Intermediate Microeconomics - Firms and Markets
ECON208 is one of two intermediate microeconomics courses which build on the concepts learned in ECON104. The initial topic is analysing the decision making of perfectly competitive businesses. Specifically, how production processes and the price of inputs influence the output decisions of businesses. All other topics look at what happens when perfect competition fails to hold. The focus is on people and businesses acting strategically and what happens when businesses exploit market power.