This course introduces the students to the basic principles of microeconomics and the study of the behavior of individual agents, such as consumers and producers. The first part of the course reviews the determinants of supply and demand, the characteristics of market equilibrium, the concept of social welfare, and the consequences of price controls, taxation, and externalities on social welfare. The second part of the course deals with market theory, with a review of cost concepts and market structures: competition, monopoly, oligopoly, and imperfect competition. 

Microeconomics focuses on the analysis of economic problems and phenomena from the study of the decision-making processes of agents, the outcomes of their interaction and the policiesimplemented that affect these outcomes. The course provides students with analytic tools and concepts related to consumer and firm decisions, their interaction in markets, the economic allocation ofgoods and resources, price determination, market structures, and the possibility of government intervention.