Students will learn to analyze the individual consumption and production choices in the different institutional context, including uncertainty. They will also learn how to analyze the different market structures and their impact on allocative efficiency. The course provides skills and tools for the theoretical and empirical analysis of the features of markets and the functioning of modern economies.
Learning abilities: the student should demonstrate a good learning ability by being able to use and combine the different sources of information (textbook, the book website, the exercise book, etc.).
Applying knowledge and understanding: the student should demonstrate to have learnt the basic microeconomic concepts and the how to apply them to understand the household, firm, and government decision making.
Communication abilities: the student is expected to give clear and in-depth answers to the questions of the written exam.
It is expected that the student has a basic understanding of algebra and calculus.
Topics of the course include:
Module 1 (24 h.)
Supply and Demand; Using Supply and Demand to analyze Markets; Consumer Behavior; Individual and Market Demand;
Module 2 (24 h.)
Producer Behavior; Costs; Supply in a Competitive Market; Market Power and Monopoly; Market Power and Pricing Strategies; Imperfect Competition;
Module 3 (24 h.)
Game theory; Investment, Time, and Insurance; Asymmetric Information; Externalities and Public Goods; Behavioral and experimental Economics.
Lectures and practice sessions.
A. Goolsbee, S. Levitt, C. Sylverson, Microeconomics, Worth Publishers, 2013.
R. H. Frank, Microeconomics and Behavior, McGraw-Hill Education, 2015
The final exam consists in a compulsory written test comprising multiple choice test items and closed-ended questions.