OVERVIEW

The course aims to provide the first elements for understanding the functioning of the economic system, focusing on the study of consumer and firm behaviour and the analysis of different forms of markets (perfect competition, monopoly, imperfect competition).

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, students should be able to:

- describe the effects of changes in demand or supply on the equilibrium price of a good and the welfare of producers and consumers.

- illustrate the elements that form the basis of consumer choice. In particular, explain the effects of changes in income or goods prices on consumer choice.

- Explain the behaviour of producers. They will be able to analyse the firm's decisions on how much to produce and when, if at all, to exit or enter a market.

- define and compare different forms of markets (perfect competition, monopoly and imperfect competition), and also describe the welfare consequences of different types of markets.

- apply the acquired knowledge to understand and solve problems related to: consumers‘ spending decisions, firms’ production decisions, price formation in different market types.

-use the technical language typical of microeconomics to communicate clearly and unambiguously the concepts learned.

PREREQUISITES

A sound comprehension of the concept of a mathematical function, in addition to the capacity to solve elementary linear equations and to reason abstractly, is essential for the successful acquisition of the knowledge encompassed by the course. 

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.

Course slides and all useful learning material will be uploaded on the 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 

Market failures

• Esternality
• Public goods

RECOMMENDED READING/BIBLIOGRAPHY

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

TEACHERS AND EXAM BOARD

LESSONS

LESSONS START

First week of the second semester.

Class schedule

The timetable for this course is available here: Portale EasyAcademy

EXAMS

EXAM DESCRIPTION

The examination will assess the students' knowledge of the topics specified in the detailed syllabus, which will be explained to them and posted on AulaWeb.

The examination will be conducted in written form (open questions on theory and exercises) and an optional oral test. 

Intermediate tests will be scheduled.

ASSESSMENT METHODS

The students' preparation is evaluated through a written examination. Students must demonstrate that they have achieved the learning objectives, either by answering open-ended questions that often require the ability to draw graphs or by solving numerical exercises aimed at testing their understanding of certain theoretical models presented in the lectures.

The optional oral test aims to ascertain the mastery and depth of knowledge, the ability to make connections between theory and actual facts, and the acquisition of technical economic language. 

The syllabus does not differentiate between students who attend and those who do not. 

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.

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.