General Introduction. Fundamental microeconomic principles. Markets and paradigm of percet competition. Failures cuased by opportunistic and strategic behaviour.
De Vincenti C.- Saltari E.-Tilli R. Manuale di Economia Politica, Carocci editore
Learning Objectives
To obtain the basic microeconomic concepts and tools in order to understand and interpret reality economics
Prerequisites
Knowledge of basic mathematical and statistical concepts and notions.
Teaching Methods
Traditional lectures, slides and class exercises
Further information
Additional information will be furnished attending lectures
Type of Assessment
Written exam. The exam include 4 open questions and 3 exercises. In 1h e 30 minutes students must answer at 4 of the 7 tasks, including at least one exercise.
Course program
The nature of economic models. Perfect competitive market: general properties. The Smithian Invisible hand. Changes in the demand and supply curve. Consumer theory: optimal position, substitution and income effect, Engel curve. production theory: costs and nature of the firm. Perfect competitive markets of goods and factors. General Equilibirum and paretian optimality: The limits of invisible hand: asymmetric information , agent rationality, strategic behaviour, non-competive markets, externalities and public goods.