Intermediate Microeconomics II extends the analysis of demand and supply to imperfectly competitive markets. The theory of distribution based on the formation of prices on inputs is an application of demand and supply analysis. Selected topics in market failure are also treated. The methodology is again primarily partial equilibrium analysis with some exposure to general equilibrium analysis.
The course outlines: Theory of the Firm in Imperfectly Competitive Markets, Theory of Income Distribution, Market failure, General Equilibrium and Economic Welfare.
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