Microeconomics
A.Y. 2025/2026
Learning objectives
The main goal of the course is to provide students with the basic elements of microeconomic theory, in order to build the analytical background that is necessary for any other course in economics. Toward this goal the course will first analyze the fundamental determinants of the behavior of two types of economic agents: consumers (consumption choices) and firms (production choices). Then, the interactions among agents will be studied in the context of different market structures (perfect competition, monopoly, oligopoly) and some cases of market failures and public intervention will be discussed.
Expected learning outcomes
At the end of the course students will be at ease with the basic tools that are necessary to analyze the individual choices of consumption and production, as well as the functioning of the main market forms. Through a series of examples and exercise classes, students will be able to move from microeconomic theories to their practical application to case studies. This process will allow them to apply the tools acquired also in other disciplines, such as law or political science.
Lesson period: Third trimester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
Single session
Responsible
Lesson period
Third trimester
Course syllabus
Part 1 - Consumer Choice and Individual Behavior
Introduction to microeconomics and the scientific method
Market demand and supply
Budget constraint and consumer preferences
Utility and marginal rate of substitution
Utility maximization
Individual and market demand
Income and substitution effects
Price elasticity of demand
Intertemporal choices (consumption over time)
Applications (e.g., labor/leisure choices, COVID)
Taxation and consumer/producer surplus
Decision-making under uncertainty
Behavioral economics (cognitive limitations)
Imperfect information and altruism
Game theory (strategic interaction)
Part 2 - Firms, Markets, and Production
Production function
Long-run production
Costs of production
Perfect competition in the short and long run
Monopoly and price discrimination
Oligopoly: Cournot, Bertrand, and Stackelberg models
Factor markets: labor and capital
Government intervention and market failures
Externalities
Introduction to microeconomics and the scientific method
Market demand and supply
Budget constraint and consumer preferences
Utility and marginal rate of substitution
Utility maximization
Individual and market demand
Income and substitution effects
Price elasticity of demand
Intertemporal choices (consumption over time)
Applications (e.g., labor/leisure choices, COVID)
Taxation and consumer/producer surplus
Decision-making under uncertainty
Behavioral economics (cognitive limitations)
Imperfect information and altruism
Game theory (strategic interaction)
Part 2 - Firms, Markets, and Production
Production function
Long-run production
Costs of production
Perfect competition in the short and long run
Monopoly and price discrimination
Oligopoly: Cournot, Bertrand, and Stackelberg models
Factor markets: labor and capital
Government intervention and market failures
Externalities
Prerequisites for admission
To successfully undertake the Microeconomics course, it is helpful to have a basic knowledge of mathematics, particularly elementary algebra, functions, and graphing. A good understanding of logical and analytical reasoning is recommended. No prior knowledge of economics is required.
Teaching methods
The course includes lectures for the theoretical explanation of concepts and tutorials focused on practical application and exam preparation. Classes are held in person and make use of examples, applications, and simulations.
Teaching Resources
R. Frank, E. Cartwright, Microeconomics, McGraw-Hill Education, 8th edition.
Additional articles or supplementary materials will be indicated during the course and made available on the Ariel platform.
Additional articles or supplementary materials will be indicated during the course and made available on the Ariel platform.
Assessment methods and Criteria
Learning is assessed through a written exam consisting of multiple-choice questions, many of which are presented as exercises. A penalty is generally applied for incorrect answers, except during the first two exam sessions following the end of the course. Evaluation is based on the accuracy of the answers and the understanding of the underlying concepts.
SECS-P/01 - ECONOMICS - University credits: 6
SECS-P/02 - ECONOMIC POLICY - University credits: 6
SECS-P/02 - ECONOMIC POLICY - University credits: 6
Lessons: 80 hours
Professor:
Stella Luca
Professor(s)