Microeconomics

1. Theories of Consumer Behavior
   1. Utility Theory
      1. Total and Marginal Utility
         1. Definition and Calculation of Total Utility
         2. Definition and Calculation of Marginal Utility
         3. Relationship between Total and Marginal Utility
      2. Diminishing Marginal Utility
         1. The Law of Diminishing Marginal Utility
         2. Implications for Consumer Choice
         3. Applications in Pricing and Marketing Strategies
      3. Applications in Policy and Economic Planning
         1. Use in Assessing Consumer Well-being
         2. Influence on Tax and Subsidy Design
   2. Consumer Choice
      1. The Budget Constraint
         1. Definition and Role in Consumer Choice
         2. Budget Line and Changes due to Income or Prices
         3. Intertemporal Budget Constraints and Present vs. Future Consumption
      2. Preferences and Indifference Curves
         1. Properties of Indifference Curves
         2. Interpretation of Consumer Preferences and Trade-offs
         3. Indifference Map and Marginal Rate of Substitution
      3. Utility Maximization
         1. Deriving the Demand Curve from Utility Maximization
         2. Mathematical Formulation Using Lagrangian Multipliers
         3. Effects of Changes in Income and Prices
      4. Choice under Uncertainty
         1. Expected Utility Theory
         2. Risk Averse, Risk Neutral, and Risk Seeking Consumers
         3. Risk Aversion and Insurance Markets
      5. Revealed Preference Theory
         1. Intuition and Axioms of Revealed Preference
         2. Weak and Strong Axioms of Revealed Preference
         3. Connection between Revealed Preferences and Utility Functions
   3. Behavioral Economics Inroads
      1. Bounded Rationality
         1. Definition and Examples of Bounded Rational Decision Making
         2. Influence of Cognitive Limitations and Heuristics
         3. Implications for Market Predictions and Outcomes
      2. Heuristics and Biases
         1. Common Types of Heuristics used in Consumer Decision Making
         2. Impact of Biases such as Anchoring, Availability, and Representativeness
         3. Corrective Mechanisms and Their Limitations
      3. Prospect Theory
         1. Basics of Prospect Theory vs. Expected Utility Theory
         2. The Concept of Loss Aversion
         3. Implications for Consumer Finance and Marketing
      4. Nudge Theory and Behavioral Insights
         1. Role of Nudges in Influencing Consumer Behavior
         2. Examples of Effective Nudges in Public Policy
         3. Ethical Considerations in the Use of Behavioral Interventions
   4. Recent Advances in Consumer Behavior Theory
      1. Neuroeconomics
         1. Introduction to Neuroeconomic Methodologies
         2. Discoveries Related to Brain Activity and Decision Making
         3. Future Implications for Consumer Insight
      2. Cultural and Social Influences
         1. The Impact of Social Norms on Consumer Choices
         2. Cross-Cultural Variations in Consumer Behavior
         3. Influence of Social Media and Online Networks
      3. Technological Impact on Consumer Behavior
         1. Influence of Digital Platforms and E-commerce on Consumer Preferences
         2. Mobile Technology and Real-time Decision Making
         3. Personalization and Data-Driven Consumer Interaction