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Program Overview

The Microeconomics program is designed to provide students with a comprehensive understanding of the functioning of the economic system, with a particular focus on the study of consumer and business behavior, and the analysis of the role of the market.

Objectives and Contents

Educational Objectives

The program aims to provide students with the first elements for understanding the functioning of the economic system, with a focus on the study of economic agents (consumers and businesses) and the analysis of the market's role in the allocation of resources.

Detailed Educational Objectives and Learning Outcomes

The program aims to provide students with the following learning outcomes:

• Knowledge and Understanding: Students acquire adequate knowledge and effective understanding of the main economic choice mechanisms of agents (consumers, businesses, state).
• Ability to Apply Knowledge and Understanding: Students can apply the acquired knowledge to understand and solve problems related to consumer spending decisions, business production, price formation in different market types, and the consequences of different market types on collective well-being.
• Autonomy of Judgment: Students can use the acquired knowledge conceptually to evaluate simple applied cases.
• Communicative Skills: Students acquire the technical language typical of microeconomics to communicate clearly and unambiguously the concepts learned.
• Learning Ability: Students develop adequate learning abilities that allow them to deepen their knowledge autonomously.

Prerequisites

For a profitable learning of the material covered by the program, it is necessary to have a solid understanding of the concept of mathematical function, in addition to being able to solve simple linear equations and being able to reason abstractly.

Teaching Methods

The program includes frontal lessons. In case of a prolonged COVID emergency, lessons will be held in a mixed mode, both in presence and online. Any changes due to the COVID emergency will be announced on Aulaweb. Students with disabilities and/or learning disorders must contact the Student Services Office for Disabled Students and Students with DSA and the teacher at the beginning of the semester.

Program/Content

1. Fundamental Questions of Economic Analysis: The evolution of economic thought, static comparative analysis, market demand and supply, and their applications.
2. Consumer Choices: Price-consumption curve and income-consumption curve; individual demand and market demand. Elasticity and expenditure; price index. Behavioral economics insights.
3. Business Choices: Production function; product curves; isoquant map; marginal returns, returns to scale. The path of expansion and costs in the short and long term, individual supply, and market supply.
4. Demand and Supply of Production Factors: Labor supply.
5. Perfectly Competitive Market and Allocative Efficiency: Public interventions in markets.
6. Market Power: Monopoly, price discrimination, regulation of natural monopoly, monopolistic competition, and product differentiation, duopoly (Cournot, Bertrand, Stackelberg). Game theory insights. Collusion and prisoner's dilemma; sequential games. Managerial theories. Oligopoly.
7. Market Failure: Asymmetric information (adverse selection and moral hazard), externalities, public goods.

Texts/Bibliography

• Frank R H., Cartwright E., Microeconomia, eighth edition, McGraw-Hill, 2020.
• Other material indicated in class and made available to students.

Teachers and Commissions

• Luca Beltramenti
  • Office Hours: Wednesday 10:30

Examination Commission

• Luca Beltramenti (President)
• Anna Bottasso
• Concetta Mendolicchio

Lessons

Start of Lessons

First semester

Lesson Schedule

The schedule of all courses is available on EasyAcademy.

Exams

Examination Methods

Student preparation is assessed through a written exam. The exam consists of solving numerical exercises aimed at testing the understanding of some theoretical models presented in class and open questions that often require the ability to draw graphs.

Examination Modalities

Written exam with open theoretical questions and possible exercises. Intermediate tests are planned.

Exam Calendar

Additional Information

Additional Information for Non-Attending Students Attendance is suggested but not mandatory. Keep yourself updated through Aulaweb.