37293 - Microeconomics

Learning outcomes

This course provides the main principles of microeconomic analysis. After this course students become familiar with the concept of economic rationality as it applies to individuals and firms and the analysis of how price and quantity are set under different market structures. Core learning objects are forms of utility and production functions, rational decision-making and intertemporal choice in the face of uncertainty. The implications for firms’ behaviour and organisation will be highlighted throughout.

Course contents

Note: the course is in English.

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1. Introduction to the concepts of market and economic rationality

2. Consumer Theory
- Budget constraint
- Preferences and Utility
- Choice
- Individual demand for goods and services

3. Market equilibrium
- Market demand
- Market equilibrium and the implications of taxes on consumption

4. Producer Theory
- Technology
- Profit maximisation
- Cost minimisation
- Firm supply in a competitive market
- Firm supply in non-competitive markets: Monopoly and Oligopoly

5. Introduction to the concepts of Externalities and Public Goods

Readings/Bibliography

Mandatory:

Teaching materials (slides, exercises) available on the university platform VIRTUALE: https://virtuale.unibo.it/

Strongly recommended textbook:

Varian, Hal R., Intermediate Microeconomics: A Modern Approach, (9th international student edition), published by WW Norton & Co.

 

Suggested, accompanying exercise book:

Bergstrom, Theodore C. and Hal R. Varian, Workouts in Intermediate Microeconomics for Intermediate Microeconomics and Intermediate Microeconomics with Calculus, 2014, W.W. Norton & Co.: New York, London.

Teaching methods

Traditional lectures led by the course lecturer.

Assessment methods

Final written exam of about one hour, or two mid-term exams of about one hour each.

The exams will contain a mixture of questions and computational exercises. The nature of exam questions will follow examples covered as exercises during the course, and discussed in lectures.

The exam will be run *in presence* on Exam Online (EOL).

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, or smartphones. Candidates found with such items will be removed from the exam and their work will not be marked.

Note: Only students with a sufficiently high mark in the first mid-term exam (≥18) will be admitted to the second one; other candidates must proceed to the full exam.

For students taking the mid-term exams, the final mark for the course will be an average of the marks in the two mid-term exams. For students taking the full exam, the mark of the exam is the final mark.

The grading system is on a 0-30 scale. The maximum possible score is 30 cum laude, in case all answers are correct, complete and formally rigorous. If this is not the case, the following graduation applies:

<18 fail
18-23 sufficient
24-27 good
28-30 very good
30 cum laude: excellent

Candidates will be required to enroll for exams via the University's electronic service (AlmaEsami). Exam marks will be published via the University's electronic service (AlmaEsami).

Students will be allowed to reject their final grade for the course at most ONCE. Notification of the intention to reject must be sent in writing by email within ONE DAY after the grade publication on Almaesami. After the date specified, marks will be electronically registered (verbalizzato).

Teaching tools

Slides and exercises available on the platform VIRTUALE: https://virtuale.unibo.it/.

 

Teaching Assistant: Beatrice Vitali, beatrice.vitali8@unibo.it

Office hours

See the website of Alice Guerra