The aim of the course is to provide students with the logical-analytical tools necessary to understand individual consumption and production choices in different economic and institutional contexts. In particular, the course aims to introduce students to an intermediate knowledge of the methods and main results of traditional microeconomic analysis and, to introduce the most recent developments in the discipline through the analysis of the economic behavior of agents such as individuals and companies, their interaction and the balances that this generates. The course will therefore analyze the functioning of the various market forms and their allocative capacities. The microeconomic concepts learned during the course form the basis for understanding and deepening the study of economic subjects and offer the essential tools useful for analyzing economic phenomena and for developing an informed opinion on contemporary economic reality.
The course is designed for students of the Bachelor's Degree in Business Administration. For an easier and better understanding of the contents, students should have at least basic knowledge of mathematical analysis (algebra and differential calculus).
Contents: The course is divided into four parts.
Block I (10 hours):
In the first part, some preliminary and methodological issues of political economy will be addressed. Introduction, Thinking like economists, supply and demand.
Block II (20 hours):
In the second part, consumer behavior will be examined (Consumer Theory).
Consumer theory, rational consumer choice, individual demand and market demand, applications of rational choice and demand theories, information economics and choice under uncertainty, cognitive limitations and the behavior of the consumer.
Block III (30 hours):
In the third part, the supply side will be explored (Theory of the firm and market structure), first examining the cost side of the company, then its behavior in different market structures.
Firm theory and market structure, production, costs, perfect competition, monopoly, imperfect competition: an approach based on game theory, factor markets.
Block IV (20 hours):
In the fourth part, issues relating to general balance will be explored using the fundamental concepts of the economics of well-being.
General equilibrium and well-being, the general equilibrium and efficiency of the markets.
The main topics covered in the course will be: Supply and demand; The rational choice of the consumer; Individual demand and market demand; Applications of rational choice and demand theories; Production; Costs; Perfect competition; The monopoly; Imperfect competition: an approach based on game theory; The factor markets; The general equilibrium and efficiency of the markets; Externality, property rights and Coase's theorem.
lectures, exercises, insights (also in blended mode).
All students (trainees and non-trainees) will have to take a written exam. The test includes multiple-choice questions on the program topics and exercises. There is no oral exam. The mark, out of thirty, will therefore be the result of the written test only.