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MICROECONOMICS

CODE 56962
ACADEMIC YEAR 2022/2023
CREDITS
  • 10 cfu during the 1st year of 8768 SCIENZE INTERNAZIONALI E DIPLOMATICHE (L-36) - GENOVA
  • SCIENTIFIC DISCIPLINARY SECTOR SECS-P/01
    LANGUAGE Italian
    TEACHING LOCATION
  • GENOVA
  • SEMESTER 2° Semester
    PREREQUISITES
    Prerequisites (for future units)
    This unit is a prerequisite for:
    • International and Diplomatic Sciences 8768 (coorte 2022/2023)
    • MACROECONOMICS 57133
    TEACHING MATERIALS AULAWEB

    OVERVIEW

    The course aims to provide the first elements for understanding the functioning of the economic system, with particular attention to the study of consumer and business behavior and to the analysis of the role of the market in the allocation of resource.

    AIMS AND CONTENT

    LEARNING OUTCOMES

    At the end of the course students will be able to analyze consumers and firms’ behavior. They will be able to analyze firms’ behavior in different types of market  (perfect competition, monopoly, monopolistic competition, oligopoly) and they will be able to understand the reasons for public intervention in the economy due to cases of market failure.

    AIMS AND LEARNING OUTCOMES

    At the end of the course the student will be able to:

    - understand the effects of changes in supply or demand on the equilibrium price of a good and on the well-being of producers and consumers.

    - summarize the elements that form the basis of the consumer's choices. In particular, understand the effects of changes in income or the prices of goods on consumer choices.

    - explain the behavior of producers. Based on the company's cost trends, the student will be able to analyze the company's decisions about how much to produce and when, if necessary, to exit from the market.

    - understand the different kinds of market, in particular perfect competition, monopoly and oligopoly.

    PREREQUISITES

    None

    TEACHING METHODS

    The course consists of lectures, for a total of 60 hours (10 CFU) aimed at explaining the main notions of Microeconomics. Graphs will be used, all of which will be explained and constructed in class. This explains the importance of attending classes.

    The slides of the course, together with exercises to prepare the exams, will be uploaded on Aulaweb.

    SYLLABUS/CONTENT

    The market economy

    • The analysis of demand and supply
    • The surplus of consumer and producer

    The theory of the consumer:

    • The choice of the consumer
    • Market demand and its elasticity
    • Price changes and consumer well-being.

    Theory of the firm:

    • Tecnology and production
    • Costs
    • Revenues and the maximization of profits

    Market structure:

    • Perfect competition
    • Monopoly
    • Monopolistic competition
    • Oligopoly

    Factor market and income distribution 

    • The case of perfect competition 

    Market failures

    • Asymmetric information
    • Esternality
    • Public goods

     

    RECOMMENDED READING/BIBLIOGRAPHY

    For attending students:

    Material uploaded on Aulaweb, supplemented by what was presented by the teacher in class and appropriately summarized in the notes taken in class. In the absence of good classnotes, students are required to use the following textbook:

    R. Frank, E. Cartwright, Microeconomia, McGraw Hill.

     

    For non attending students:

    Material uploaded on Aulaweb and the textbook:

    R. Frank, E. Cartwright, Microeconomia, McGraw Hill.

     

     

    TEACHERS AND EXAM BOARD

    Exam Board

    ALESSIO REGHEZZA (President)

    ELENA SEGHEZZA

    GIOVANNI BATTISTA PITTALUGA (Substitute)

    LESSONS

    LESSONS START

    First week of the second semester.

    Class schedule

    MICROECONOMICS

    EXAMS

    EXAM DESCRIPTION

    The exam consists of a written test (multiple choice test, exercises and graphics) lasting an average of 35 minutes and an oral test lasting an average of 25 minutes. The oral exam is optional, however, it is not possible to obtain a grade higher than 26 without taking the oral exam. The final grade is the average of the written exam and the oral part.

    During the course it will be possible to take two intermediate tests. At the end of the course it is also possible to retrieve one of the two tests for those who failed it or were absent. The two intermediate tests replaces the written part of the exam.

    ASSESSMENT METHODS

    The written part aims to ascertain the student's preparation on the whole program. It consists of 24 multiple choice tests, which may also include exercises or graphs.

    The oral exam aims to ascertain the mastery and deepening of knowledge, the ability to establish links among different part of the program, the acquisition of technical economic language. During the oral exam the student must be able to reproduce and explain the graphs made in class.

     

    The following criteria are used to evaluate the oral examination:

    - the quality of the exposition

    -the correct use of the appropriate vocabulary

    - the ability to make and explain graphs

    FURTHER INFORMATION

    Students are required to register on the course's Aulaweb and consult it regularly.

    Attending classes is highly recommended. The subject can be difficult for those who do not have basic mathematics, but those who attend generally have no problems since all the steps are explained in class.

    Exams on TEAMS: Esami Dispo, find 56962 Economia Politica

    Classes on TEAMS: Economia Politica code: 09gr8yi

     

    We encourage students with dyslexia and other learning disabilities to be in touch with Professor Aristide Canepa (aristide.canepa@unige.it). Please communicate, at the start of the module, any learning disability to the module organizer so to arrange alternative learning and exam modalities in line with the aims of the course.