Microeconomics

A.Y. 2023/2024
12
Max ECTS
80
Overall hours
SSD
SECS-P/01 SECS-P/02
Language
Italian
Learning objectives
The main goal of the course is to provide the basic elements of the modern microeconomic theory to build the analytical background necessary for other courses in economics. Toward this goals the course first analyzes the fundamental determinants of the behaviour of two types of economic agents: consumers (consumption choices, also using a behavioural economics approach) and firms (production choices). Then, the interactions of these agents is studied in the context of different market structures: perfect competition, monopoly, oligopoly and monopolistic competition. Some cases of market failures and public intervention will be discussed.
Expected learning outcomes
At the end of the course, students will be at ease with the basic tools necessary to analyze individual choices of consumption and production, as well as the functioning of the most well-known market forms. Through a series of examples and exercise classes they will have the opportunity to move from economic theories to their practical application to case studies. This process will allow them to apply the tools acquired also in other disciplines such as law or political science.
Single course

This course can be attended as a single course.

Course syllabus and organization

Single session

Responsible
Lesson period
Third trimester
Course syllabus
1: Introduction, Thinking like economists. (Chapter 1). A market experiment
2: Supply and demand. (Chapter 2)
3: Consumer choice: budget constraint; preferences (Chap. 3)
4: Consumer: utility function, marginal rate of substitution (Chap. 3)
5: Consumer: Maximization of utility (Chapter 3)
6: Individual demand (Chapter 4)
7: Income and substitution effect; Market demand (Chapter 4)
8: Elasticity (Chapter 4)
9: Extensions: Intertemporal Choices (Chapter 5)
10: Complements and applications of the concepts learned
11: Taxation; Surplus (Chapter 5)
12: Choices under uncertainty (Chapter 6)
13: Cognitive Limitations (Behavioral Economics) (Chap. 8)
14: Information economics (Chapter 6); Altruism (Chapter 7)
15: Game Theory (Chapters 13.5 and 6)

Part 2
16: The production function (Chapter 9)
17: Production in the long run (Chapter 9)
18: Costs, part 1 (Chapter 10)
19: Costs, part 2 (Chapter 10)
19: Perfect Competition: Short Term (Chapter 11)
20: Perfect Competition: Long Run (Chapter 11)
21: Monopoly (Chapter 12)
22: Monopoly, Price Discrimination and Economic Policy (Chapter 12)
23: Cournot model (Chapter 13)
24: Models of Bertrand and Stackelberg (Chapter 13)
25: The input market: Work (Chapter 14)
26: The input market: Capital (Chapter 14)
27: Externalities (Chapter 16)
28: Public intervention (Chapter 17)
29: Personality Traits
Prerequisites for admission
There are no formal prerequisites, but familiarity with some concepts (systems of equations, derivatives) is required. Hence, passing the Mathematics exam is strongly recommended.
Teaching methods
The course includes lectures in which the topics of the program are presented both formally and with the help of examples often coming from the teacher's research topics. Exercise classes will also help to familiarize with the formalization of the concepts.
Teaching Resources
Microeconomia, Frank e Cartwright, Mc Graw Hill, 8th ed.
Assessment methods and Criteria
The exam is written and contains multiple choice questions, typically in the form of exercises for which alternative solutions are proposed. Wrong responses carry a penalty so that the expected value of a random response is approximately zero. An exception will be made in the two exams after the end of the course, in which the penalty will not be applied.
SECS-P/01 - ECONOMICS - University credits: 6
SECS-P/02 - ECONOMIC POLICY - University credits: 6
Lessons: 80 hours
Professor: Filippin Antonio
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