Microeconomics relies on theories and models to study the choices made by individuals and firms. Intermediate microeconomics builds on the principles of microeconomics course by adding mathematical models to the examination of consumer and producer behavior. Practicing the mathematics underlying microeconomic theory is the key to becoming a skilled economist. In addition, intermediate microeconomics has a strong focus on policy and its effects on behavior. [Section 1.1]
Microeconomics looks at a variety of decisions made by consumers and producers as they interact in the markets for goods and services, and at the different market structures in which consumers and producers operate. A wide range of topics deepens our understanding of the microeconomics of consumer and producer interaction, including risk and uncertainty, the role of information, and the study of behavioral economics. In recent years, microeconomics has evolved from a discipline that relied primarily on theory to one based on empirical studies (data analysis and experiments). [Section 1.2]