Learning objectives
This course aims to provide students with the basic notions of microeconomic theory (market, consumer theory, the theory of firm behaviour). At the end of the course, the student is expected: a) to know and to be able to understand and explain the main economic concepts and events associated with individual decisions, in particular concepts such as market equilibrium, consumer choices, the trend of market prices and firm costs, the functioning of the competitive market, the mechanisms of monopoly markets; b) to be able to apply the acquired knowledge, in particular to be able to express an assessment of events and / or situations related to the economic system and the choices of consumers and businesses; c) to have developed independent judgment on possible discussions and reflections on economic issues (concepts, definitions, implications) in dialogues with professional operators and / or with operators in the public sector, d) to have gained economic communication skills that allow transmit effectively the contents associated with the issues of microeconomics in dialogue with professional operators and / or with operators in the public sector; e) to have developed further skills to continue learning the development of microeconomics analysis techniques (referring to the basic mathematical formulations and the graphs corresponding to the main models of the theory) functional to the improvement of their professional skills and career path.
Prerequisites
None
Course unit content
In the first part, following topics will be covered in lectures:1.Introduction to the study of microeconomics. 2.Supply and demand.3.Analysis of consumer behavior.4.Application Individual and market demand.
In the second part, following topics will be covered in lectures:1.Analysis of production. 2.The production costs. 3.The firm in perfect competition. 4.Monopoly and market power. 5.Oligopoly
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 IV edizione"-Progetto CREATE Education, Docenti: Jacopo Canello-Fabio Landini-Andrea Lasagni, Edizioni McGraw Hill Education, 2021. ISBN 978-13-077-6967-8. The slides used to support the exercises are also available and they will be uploaded weekly on the ELLY 2022 platform. To download the slides, it is necessary to register for the online course on ELLY 2022. 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 (duration 60 minutes), 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 at least 7/10 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 (duration 90 minutes) - 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
Some video recordings of the lectures, together with other material and equivalent audio-video content, prepared by the professor, will be made available on the ELLY 2023 page of the course at the end of the calendar.
2030 agenda goals for sustainable development
