students are able to:
understand the behavior of firms in perfectly competitive markets.
understand the behavior of a monopolist and the effects of monopoly on welfare.
understand the strategic behavior of firms in imperfectly competitive markets and how firms make decisions and interact in such markets.
understand firms’ behavior and decision-making under uncertainty.
Use microeconomic models and proper methodological tools to analyze relevant microeconomic problems.
