OVERVIEW

Microeconomics provides basics for understanding the functioning of the economic system.
Particular attention is paid to the study of the behaviour of consumers and firms and the
analysis of the role of the market in the resource allocation process.

AIMS AND CONTENT

LEARNING OUTCOMES

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 firms) and the analysis of the role of the market in the resources allocation process.

AIMS AND LEARNING OUTCOMES

The teaching unit aims to provide the first elements for understanding the functioning of the economic system, contributing to the development of critical analysis skills regarding the decision-making mechanisms of economic agents and the role of the market in resource allocation, in line with the learning objectives of the Degree Programme.

At the end of the teaching unit, the student will be able to:
- Describe the main mechanisms of economic choice of agents (consumers, firms, State) in different market contexts, using the technical language of microeconomics.
- Apply the acquired knowledge to solve problems related to consumer spending decisions, firm production, price formation, and the consequences for collective welfare, using graphical and analytical tools on cases proposed by the instructor.
- Evaluate simple applied cases, autonomously using the acquired knowledge, in contexts defined by the instructor.
- Communicate clearly and unambiguously the concepts learned, using the specific terminology of microeconomics, during written and oral exams.
- Independently deepen the acquired knowledge by consulting supplementary material indicated by the instructor.

PREREQUISITES

Sound understanding of the concept of a mathematical function, as well as the ability to solve simple linear equations and to reason abstractly is necessary for successful learning of the material covered in the teaching unit.

TEACHING METHODS

Frontal lectures.

In case of meteo emergency lectures will be held on-line and announced on Aulaweb.

Attendance is not compulsory.

In case of special needs, students with disabilities and/or learning disorders must contact - at the beginning of the semester - the Student Disability Services and the instructor. Students with certification of disability, learning disorders or special educational needs must contact, at the beginning of the semester, both the instructor and the Department’s disability liaison, Prof. Serena Scotto (scotto@economia.unige.it), to agree on teaching and exam arrangements that, while respecting the objectives of the teaching unit, take into account individual learning methods and allow the use of compensatory tools.

SYLLABUS/CONTENT

1. Fundamental questions of economic analysis. Evolution of economic thought. Comparative statics. Market demand and supply and their applications.
2. Consumer choices: price-consumption and income-consumption curves; individual and market demand. Elasticity and expenditure; price index. Introduction to behavioural economics.
3. Firm choices: production function; product curves; isoquant map; marginal returns, returns to scale. Expansion path and costs in the short and long run, individual and market supply.
4. Demand and supply of production factors. Labour supply. Intertemporal and uncertainty choices.
5. Perfectly competitive market and allocative efficiency. Public interventions in markets. General equilibrium and welfare.
6. Market power: monopoly, price discrimination, regulation of natural monopoly, monopolistic competition and product differentiation, duopoly (Cournot, Bertrand, Stackelberg). Introduction to game theory. Collusion and prisoner’s dilemma; sequential games. Managerial theories.
Oligopoly.
7. Market absence; asymmetric information (adverse selection and moral hazard), externalities, public goods.

RECOMMENDED READING/BIBLIOGRAPHY

Frank R H., Cartwright E., Microeconomia, eighth edition, McGraw-Hill, 2020.
Additional teaching material will be indicated during lectures and made available to students.

TEACHERS AND EXAM BOARD

LESSONS

LESSONS START

All class schedules are posted on the EasyAcademy portal

The course will start on September 15th 2024

Class schedule

The timetable for this course is available here: Portale EasyAcademy

EXAMS

EXAM DESCRIPTION

Written exam with open theoretical questions and analytical exercises.

There will be partial exams.

The syllabus and exam modalities are the same for all students, including Erasmus and other specific groups.

ASSESSMENT METHODS

Student preparation is assessed through a written exam.

The exam consists of exercises designed to test understanding of the theoretical models presented in class, and open questions that often require the ability to draw graphs. The evaluation takes into account the correctness of the answers, clarity of exposition, use of specific terminology, and the ability to apply the concepts learned.

The program is the same for attending and non-attending students.

In case of special requirements, students with disabilities and/or learning disabilities are requested to contact - at the beginning of the semester - the Student Disability Services and the instructor.

FURTHER INFORMATION

 It is recommended to regularly consult Aulaweb (https://economia.aulaweb.unige.it/) for updates and materials.