The course aims to introduce students to the basics of microeconomics. In its first part the course will present the functioning of the market as the interaction of demand and supply stemming from the optimization choices of rational consumers and producers. The second part of the course will introduce the characterizing features of major market typologies: perfect competition, monopoly, and different form of oligopoly. The basics of market failures will be also discussed.
Expected learning outcomes
At the end of the course students will be endowed with the basic theoretical and applied/quantitative toolkit for the economic analysis of producer, consumer and policy decision maker's choices, the market functioning and its regulation. Furthermore, students will be able to autonomously apply this knowledge to the economic interpretation of many facts characterizing everyday experience such as: price and quantity strategies by firms, taxation, congestion of public transportation. Finally, students will develop the capacity to examine critically economic policy decisions through a more in depth classroom discussion on selected topics such as: efficiency vs equity, market failures, the limits of public intervention.
Lesson period: First semester
(In case of multiple editions, please check the period, as it may vary)
Teachings will introduce students to the main basic underpinnings of economics. The first half of the lectures will introduce market exchanges, conumers' and producers' choices as originated by rational and maximizing agents. The second half of the lectures will describe the interactions between demand and supply occurring in different maket typologies: perfect competition, monopoly and different forms of oligopoly. Some basics on market failures will be mentioned.
Prerequisites for admission
None, however the knowledge of basic maths and in particular the use of derivatives, enables an easier understanding of many theoretical economic concepts and of their translation in practical exercises.
Classes consist in taught lectures on the theoretical part. These will be complemented by exemplifying practical problems solved during the lectures.
H. R. Varian, Microeconomia, Cafoscarina Editrice (qualsiasi edizione)
A simpler textbook: Lieberman-Hall , Principi di Economia, APOGEO, qualsiasi edizione dalla seconda (2006).
Possibly, papers and presentations discussed during lectures. Should this be the case this material will be available to students not attending regularly the taught classes at the course dedicated website on ARIEL.
Assessement methods and criteria
The evaluation consists in a written exam. This is composed by: a set of 10 multiple-choice questions (test), and two open questions. About these: one will address a theoretical topic and one the solution of a more practical exercise. Each of the three parts composing the exam (test, question 1 and question 2) will build 1/3 of the total final mark. The exam is devised to last 60 min. of effective work.