09446 - Microeconomics

Learning outcomes

The aim of the course is to introduce students to the basic analytical tools for understanding the behaviour of economic agents (individuals, firms, public authorities) and their interactions in the market. At the end of the course students are able to: (a) analyse consumers’ expenditure and firms’ production decisions; (b) understand the interactions between consumers and firms in the market; (c) analyse the role of public policies in dealing with market failures.

Course contents

Prerequisite knowledge: Calculus

Program

1. Preliminaries

2. The Basics of Supply and Demand

3. Consumer Behavior

4. Individual and Market Demand

5. Gender Gaps in the Labor Market

6. Production

7. The Cost of Production

8. Profit Maximization and Competitive Supply

9. The Analysis of Competitive Markets

10. Market Power: Monopoly

11. Oligopoly

12. Game Theory and Competitive Strategy

13. General Equilibrium and Economic Efficiency

Readings/Bibliography

Microeconomics, last Edition, By Robert Pindyck, Daniel Rubinfeld

 

Published by Pearson. Topics presented in class and slides are based on this textbook.

It is strongly recommended that students have access to a copy of the textbook. It is important to note that the slides alone are not sufficient for a thorough understanding of the subject matter. Therefore, students must complement their studies with the textbook to ensure strong performance on the exam.

As an alternative book, see "The Economy" open source textbook available online at: www.core-econ.org

Teaching methods

Lectures with slides and other teaching materials.

Active participation to the in-class discussion is strongly encouraged.

Attending the classes is not compulsory, but highly recommended.

Assessment methods

The final grade will be determined according to one of the following assessment methods:

1) Two midterm written exams

The first midterm exam accounts for 30% of the final grade, covers part of the topics taught in the first module of the course, and lasts approximately one hour.

The second midterm exam accounts for 70% of the final grade, covers the remaining topics in the course syllabus, and lasts approximately one and a half hours.

Only students who obtain a grade of at least 15/30 in the first midterm exam will be allowed to take the second midterm exam. Students who do not meet this requirement must take the comprehensive written exam instead.

Each midterm exam may be taken only once: the first in April and the second in June.

Alternatively:

2) One comprehensive written exam

The comprehensive written exam lasts approximately two hours and covers all the topics taught during the course.

The content and structure of the exam questions are designed to assess both students’ familiarity with the material presented in class and their understanding of the theoretical concepts covered in the course. The questions will be consistent with the topics and exercises presented and discussed during lectures.

Materials permitted during the exams

No materials may be used during the written exams, except for a pen, pencil, and eraser.

In particular, students may not consult or use textbooks, notes, slides, or electronic devices with Internet access or memory storage, including smartphones and smartwatches.

Mobile phones and all other electronic devices must be switched off and left away from the examination desk.

Students who use unauthorised materials or keep electronic devices at their examination desk will be asked to leave the room, and their exam will not be graded.

Artificial Intelligence (AI) can be a useful tool to support independent study, for example by providing additional explanations, summaries, and opportunities for self-assessment. However, the use of AI during examinations is strictly prohibited. Any such use constitutes a breach of academic integrity.

Grading system

The exam is graded on a scale from 0 to 30. The highest possible grade is 30 cum laude and is awarded for answers that are correct, complete, and formally rigorous.

Indicative grading scale:

• below 18: fail;

• 18–23: satisfactory;

• 24–27: good;

• 28–30: very good;

• 30 cum laude: excellent.

Rejection of a grade

Students may reject a final grade no more than once.

The grade obtained in the first midterm exam may be rejected without affecting the student’s right to reject, once, the grade subsequently obtained in the comprehensive exam.

When the results are published, the instructor will specify the deadline by which students may reject their grade. The rejection must be communicated to the instructor in writing by email.

The grade obtained in the examination taken after a rejection replaces the previous grade, even if it is lower.

Once the stated deadline has passed, grades will be officially recorded electronically. Grade rejections will also be recorded in AlmaEsami.

Teaching tools

Traditional lectures with slides, problem sets, multiple choices tests.

Teaching materials is downloadable from Virtuale.it

Office hours

See the website of Francesca Barigozzi