Microeconomics
A.Y. 2024/2025
Learning objectives
The course aims to provide students with a general knowledge of microeconomics and help them understand the concepts needed to analyse economic phenomena related to national policy and interventions in the markets. It also introduces the economic analysis method, with reference to cost-benefit analysis of private and public actions.
Starting from the basic principles of political economics, the course will cover the analysis of individual choices, competitive markets, international trade, game theory, market failures. For each topic, examples and case studies will be presented in order to reveal the link with other disciplines in the field of international and political sciences.
Students will familiarise with elementary technical aspects of economic analysis through both frontal lessons and exercises.
Knowledge and skills acquired by students will help them successfully study economics in other courses of the degree programme.
Starting from the basic principles of political economics, the course will cover the analysis of individual choices, competitive markets, international trade, game theory, market failures. For each topic, examples and case studies will be presented in order to reveal the link with other disciplines in the field of international and political sciences.
Students will familiarise with elementary technical aspects of economic analysis through both frontal lessons and exercises.
Knowledge and skills acquired by students will help them successfully study economics in other courses of the degree programme.
Expected learning outcomes
By the end of the course, students are expected to have a general overview of the functioning of markets and the mechanisms that hinder an efficient allocation of resources, as well as to distinguish between Normative Economics (which describes the course of political actions) and Positive Economics (which analyses and explains phenomena). They should also have grasped the limits of application of the concepts of economic efficiency and economic balance, and their implications for the analysis of the interactions between subjects (private citizens, organisations, States) with contrasting or converging objectives. Finally, students should be able to solve economic models and develop logical arguments on resource allocation, the effects of taxation on goods, and the tools needed to reduce market failures such as excessive pollution or missing public goods production.
Through their active participation in lectures and exercises, students will develop the ability to use bibliographic and statistical resources to carry out research on various economic and social aspects related to the functioning of markets.
Through their active participation in lectures and exercises, students will develop the ability to use bibliographic and statistical resources to carry out research on various economic and social aspects related to the functioning of markets.
Lesson period: First trimester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course can be attended as a single course.
Course syllabus and organization
A-K
Responsible
Lesson period
First trimester
The emergency pahse has been terminated by the Italian Government.
Course syllabus
The first part of the course takes up the first two weeks of lessons; it introduces the Fundamental Principles of Economics, the use of models in Economics, the concepts of trade-off, of opportunity-cost, and of comparative advantage.
The second part takes up weeks 3-5 and develops the following topics. The demand curve, the supply curve, the interaction between supply and demand, the consumer surplus, the limits of public intervention on prices. The elasticity. Taxation, international trade and the advantage from trade,
The third part takes weeks 6-8 and develops the following topics. The decision-making process of individuals and firms, the theory of the rational consumer, the firms' costs and production in perfectly competitive markets. Monopoly and market power.
The fourth part takes weeks 9-10 and deals with the following topics. Oligopoly, externalities, pollution and public intervention to limit the damage. Public goods and common resources. Introduction to the welfare state.
The second part takes up weeks 3-5 and develops the following topics. The demand curve, the supply curve, the interaction between supply and demand, the consumer surplus, the limits of public intervention on prices. The elasticity. Taxation, international trade and the advantage from trade,
The third part takes weeks 6-8 and develops the following topics. The decision-making process of individuals and firms, the theory of the rational consumer, the firms' costs and production in perfectly competitive markets. Monopoly and market power.
The fourth part takes weeks 9-10 and deals with the following topics. Oligopoly, externalities, pollution and public intervention to limit the damage. Public goods and common resources. Introduction to the welfare state.
Prerequisites for admission
Knowledge of basic mathematics. Cartesian Plane adn lines.
Teaching methods
Three lectures and one exercise sessions per week. The student is asked to consult regularly the website Ariel to find
Teaching Resources
Bibliography
The reference textbook is: Krugman P. and R. Wells, Microeconomia, second Italian edition, Zanichelli, 2013 (or later edition)
In the course webpage in Ariel.unimi.it will e possible to find additional teaching material and the solutions to the exercises relative to the exercise sessions.
The reference textbook is: Krugman P. and R. Wells, Microeconomia, second Italian edition, Zanichelli, 2013 (or later edition)
In the course webpage in Ariel.unimi.it will e possible to find additional teaching material and the solutions to the exercises relative to the exercise sessions.
Assessment methods and Criteria
The assessment of the learning achievements consists of a final written exam lasting one hour and thirty minutes. The exam consists of multiple choice questions that verify the knowledge of the textbook and the acquired reasoning skills and of one exercise based on examples provided during the exercise sessions. The student will be allowed to use a calculator. The assessment will be based on the accuracy of the answers, on the correctness of the procedure for solving the exercises, on the precision of the technical language where necessary. The results will be communicated in the Ariel website in anonymous format (serial number).
SECS-P/01 - ECONOMICS - University credits: 9
Lessons: 60 hours
Professor:
Garella Paolo
Shifts:
Turno
Professor:
Garella PaoloL-Z
Responsible
Lesson period
First trimester
SECS-P/01 - ECONOMICS - University credits: 9
Lessons: 60 hours
Professor:
Zirulia Lorenzo
Shifts:
Turno
Professor:
Zirulia LorenzoProfessor(s)
Reception:
Friday 9-12
Room 16, second floor, via Conservatorio 7/MS- TEAMS (please send me an email for booking a slot)