Learning objectives
This course aims to provide students with the basics of the microeconomic theory (market, demand and supply, consumer theory) and an understanding of the differences among the main forms of market (perfect competition, monopoly and oligopoly). At the end of the course, the student should be able to:analyze, understand, and explain the main economic concepts and events, such as, for example, the equilibrium market, the dynamics of market prices, and the cost of doing business;express an opinion concerning the events and/or situations related to the economic system and the choices of consumers and firms; attend an interview on economic issues (concepts, definitions, implications) with professionals and/or public sector operators;use the microeconomic analytical techniques, with particular reference to the basic mathematical formulas and graphs corresponding to the main models of the theory.
Prerequisites
None
Course unit content
In the first part, following topics will be covered in lectures: Introduction to the study of microeconomics. Supply and demand. Analysis of consumer behavior. Application Individual and market demand. In the second part, following topics will be covered in lectures: Analysis of production. The production costs. A company in perfect competition. Monopoly and market power. Oligopoly and Monopolistic Competition. Market of production factors. Externalities and public goods.
Full programme
1) Demand and supply. This module addresses topics related to Chapter 1 (Thinking like economists) and 2 (Demand and supply) of the book.2) The consumer. This module addresses topics related to Chapter 3 (Rational choice of the consumer) of the book.3) Individual and market demand. This module addresses the topics related to Chapter 4 (Individual and market demand) of the book.4) Rational choice of consumer and intertemporal choice. This module addresses topics related to Chapter 5 (Applications of the rational choice and demand theories) of the book.5) Firm and production. This module addresses topics related to Chapter 9 (Production) of the book.6) Costs. This module addresses topics related to Chapter 10 (Costs) of the book.7) Perfect competition. This module addresses topics related to Chapter 11 (Perfect Competition) of the book. The topics discussed during the lessons and exercises are related to paragraphs 11.1-11.14, while paragraph 11.15 is left to optional reading of students.8) Monopoly. This module addresses topics related to Chapter 12 (The Monopoly) of the book. Paragraph 12.9.6 is left to students' (optional) reading.9) Oligopoly and game theory. This module addresses the topics related to Chapter 13 (Imperfect competition: an approach based on game theory). The paragraphs considered are 13.4, 13.5, 13.6. Paragraphs 13.1 (monopolistic competition), 13.2 and 13.3 are left to students' (optional) reading.
Bibliography
"Istituzioni di microeconomia"-Progetto CREATE Education, Docenti: Andrea Lasagni- Donatella Baiardi, Fabio Landini, Edizioni McGraw Hill Education, 2018. ISBN 978-13-073-5769-1.
The slides used to support the exercises are also available and they will be uploaded weekly on the Elly platform. To download the slides it is necessary to register for the online course. The use and study of the textbook is fundamental for the effective preparation of the exam; the slides are used only as a teaching support and do not replace the textbook under any circumstances.
Teaching methods
Acquisition of knowledge: lectures
Acquisition of the ability to apply the analysis methodologies: exercises
Acquisition of the autonomy of judgment: exercises
The course is organized in 9 teaching modules plus an introductory and a concluding lesson. Each module includes 4 hours of lessons and 2 hours of exercises.
Acquisition of learning skills: lectures and exercises will present problematic situations and will stimulate to focus attention on the mechanisms of theoretical problem analysis, as well as proposing the identified solutions. Acquisition of technical language: during the course the meaning of the terms commonly used in microeconomics will be illustrated. The lessons will favor dialogic confrontation with the classroom aimed at favoring the critical discussion of the topics examined. During the exercises the student will be exposed to collections of exercises designed to develop the ability to apply the theoretical knowledge discussed during the lessons to practical problems. For each exercise will be provided and illustrated the traces of development and encouraged autonomous resolution by students even in small groups. In a second moment the exercise will be done on the blackboard by the teacher.
Non-attending students are reminded to check the available teaching material and the instructions provided by the teacher through the Elly platform. The teacher is available during his/her office hours for students to clarify the lessons and exercises.
Assessment methods and criteria
1) Innovative course Assessment of the learning experience include two written exams, which refer to the contents of the first and second part of the course. The access to the innovative path is reserved for students who have effectively used the resources available for self-assessment offered through the Elly platform. In particular, only students who have obtained a score of 5/10 can access the innovative path in all self-assessment tests MICRO_01 (Demand and Supply), MICRO_02 (The consumer) and MICRO_03 (Individual and market demand). 1a) First verification test:- knowledge and understanding will be assessed with 4 multiple-choice questions on basic concepts and overall 8 points;- the ability to apply knowledge will be assessed with open-ended exercises and open questions that altogether have a score of 24 points;- the ability to learn and the autonomy of judgment will be evaluated by examining the ways of resolving the exercises expressed by each student in the test;- the ability to communicate with appropriate technical language will be assessed by analysing the expressions and definitions used by the student in open response questions.- The final score of the first test verdict is given by the sum of the scores awarded. The threshold of sufficiency is fixed at the value of 18.The results of the first test are published on the Elly portal and students can see the results of the tests, after appointment with the teacher.1b) Second Test Verification: the access to the Second Test is limited to students who have scored at or above 18 in the first test.- knowledge and understanding will be assessed in a manner similar to that of the first test;- the ability to apply knowledge will be verified in a manner similar to that of the first test;- the ability to learn and the autonomy of judgment will be evaluated in a manner similar to that of the first test of verification;- the ability to communicate with the appropriate technical language will be evaluated in a manner similar to that of the first verification test;- The final score for the second test is the sum of the scores awarded. The threshold of sufficiency is fixed at the value of 18. The results of the second test will be published on the Elly portal and students can see the results of the tests by appointment with the teacher. The final exam result is the simple arithmetic mean of the evaluations obtained in the two tests. Students are awarded a score 30/30 cum laude if they achieve 32 points in both test described above. 2) Traditional course.Written test- knowledge and understanding will be assessed with 4 multiple-choice questions on basic concepts and overall 8 points;- the ability to apply knowledge will be established with open-ended exercises and open questions that altogether have a score of 24 points;- the ability to learn and the autonomy of judgment will be evaluated by examining the ways of resolving the exercises expressed by each student in the test.- the ability to communicate with appropriate technical language will be evaluated by analysing the expressions and definitions used by the student in open response questions.- the final score of the test is given by the sum of the scores awarded. The threshold of sufficiency is fixed at the value of 18. Students are awarded a score 30/30 cum laude if they achieve 32 points. The results of the written exam are published on the ESSE3 portal and students can see the results of the tests, after appointment with the teacher.
During the written test it is not allowed to consult any educational material or electronic device, except for the calculator.
Other information
No
2030 agenda goals for sustainable development
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