Aggiornato A.A. 2022-2023
Learning outcomes
Overall, the goal is to provide students with a solid foundation in microeconomic theory and its applications and to develop their critical thinking and analytical skills. Specifically:
-
Understanding of basic economic concepts and principles, such as supply and demand, market equilibrium, and opportunity cost.
-
Understanding of the role of markets in allocating resources and the circumstances under which markets may fail.
-
Understanding of the behavior of consumers, firms, and industries in different market structures, such as perfectly competitive markets, monopolies, and oligopolies.
-
Understanding of the factors that determine the distribution of income and wealth in society.
-
Understanding of the role of government in regulating markets, correcting market failures, and promoting social welfare.
-
Ability to analyze and interpret data and graphs to understand economic phenomena.
-
Ability to apply economic concepts and principles to real-world issues.
-
Ability to communicate economic ideas effectively in writing and verbally.
Course contents
The following list includes a preliminary list of contents that we expect will be covered in this class. Please ask the instructor for a detailed list of contents that have been covered in class.
-
-
First Principles - Introduction to the field of microeconomics and basic economic concepts.
-
Economic Models: Trade-offs and Trade - Introduction to the use of models in economics and how individuals and societies make trade-offs.
-
Supply and Demand - The basic principles of supply and demand and their interaction in determining market prices.
-
Consumer and Producer Surplus - The concept of surplus and its applications in measuring welfare changes resulting from policy changes.
-
Price controls, Market Efficiency and Market Failure - The conditions under which markets are efficient and the circumstances under which they fail and intervention is warranted The role of government in correcting market failures and the different types of government intervention.
-
Externalities - The concept of externalities and their impact on market efficiency.
-
Public Goods and Common Resources - Characteristics of public goods and common resources and the challenges associated with their provision.
-
Firms and Production - The behavior of firms in different market structures and the production process.
-
Competitive Markets - The behavior of firms in perfectly competitive markets and their impact on market outcomes.
-
Monopoly - Characteristics of monopolies and their impact on market outcomes.
-
Oligopoly and Monopolistic Competition - Characteristics of oligopolies and monopolistic competition and their impact on market outcomes.
-
Uncertainty and Information - The role of uncertainty and information in decision-making.
-
Game Theory and Strategic Behavior - Concepts of game theory and strategic behavior and their applications in economics.
-
Asymmetric Information and Adverse Selection - The impact of asymmetric information on market outcomes and the role of adverse selection.
Readings/Bibliography
The textbook for the course will be:
Krugman, Wells; Microeconomics 6th edition. Macmillan.
Copies of teaching materials (slides, exercises) will be published on the course website.
Teaching methods
The course lecturer leads traditional lectures. A tutor will lead the tutorial sessions.
Assessment methods
Final written exam of about one and a half or two hours.
One midterm exam on 30/3/2023
Students pass if they achieve at least 18/30 in the mid-term exams. The final grade is the average across mid-terms and final.
During exams (mid-term or full exams), students will NOT be allowed to use materials such as:
- Textbooks, lecture notes/slides.
- Any written notes.
- Web-enabled or data storage devices such as computers (laptops or tablets) or smartphones.
Candidates with such items will be removed from the exam, and their work will not be marked.
The exams will contain multiple choice (and possibly "fill in the blanks") questions and computational/open exercises.
Candidates should enroll for exams.
Teaching tools
Slides
Example exercises
Students with a disability or specific learning disabilities (DSA) are encouraged to make their condition known so that the best possible accommodation to their needs may be found.
Office hours
During the teaching period, there will be office hours right after each class (at 12:45pm on Tue, Wed and Thu). Students who wish to meet outside these office hours should send an email to the instructor.
Prof.ssa Lucia Leonelli
