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Course Description

Course: Microeconomic Analysis of Markets and Social Welfare

Code: ECO202

Semester: Β

Tutor: Y. Varoufakis        

This course introduces students to the microeconomics of price and quantity setting in the context of a game theoretical analysis of strategic interaction. Beginning with a simple two firm model of quantity and price competition, it then treats perfect competition and monopoly as special cases. Special emphasis is placed on the indeterminacy of microeconomic models, especially when time is taken into account. The second part of the semester turns from partial to general equilibrium and, finally, to the three fundamental theorems of welfare economics.