Course Description

Following the spring semester, this course covers the remainder of the basic theories of the microeconomics. First, we examine the costs of production, such as fixed and variable costs, average and marginal costs, the costs in the short run and in the long run. Second, we examine the industrial organization － how firms' decisions about costs, prices and quantities depend on the market condition they face, such as competitive market, monopoly, monopolistic competition and oligopoly. Finally, we examine the markets for the factors of production, such as labor.