2501 - MICROECONOMICS
Academic Year 2021/2022
Free text for the University
SILVIA BALIA (Tit.)
- Teaching style
Blend/modalità mista, Convenzionale
- Lingua Insegnamento
|[11/75] BUSINESS AND ECONOMICS||[75/15 - Ord. 2017] AMMINISTRAZIONE E CONTROLLO||12||72|
|[11/75] BUSINESS AND ECONOMICS||[75/35 - Ord. 2017] MARKETING E ORGANIZZAZIONE||12||72|
|[11/75] BUSINESS AND ECONOMICS||[75/66 - Ord. 2017] INTERNAZIONALE UNICA-BIELEFELD||12||72|
|[11/75] BUSINESS AND ECONOMICS||[75/67 - Ord. 2017] INTERNAZIONALE UNICA-PRAGA||12||72|
The course aims to provide students with the theoretical tools necessary for understanding the economic behavior of consumers and firms. At the end of the course, the student must, therefore, possess the knowledge of economic principles underlying the functioning of markets, as well as the ability to use these principles for understanding the essential aspects of the functioning of an economic system. He must also learn the central role of strategic behaviour.
In accordance with the objective of the degree course in Economia e Gestione Aziendale, the expected learning outcomes of this course are in line with the Dublin Descriptors:
- Knowledge and understanding. At the end of the course students will have acquired a basic understanding of microeconomic models for the analysis of consumer spending decisions and firm production and will be able to understand more complex microeconomic models that include the use of mathematical tools and graphics.
- Applying knowledge and understanding. After completing the course the student is able to analyze consumer spending and production decisions of enterprises so as to understand the actual dynamics involved. He also will support reasoning to solve problems concerning the interaction between economic agents and will assess the extent to which the strategies may influence the final equilibrium. He will be able to concisely describe the behavior of economic agents and to summarize complex concepts (synthesis capacity).
- Making judgments. At the end of the course, students will be able to interpret data related to real market dynamics and to express independent judgments on the implications arising from economic agents choices; he will also be able to compare different market types. He will be able to formulate value judgments on the effects of major public policies of intervention on prices or quantities traded.
- Communication skills. After completing the course the student is able to communicate theoretical knowledge, data and information, discuss ideas, raise issues and propose solutions regarding the microeconomic aspects of market functioning. The student is also able to develop with precision on the issues analysed in the course and has acquired the ability to make presentations in front of an audience.
- Learning ability. At the end of the course, students will have acquired the necessary knowledge necessary to undertake more advanced economic studies with a greater level of autonomy.
There is no formal prerequisite. However, it is preferable to have passed General Mathematics. In any case, students should have basic knowledge of differential calculus and graphical tools.
1.Introduction to microeconomics and supply and demand model (about 7 hours)
2. Analysis of consumer behavior. (about 7 hours)
3. Individual and market demand. (about 7 hours)
4. A model of intertemporal choice. (about 7 hours)
5. Production analysis. (about 7 hours)
6. Production costs. (about 7 hours)
7. Analysis of competitive markets. (about 8 hours)
8. Monopoly and market power. (about 7 hours)
9. General equilibrium and market efficiency (about 7 hours)
10. Externalities and Public Goods (about 8 hours)
The course consists of 72 hours of theoretical lectures and practice. The practice consists in solving exercises. When the resources are available, the practice is complemented by additional hours of practice taught by a tutor.
Verification of learning
The exam consists of a written test composed of two parts, one for each module (total duration: 2 hours). Each part contains a set of multiple-choice questions, a numerical exercise to be explained, a true/false question to be briefly explained, and an open-ended theoretical question.
The exam tests knowledge and understanding (A), ability to apply knowledge and understanding (B), independent judgment (C), learning ability (E), and communication skills (D).
For those who attend classes, in April (at the end of the first Module), it is possible to participate in an intermediate assessment test with the same structure as each of the parts that make up the entire exam. The student who passes the partial exam will complete the exam with a second partial exam in one of the summer sessions (i.e., June-July). This option can only be taken once.
During the health emergency COVID-19 the exams will take place online according to procedures (both for the intermediate and the final exam) that will be communicated through a notice on the professor's page.
The maximum score achievable by the student is 32, which corresponds to 30 cum laude. The two parts of the exam (taken as partial tests or as a complete exam) contribute, respectively, to 50% of the overall grade.
Based on the maximum scores provided for the various questions, the range of the final grade goes:
- from 18/30 to 21/30 for a level of elementary knowledge of the theory, correct approach to the resolution of the exercises and property of language of sufficient level;
- from 22/30 to 25/30 for an intermediate level of knowledge of theory, correct approach and partial resolution of the exercises, medium level of language;
- from 26/30 to 29/30 for a very good level of knowledge of the theory, correct approach and almost complete resolution of the exercises, very good language skills;
- from 30/30 to 30/30 with honors for excellent answers to all parts of the test, including the language used
Robert H. Frank, Microeconomia, Seventh Edizione o più recente, McGraw-Hill.
Martinelli, I., Esercizi per la prova scritta di Microeconomia, Edizioni Simone.
Supporting teaching material useful as a study tool will be uploaded online on the teaching material folder.
The mid-term exam in April is about the first 4 topics of the programme (including intertemporal choice)