Basic neoclassical microeconomics:
partia equilibrium analysis, consumption theory, produzion theory. Perfect competition, the Pareto principle and the basic general equilibrium model. The first theorem of welfare economics.
Market failures : private monopoly, oligopoly, public goods, esternalities.
Course Content - Last names J-Z
This course aims at introducing students to the fundamental methods used in microeconomic theory. Microeconomics studies the behavior of firms and consumers, that is the “micro” agents of the economic system. The course will discuss how firms and consumers’ behaviors interact in the market and how their interactions deliver different economic equilibria. The course will also cover consequences in terms of welfare of different market structures and public interventions.
Some lecture notes and links to reading assignement will be added to the Moodle page as soon as they are available.All the lecture notes uploaded in Moodle are freely accessible and are to be considered part of the course material to be covered for the exam.
Learning Objectives - Last names A-I
This course seeks to introduce microeconomic analysis as a way of understanding the world. It exposes students to standard microeconomic theory with a focus on the development of economic intuition, whilst also providing certain economic tools that support this intuition along the way.
Students learn the basic principles, and the main drowbacks of the standard economic analysis.
Learning Objectives - Last names J-Z
Familiarize with the fundamental methods used in microeconomics to understand individuals and firms’ behavior. Being able to understand how market power emerges in markets of different structures and for products with different characteristics.Being able to understand the welfare effect of different market structures and possible policy interventions.
There is a mid term exam by the end of the first 8 weeks.
Type of Assessment - Last names A-I
Written exam
Type of Assessment - Last names J-Z
Both the intermediate (optional) exam and the final exam are written. The two exams are meant to accertain whether the student has acquired the knowledge and skills objective of the curse. The exam last one hour and is not an open book exam. The intermediate exam is open to anyone and is made of 15 multiple choice questions. The grade is obtained adding 2 points for each exact answer and subtracting -0.5 points for each incorrect answer. 9 correct answers guarantee the passing grade (18) anyway. Passing the intermediate exam implies a +2 bonus in the final exam grade. The bonus applies only for examinations taking place in June and July. The final exam concerns the entire program of the course and is made of two parts:15 multiple choices questionstwo open questionsPart A is graded according to the rule:26 if all answers are correct;25 if 14 answers are correct;24 if 13 answers are correct;23 if 12 answers are correct;21 if 11 answers are correct;19 if 10 answers are correct;18 if 9 answers are correct and no more than 2 are incorrect.The student can decide whether to complete only part A or both parts. In the former case her final exam’s grade is the grade of part A. If the student decides to complete both parts she will be evaluated on the two parts with a grade ranging from 0 to 30 cum laude. In this latter case to pass the exam the student should get at least 18 in both parts.Students may pay attention when deciding whether to complete both parts. A grade larger than 18 in part A does not guarantee to pass the exam (the same applies for part B). Example: A student obtaining 27 in the intermediate exam and 23 in the final exam in June will get the final grade:0,2x27+0,8x24+2=24,8=25
Course program - Last names A-I
Consumer behaviour
Theory of the firm
Competitive market equilibrium
Monopoly
Factor markets
Basics of: General equilibrium theory
Welfare economics
Course program - Last names J-Z
The course is divided in four parts. In the first part a number of microeconomics’ methodological aspects are introduced. Consumer’s behoviour and individual decision making are covered in the second part. In the third part firm’s theory is introduced together with the theory of market structures. Finally, the course introduces a few welfare economics’ fundamentl concepts.Program of the course (with textbook chapters):Partial equilibrium economic analysis [ch. 1-8];Consumer theory [ch. 9-10];Production theory [ch. 11-12];Non-competitive markets [ch. 13-15];Externalities and public goods [ch. 16-17];Uncertainty [ch. 20]