The course aims to provide the first elements for understanding the functioning of the economic system. Particular attention is paid to the study of the behavior of economic actors (consumers and companies), to the analysis of the role of the market in the process of allocating resources and to the different types of market forms.
The learning outcomes expected at the end of the course are as follows:
The student will acquire adequate knowledge and an effective ability to understand the main mechanisms of economic choice of agents (consumers and businesses).
The student will also be able to apply the acquired knowledge to understand and solve problems related to:
- consumer spending and business production decisions
- price formation in different types of market
- consequences for the well-being of the community of different types of market.
The student will learn the technical language typical of microeconomics to communicate clearly and unambiguously the concepts learned.
Formally none; knowledge of elementary algebra, ability to work with graphs, elementary notions of mathematical analysis (especially derived) facilitate the understanding of topics
Part I (16 HOURS):
Consumer theory: demand, supply and market balance; budgetary constraint, consumer preferences, utility function, consumer choice; individual demand and market demand;
Part II (16 HOURS):
Business theory: the objectives of the enterprise; cost analysis; revenue analysis; marginal rate of technical substitution, marginal product; individual supply and market supply, economies of scale;
Part III (16 HOURS):
Market regimes: perfect competition, monopoly, monopsony, monopolistic competition, cartels and oligopoly.
Introduction to game theory and strategic business behavior
Information asymmetry: adverse selection and moral hazard.
The course consists of frontal lesson, during which the topics of the course will be discussed, and exercises during which the notions learned will be applied to concrete cases.
“Microeconomia”, M. L. Katz, H. S. Rosen, W. Morgan, C. A. Bollino, Publisher Mc Graw Hill.
“Esercizi di Economia”, Marco Di Domizio. Publisher: ARACNE
Slides containing insights on the Teams and E-Learning platform
Any additional readings will be provided during the course
The exam is based on a written test structured in order to evaluate the achievement by the student of the educational objectives. The written assignment included multiple choice questions on the topics of the program and questions with an explicit analytical character, in order to evaluate the ability of students to apply the economic models treated in class and in the texts suggested for the exam preparation.
The teacher can offer to the students also a mid-term written examination. In detail, two tests are planned:
A first at the end of the first block of lessons will have as its topic consumer theory and the optimal combination of inputs. A second at the end of the course will have as its object the theory of enterprise and the various forms of market.
Both tests will be structured in open questions and exercises.
The vote is expressed in thirtieths, the achievement of the exam presupposes the passing of both tests.
If the teacher deems it appropriate, an oral interview may also be held in order to better evaluate the preparation. The vote assigned to the oral interview is expressed in thirtieths and averages with that of the written test (with equal weighting) for the purposes of the final vote.