MICRO ECONOMIC THEORY II

Back

Learning Outcomes

explain monopoly market and firm equilibrium in this market
Understand monopoly market, monopoly power and the welfare effects of monopoly
Express differences between monopoly and perfectly competitive market
Solve profit maximization problem of a monopolist
Express reasons and how firms price discriminate
Explain relation between demand elasticity and price discrimination
explain mechanism and structure of the monopsony market
Explain mechanism and structure of the monopsony market
Compare monopsony with other markets and explain among their differences
Solve profit maximization problem of a monopsonist
obtain optimal choice of consumer under budget constraint
will able to drive demand of consumer for a good
will able to explain the impact of price and income change on consumer equilibrium
express oligopoly theories and firm equilibrium in oligopoly market and monopolistic competition
Define oligopoly market
Compare oligopoly with other markets and explain among their differences
Explain firm equilibrium in oligopoly market
List oligopoly theories
Solve firm profit maximization problem according to each oligopoly theory
Express differences among these theories
Explain firms short and long run equilibrium in a monopolistic competition market.
express factors that affect labor demand and labor supply and analyze equilibrium in factor market
Define factor markets
Explain firm’s factor demand in competitive market
Explain elements that affect factor supply and obtain labor supply curve
Express how equilibrium takes place in factor markets
Explain firm factor demand in monopoly market
Compare factor demand of monopolist with competitive firms
Explain factor demand of monopsonist firm
explain general equilibrium and wealth
Define general equilibrium
Explain oversimplifying assumptions
Express general equilibrium conditions among consumers
Express general equilibrium conditions among producers
Define pareto optimum and how it can be reached
Define externalities, explain the effects of externalities in production and consumption on social wealth
Explain factor demand of monopolstic firm