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Core Concepts and Theories: Provide a detailed exploration of fundamental microeconomic theories and concepts, including consumer theory (utility maximization, indifference curves), producer theory (cost minimization, profit maximization), and market structures (perfect competition, monopoly, oligopoly).
Consumer Behavior and Decision Making: Examine the theories of consumer choice and behavior, including budget constraints, preferences, utility functions, and how consumers make decisions in various market conditions. Discuss topics such as elasticity, consumer surplus, and the impact of changes in prices and income on consumer choices.
Production and Costs: Explore the theories related to production and cost analysis, including production functions, short-run and long-run costs, economies of scale, and cost minimization. Analyze how firms make decisions regarding production levels, pricing, and resource allocation.
Market Structures and Competitive Analysis: Analyze different market structures and their implications for pricing and output decisions, including perfect competition, monopolistic competition, oligopoly, and monopoly. Discuss game theory and strategic behavior in oligopolistic markets, and the effects of market power on efficiency and welfare.
Welfare Economics and Policy Implications: Address topics in welfare economics, including the concepts of efficiency, equity, and market failures. Discuss the role of government intervention, public goods, externalities, and policy tools such as taxes, subsidies, and regulation in addressing market imperfections and promoting social welfare.
