This course explores the following Extension of equilibrium and disequilibrium models in microeconomic theory; Application of equilibrium analysis and disequilibrium analysis; Intermediate welfare economics; economic efficiency, welfare, welfare criteria and compensation tests; Intermediate theory of the firm, perfect competition, monopolistic competition, monopoly, oligopoly, and game theory; Alternative to profit maximization; Public goods and externalities; Methods of dealing with externalities; Factor markets ; theories and distribution, rent interest and profit. The theory of the consumer explores the demand side, while the theory of the firm discusses the supply side of the economy. General equilibrium puts the two parts together and discusses welfare implications, including in the presence of externalities. The second part of the course introduces basic concepts in non‐cooperative game theory, emphasizing the strategic aspect of economic interaction. Game theory is then applied to analyze informational problems in economics, in particular problems of hidden information (adverse selection) and hidden action (moral hazard).