The course aims to provide students with the basic of microeconomics, exposing them to rigorous albeit simple mathematical formalization of economic problems. Consumers' and firms' optimizing behaviors, market functioning and different market structures, the basic of market failures will be thus treated both qualitatively, quantitatively and with applied examples and exercises.
The program revises initially consumer's theory from preferences to utility to derive optimal demand under budget constraints, then presents firms optimizing behaviour subjected to technological costraints and its supply. Discusses market demand-supply interactions and the concept of equilibrium. Introduces the different market structures: perfet competition, monopoly and different types of oligopoly, to conclude with an overview of main market failures: the problems arising with imperfect information, public goods and externalities.