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MICROECONOMIC ANALYSIS
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Microeconomic analysis
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Academic year 2018/2019
- Course ID
- SEM0078
- Teaching staff
- Andrea Gallice (Lecturer)
Edoardo Grillo (Lecturer) - Year
- 1st year
- Teaching period
- First semester
- Type
- Distinctive
- Credits/Recognition
- 9
- Course disciplinary sector (SSD)
- SECS-P/01 - economia politica
- Delivery
- Formal authority
- Language
- English
- Attendance
- Optional
- Type of examination
- Written
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Sommario del corso
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Course objectives
Microeconomic Analysis is a standard module on advanced microeconomic theory, providing modern treatments of consumer theory, production theory, choice under uncertainty and general equilibrium analysis. It provides the student with a core set of principles and analytical tools to study all other fields of economics: macroeconomics, public economics, labor economics, industrial economics, international economics, monetary economics, international economics, managerial and financial economics. Topics, introduced patiently, are developed in depth and rigorously, helping the students to master sophisticated theory and quantitative methods while gaining insights into how these can be applied.
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Results of learning outcomes
1) Knowledge and understanding ability
The course provides students with an advanced knowledge of standard Microeconomic Theory.
2) Capability to apply knowledge and understanding
At the end of the course students will be able to manage the main tools of microeconomics analysis, solve standard optimization problems, recognize and understand the incentives and the constraints of economic agents.
3) Capability to approach the subject in a critical manner
Student will learn how to fruitfully apply Microeconomic Theory for modelling the behavior of economic agents and undertaking sound empirical analysis.
4) Communication abilities
Students will learn how to effectively set up a problem, define and discuss the relevant assumptions, illustrate the solution methods, reach and explain the results, with a special focus in highlighting the economic intuitions and implicationsthat stem out of them.
5) Learning ability
The course enables students to understand the main building blocks of Microeconomic Theory and provides them with a necessary toolkit for undertaking further study and research work in Economics.
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Course delivery
Classroom lectures of 2-3 hours according to the academic calendar for a total of 72 hours.
Attendance is not compulsory but strongly suggested.
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Learning assessment methods
Written exam (90 minutes).
The exam will consists of 4 open questions and problems.
Each question/problem will be assigned a specific maximum grade, depending on how challenging it is.
The final grade will fall in the usual range 0-30, where 18/30 is the minimum passing grade.
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Program
1) General Introduction.
2) Consumer Theory
- Preferences and utility
- The consumer's problem and its solution
- Indirect utility and expenditure functions
- Duality
3) Uncertainty
- Expected utility
- Risk aversion
4) Theory of the Firm
- Production
- Costs
- Profit maximization
5) Partial Equilibrium
- Perfect competition
- Imperfect competition
6) General Equilibrium
- Pure exchange economies
- Pareto efficiency
- Theorems of welfare
7) Social Choice and Welfare
Suggested readings and bibliography
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JEHLE G.A., RENY P.J. (2011 - 3rd Edition) Advanced Microeconomic Theory, Prentice Hall - Pearson.
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Class schedule
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