Advanced Microeconomics is the study of how individuals, firms, and markets make decisions about allocating limited resources. It focuses on understanding how choices are made under different conditions, like varying prices or competition, and how these decisions impact supply, demand, and pricing in the economy. Topics include consumer behavior, production costs, market structures (like monopolies and perfect competition), and the role of government policies. It goes beyond basic concepts by using mathematical models to analyze and predict complex economic behaviors and outcomes.