Microeconomics
A.Y. 2026/2027
Learning objectives
The objective of this course is to introduce students to the central concepts of microeconomic theory and to train them to use those concepts to analyze real-world economic problems involving scarcity, choice, incentives, and market interaction.
Expected learning outcomes
At the end of the course, students will be able to:
Knowledge and understanding
· Understand the core concepts, terminology, and analytical tools of microeconomic theory.
· Describe how consumers, firms, and markets behave under different institutional and competitive conditions.
· Recognize the main sources of market failure, including externalities, public goods, and imperfect information.
Applying knowledge and understanding
· Apply supply-and-demand analysis to explain market outcomes and the effects of policy interventions.
· Use basic microeconomic models to analyze consumer choice, firm behavior, and market structures.
· Solve simple analytical and graphical exercises involving elasticity, welfare, and market equilibrium.
· Interpret the economic effects of taxes, subsidies, and regulatory measures in standard microeconomic settings.
Making judgments
· Assess the efficiency and welfare implications of alternative market outcomes and policy choices.
· Identify the strengths and limits of microeconomic reasoning when applied to real-world problems.
· Evaluate simple economic arguments and distinguish between positive and normative statements.
Communication skills
· Present microeconomic reasoning using correct terminology, graphs, and concise written explanation.
· Explain the logic of basic models and solutions clearly and accurately.
· Communicate the results of simple economic analysis in a structured and understandable way.
Learning skills
· Develop the ability to study microeconomic problems independently and to extend class material through further reading and practice.
· Use the analytical tools acquired in the course as a foundation for more advanced studies in economics.
Knowledge and understanding
· Understand the core concepts, terminology, and analytical tools of microeconomic theory.
· Describe how consumers, firms, and markets behave under different institutional and competitive conditions.
· Recognize the main sources of market failure, including externalities, public goods, and imperfect information.
Applying knowledge and understanding
· Apply supply-and-demand analysis to explain market outcomes and the effects of policy interventions.
· Use basic microeconomic models to analyze consumer choice, firm behavior, and market structures.
· Solve simple analytical and graphical exercises involving elasticity, welfare, and market equilibrium.
· Interpret the economic effects of taxes, subsidies, and regulatory measures in standard microeconomic settings.
Making judgments
· Assess the efficiency and welfare implications of alternative market outcomes and policy choices.
· Identify the strengths and limits of microeconomic reasoning when applied to real-world problems.
· Evaluate simple economic arguments and distinguish between positive and normative statements.
Communication skills
· Present microeconomic reasoning using correct terminology, graphs, and concise written explanation.
· Explain the logic of basic models and solutions clearly and accurately.
· Communicate the results of simple economic analysis in a structured and understandable way.
Learning skills
· Develop the ability to study microeconomic problems independently and to extend class material through further reading and practice.
· Use the analytical tools acquired in the course as a foundation for more advanced studies in economics.
Lesson period: Third trimester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course can be attended as a single course.
Course syllabus and organization
Single session
Responsible
Lesson period
Third trimester
Course syllabus
The course covers the following topics:
Introduction to microeconomics and economic reasoning.
Comparative advantage and gains from trade.
Supply and demand: market equilibrium and comparative statics.
Elasticity and its applications.
Consumer choice and demand.
Production, costs, and firm behavior.
Perfect competition and market efficiency.
Monopoly and market power.
Oligopoly and strategic interaction.
Externalities and public policy.
Information and uncertainty
Introduction to microeconomics and economic reasoning.
Comparative advantage and gains from trade.
Supply and demand: market equilibrium and comparative statics.
Elasticity and its applications.
Consumer choice and demand.
Production, costs, and firm behavior.
Perfect competition and market efficiency.
Monopoly and market power.
Oligopoly and strategic interaction.
Externalities and public policy.
Information and uncertainty
Prerequisites for admission
No specific prerequisites beyond those required for admission to the degree programme. Basic familiarity with algebra and graphical analysis is recommended.
Teaching methods
Teaching will be delivered entirely in presence. The course will combine frontal lectures with exercise-solving sessions led by the instructor or the teaching assistant. Lectures will present the core theoretical concepts, while the exercise sessions will be devoted to the application of these concepts through analysis of real world scenarios and guided problem solving, with particular attention to graphs, analytical reasoning, and quantitative exercises.
To support independent study, students may also be encouraged to consult additional readings and selected media materials designed to reinforce understanding of the topics covered in class and to connect theoretical content with real-world economic issues.
