B5256 - Microeconomics

Learning outcomes

The course introduces students to the fundamental topics of microeconomics: theory of consumption, theory of production, competitive markets, monopoly, imperfect competition, and the role of the government. The goal is to acquire a working knowledge of how consumers, producers, and the government interact in a market economy. At the end of the course, students will be able to analyze the economic choices of individual actors and their desirability at the individual and collective level.

Course contents

To introduce economic concepts we will rely on the language of mathematics and on graphs. A knowledge of calculus is necessary to fully understand lectures and reading material.

 

** note for Erasmus and exchange students **

We use calculus to teach this class. I strongly recommend students who have not taken a mathematics class to select other classes.

 

This class will be taught in the SECOND semester in the Bologna campus. The plan is to cover these topics:

---------------------------------------------------------------------

1. Introduction

2. Competitive markets

3. Consumer choice

4. Production

5. Climate change

6. Monopoly

7. Imperfect competition

---------------------------------------------------------------------

8. Uncertainty

9. The State as an economic actor

10. Markets and taxation

11. Economic Inequality

12. Labor markets

13. Credit markets

14. Firms and business corporations

---------------------------------------------------------------------

Readings/Bibliography

The main textbook for this course is CORE's "The Economy: Economics for a Changing World," available online for free:

https://www.core-econ.org/the-economy/book/text/0-3-contents.html

Besides the textbook, there are other required readings. In Virtuale, the student will find in due time the material for the class. This will include a detailed syllabus for the class, the slides already presented, and the required reading. The Virtuale website will be updated continuously and it is recommended to check it weekly.

Teaching methods

Students are expected to attend lectures and complete the mandatory readings. Readings are a complement to, not a substitute for, lectures---the exam will test knowledge of both.

Lectures will be in presence and will include some in-class games where you are expected to make choices. These activities are integral part of your learning experience.

Attending lectures is recommended because the concepts covered in class only partially overlaps with the textbook and because it is the only way to experience the in-class games. Lectures will include a variety of in-class games, where you will take decisions in economic situations and which constitute a critical learning experience.

In addition to lectures, there will be recitations to go through practice problems and applications.

Assessment methods

The course grade will be determined by a midterm exam, a final exam, and bonus points. The exam grade comes from the average of the midterm and the final exam grades, plus up to two bonus points. If you fail the midterm, or skip it, you will have the possibility to do the full exam in every appello date.

Exams are graded on a scale of 30 points. In order to pass the exam, you must earn 18/30 in the midterm and 18/30 in the final exams. Similarly, if you take the full exam, you must earn 18/30 in each of the two parts within the full exam. A failing grade (< 18/30 in one or both parts) means you will not earn the credits. The bonus points (0,1, or 2) apply only if two conditions are both met: you already have a passing grade, and it is the first time you attempt the exam.

Midterm and Final exams will be written, and will contain a mixture of multiple choice and open questions, including practical exercises.

The midterm will cover topics 1-6. The final will cover topics 7-14. If you pass the midterm, then you can take the final. If you fail the midterm, then you will have to take the full exam. If you pass the midterm and fail the final, then you will have to take the full exam.
The full exam will cover topics 1-14.

For ERASMUS and exchange students, please be aware of the school-wide policy about the exam calendar: https://corsi.unibo.it/1cycle/EconomicsPoliticsSocialSciences/information-and-rules-about-exams

Bonus points. You can earn one bonus point by attending the recitation sessions. In addition, you can earn one bonus point by attending the in-class games. More specifically:
- the bonus points will be valid only in your first attempt (midterm+final) or (full exam). If you fail, or reject the grade, they will no longer apply.
- the specific rules to earn the bonus points are in the syllabus in Virtuale.

Retaking the exam. (1) If the student takes a midterm and fails, then she will have to take the full exam.
(2) If the student successfully passes the midterm but fails the final, she will always have to retake the full exam in a later session.
(3) If the student fails the final or full exam, or rejects a passing grade, she cannot re-take the exam in the appello immediately after (salto di appello).

Teaching tools

All the material covered in class and in the recitation sessions (slides, readings, lecture notes) will be available online on Virtuale.

In order to prepare for the exam, students are required to read all mandatory readings (book, lecture notes, additional readings) and the lecture slides. The mandatory readings, including the book sections are detailed in the course syllabus, which will be posted in Virtuale before the first lecture.

Office hours

See the website of Marco Casari