Demand and Supply
Price Elasticity, Income elasticity and Cross-Price Elasticities

Normal, Inferior and Giffen Goods
Market Intervention – Price Ceilings and Price Floors
Consumer Surplus, Producer Surplus and deadweight loss
Impact of tax and subsidy on equilibrium price, quantity, consumer surplus, producer surplus, deadweight loss.
Burden of Tax and Relative Elasticity.

Consumer Theory

Utility and Preferences
Indifference Curves and their axioms (monotonicity, convexity, transitivity, completeness)
Budget constraint
Marginal Rate of Substitution between two goods
Utility Maximization as a constrained optimization problem
Lagrange Multiplier Approach to maximization
Income and Substitution Effect – the Hicksian compensated demand function
The Slutsky Decomposition
Deriving Hicksian and Marshallian Demands
Deriving a Demand Curve

Production Theory

Firms optimization problem
Production function and cost constraints
Profit Maximization for firms
Deriving Total Cost and Marginal Cost
Profit Maximization for a perfectly competitive firm
Monopoly, Oligopoly, Cournot Duopoly, Stackelberg Model, and Bertrand Competition

Game Theory as a part of oligopoly

General Equilibrium

Walrasian Equilibrium

Edgeworth box diagram and Pareto efficiency

First Welfare Theorem

Second Welfare Theorem

General Equilibrium and Pareto Optimality

Uncertainty and Risk

Risk-averse, risk-seeking and overall risk preferences

Uncertainty and choice for a risk-averse individual

Optimal insurance for a risk-averse individual

Public Goods and Externalities