To support independent study, students may also be encouraged to consult additional readings and selected media materials designed to reinforce understanding of the topics covered in class and to connect theoretical content with real-world economic issues.
Teaching Resources
We will follow closely the following textbook
Title: Principles of Microeconomics: 2024 Release ISE
Authors: Robert H. Frank, Ben S. Bernanke, Kate Antonovics, Ori Heffetz
Publisher: McGraw-Hill Education
Year / Edition: 2024, 9th edition
ISBN: 9781266899799
Required text: Yes
Handouts and copies of the slides used for the lectures will also be made available to students through ARIEL
Title: Principles of Microeconomics: 2024 Release ISE
Authors: Robert H. Frank, Ben S. Bernanke, Kate Antonovics, Ori Heffetz
Publisher: McGraw-Hill Education
Year / Edition: 2024, 9th edition
ISBN: 9781266899799
Required text: Yes
Handouts and copies of the slides used for the lectures will also be made available to students through ARIEL
Assessment methods and Criteria
Student learning will be assessed primarily through a written examination designed to test understanding of the core microeconomic concepts covered in the course, as well as the ability to apply theoretical tools to exercises, graphs, and simple quantitative problems. In addition, in-class problem-solving sessions, including both exercises worked out on the spot and previously assigned exercises discussed in class, will serve as informal checkpoints of students' progress and help identify areas that require further clarification.
Assessment will take place through a written examination. The exam will consist of a mix of multiple-choice questions, open-ended questions, and analytical exercises.
The final course requirement can be fulfilled in one of two ways:
Option A: Two-part examination
Students may take a midterm written exam covering approximately the first half of the syllabus, followed by a final partial exam at the end of the course covering the second half of the syllabus.
This option will be available only for the first exam date after the end of the course. Students who do not pass both the midterm and the final by that date will forfeit any score already earned and will be required to take the comprehensive final exam under Option B.
Both the midterm and the partial final will last one hour and fifteen minutes. The midterm will be worth up to 16 points, with a passing grade of 9 points or more. The final partial exam will be worth up to 18 points, also with 9 points required to pass. The final course grade under this option will be the sum of the points obtained in the midterm and the final partial exam.
Option B: Comprehensive final exam
Students may instead take a comprehensive written final exam covering the entire syllabus at the end of the course. This exam will last two hours and fifteen minutes, it will have the same structure described above in terms of questions mix and will be scored out of 32 points. The score obtained in the exam will constitute the final course grade.
The exam will be designed and graded to assess students' understanding of the core principles of microeconomic theory, as well as their ability to internalize these principles and apply them to contexts slightly different from those in which they were originally presented.
Only the materials explicitly authorized by the instructor may be used during the examination. Unless otherwise stated, students may bring standard writing materials and an approved calculator (nothing that can store formulas or information). No books, notes, electronic devices, or other unauthorized materials are allowed.
Assessment will take place through a written examination. The exam will consist of a mix of multiple-choice questions, open-ended questions, and analytical exercises.
The final course requirement can be fulfilled in one of two ways:
Option A: Two-part examination
Students may take a midterm written exam covering approximately the first half of the syllabus, followed by a final partial exam at the end of the course covering the second half of the syllabus.
This option will be available only for the first exam date after the end of the course. Students who do not pass both the midterm and the final by that date will forfeit any score already earned and will be required to take the comprehensive final exam under Option B.
Both the midterm and the partial final will last one hour and fifteen minutes. The midterm will be worth up to 16 points, with a passing grade of 9 points or more. The final partial exam will be worth up to 18 points, also with 9 points required to pass. The final course grade under this option will be the sum of the points obtained in the midterm and the final partial exam.
Option B: Comprehensive final exam
Students may instead take a comprehensive written final exam covering the entire syllabus at the end of the course. This exam will last two hours and fifteen minutes, it will have the same structure described above in terms of questions mix and will be scored out of 32 points. The score obtained in the exam will constitute the final course grade.
The exam will be designed and graded to assess students' understanding of the core principles of microeconomic theory, as well as their ability to internalize these principles and apply them to contexts slightly different from those in which they were originally presented.
Only the materials explicitly authorized by the instructor may be used during the examination. Unless otherwise stated, students may bring standard writing materials and an approved calculator (nothing that can store formulas or information). No books, notes, electronic devices, or other unauthorized materials are allowed.
Professor(s)