LECTURE 1:
INTRODUCTION TO MICROECONOMIC CONCEPTS
This lecture introduces several concepts that provide a foundation for material covered later in the course. This lecture also reviews the philosophical basis of economic explanations.

LECTURE 2:
THEORY OF CONSUMER CHOICE
This lecture discusses the axioms of consumer choice. Decision-making by rational consumers provides the basis for deriving the individual's demand function and then the market's demand function.

LECTURE 3:
DEMAND FUNCTIONS
This lecture develops the concept of consumer demand further. Included in the discussion are the ordinary demand function, compensated demand function, income and substitution effects, optimal subsidy, and functional forms of the demand relation.

LECTURE 4:
DEMAND FUNCTION APPLICATIONS
This lecture examines the theory of revealed preference, price indices, and excise taxes and subsidies. The lecture focuses on using the theory of consumer demand to describe the outcome of changes in the external environment. The lecture is fundamentally an exercise in comparative statics.

LECTURE 5:
VOLUNTARY EXCHANGE IN A 2 x 2 WORLD
This lecture constructs the competitive general equilibrium model in a 2 x 2 framework. The emphasis is on the Edgeworth box, Pareto otimality conditions, constrained bliss, and distributional questions. The philosophical basis of Rawlsian social justice is compared with other social norms. The theory of social choice is touched on.

LECTURE 6:
BASICS OF PRODUCTION THEORY
The fundamentals of the theory of production are reviewed in this lecture. Some of the topics included in this lecture are forms of production functions, law of diminishing returns, marginal rate of technical substitution, homothetic functions, returns to scale, elasticity of substitution, and the dual problem in production. Several examples of these concepts are included in the lecture material.

LECTURE 7:
FUNDAMENTALS OF COST THEORY
This lecture examines the theory of firms' costs. Included in this lecture are such concepts as opportunity costs, accounting cost, social costs, marginal external cost, economic profit, quasi-rents, cost classifications, expansion path, long-run costs, short-run costs, and cost minimumization. A major objective of this lecture is to provide the background for working through a comprehensive example of deriving all of the cost functions from a generalized production model.

LECTURE 8 PRICE-TAKER BEHAVIOR UNDER COMPETITION This lecture reviews the following topics: postulate of rationality and price-taker behavior, short-run equilibria and the competitive supply function, free entry and long-run equilibrium, and the welfare implications of competitive partial equilibrium analysis.

LECTURE 9 BEHAVIOR UNDER IMPERFECT COMPETITION This lecture covers the following topics: output and pricing decisions under pure monopoly, welfare implication of monopoly equilibrium, consumer surplus, distribution of income, price discrimination, welfare implications of monopolistic competition, some comments on contestable markets, Cournot duopoly model and interdependent behavior.