objective of the course is to furnish the basic elements of microeconomic theory
Knowledge and understanding: the student shoud be, first, able to analyse the behaviour of economic operators; then, he should understand the relationships among the operators in the different market types.
objective of the course is to furnish the basic elements of microeconomic theory, in particular will be analysed the demand schedule and the supply schedule, the consumer behaviour and the theory of firms, costs and technology, with particular regard to the tourist sector. The course will be aimed also to supply the basic concepts for the analysis of markets failures such as, monopoly, oligopoly, public goods, externalities and asymmetric information.
Knowledge and understanding: the student should be, first, able to analyse the behaviour of economic operators; then, he should understand the relationships among the operators in the different market types.
Applying knowledge and understanding: the student should apply the acquired theoretical knowledge to real world.
Making judgements: the student should apply a critical approach in the study and should be able to increase autonomously his knowledge.
Communication: the student must answer with correct use of economic language, in a concise and exhaustive way to the open-ended questions combining the answers (in the requested cases) with an accurate graphical analysis. Furthermore, he should be able to solve the exercises proposed in the final exam
Lifelong learning skills: the students must have acquired the basic instruments of microeconomics and prove to have a good learning level to face the subsequent exams of the course.
Knowledge of basic methodological tools of mathematics.
I MODULE (25 hours)
Consumer’s theory: preferences, utility maximization, optimal choice, individual demand curve; income effect and substitution effect, market demand, elasticity with respect to price, and with respect to income, consumer surplus.
II MODULE (30 hours)
Firm theory: profit maximization, the cost minimization, cost function, the geometry of costs, the supply curve, competitive market, monopoly, oligopoly.
III MODULE (17 hours)
General equilibrium, Pareto efficiency, Asymmetric information, Externalities, definition of public goods, Coase theorem.
The main arguments of the course are: the consumer behaviour, the derivation of demand and definition of elasticity of demand with respect to price; the production technology, definition of marginal productivity and average productivity, definition of returns to scale, the maximization of profits under price taking behaviour; the definition and derivation of total cost function, definition of marginal costs and average costs and their behaviour under different hypothesis of returns to scale; derivation of supply function and analysis of market equilibrium under perfect competition. This will be analysed also by discussing how and wether they apply to touristic sector. Finally will be analysed also the cases of market failures such as: monopoly, oligopoly, public goods, externalities, and asimmetry of information. These last arguments will be discussed in the light of their applicability to cultural economics and to the analysis of the touristic sector.
The course is articulated in frontal lessons and exercitations. During the lessons will be used slides to expose the main concepts and it will be used many examples from the real economy. We will organize also seminars held by operators and researchers in the field of cultural economics and tourism, with the aim to offer a general view of the applicability of the concepts and the arguments treated during the course to the case of touristic and cultural sectors.
Goolsbee, Levitt, Syverson, Worth publisher
Chapter 2 without paragraphs. 2.6
Chap 3 without paragraphs.3.4; 3.5;3.6 Chap. 4, with appendix
Chap. 5 without paragraph .6 with appendix Chap. 6 without paragraph. 6.8
Chap. 7 a without paragraphs.7.7, with appendix Chap. 8 without paragraph 8.6
Chap. 9 without paragraph.9.7
Chap. 10 without paragraphs 10.5; 10.6; 10.7 Chap. 11 without paragraphs 11.6 e 11.7, 11.8. Chap. 15
Chap. 16 without paragraphs 16.4 e 16.5
Other materials will be furnished during the course.
The final examination will consist in a written exam plus an oral examination. The written examination will consist in open questions on basic arguments of the course and it will lasts not less than 45 min. The arguments of the examination are the consumer behaviour, the firms behaviour, the production technology, the market equilibrium under perfect competition, the market failure cases such as: monopoly, oligopoly, externalities, public goods, asymmetry of information. The vote will be expressed in 30th. The aim is to verify whether students have acquired the ability to apply rational analysis and the analytical and graphical methods explained to them during the course.
Later on students will sustain the oral examination. It will consist in exposing the arguments treated during the course orally, they can use a sheet and a pen. The aim of this part of the examination is to understand and verify the communication ability of the students. The valuation of this part will be expressed in 30th. The final vote derives from an average of the two votes obtained during the written and oral examinations.
Lectures are in Italian. The professor is fluent in English and is available to interact with students in English, also during the examination.