POLITICAL ECONOMY II (Cognomi A-K)
Academic year and teacher
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- Versione italiana
- Academic year
- 2021/2022
- Teacher
- SUSANNA MANCINELLI
- Credits
- 9
- Didactic period
- Primo Semestre
- SSD
- SECS-P/01
Training objectives
- The aim of the course is the analysis of the microeconomic theory, that is the analysis of single agents' behaviours and the aggregation of their actions in different institutional contests.
At the end of the course the student is able: - to analyse consumers'decisions and firms'production decisions; - to understand the interaction between consumers and firms in perfectly and imperfectly competitive market regimes. Prerequisites
- Mathematics
Course programme
- First part (24 hours)
The theory of consumer choice and demand Budget constraint; preferences and the utility function for the consumer; consumer optimal choice; the income and the substitution effects; market demand.
References:
B.- B.: chapters 1, 2, 3, 4, 5 and 15.
Cati M.M. (2012): chapter 1 (SectionA), chapter 2
Second part (17 hours):
The theory of costs and production. Technological constraint; cost minimization; cost functions; the profit maximization problem.
References:
B.- B.: chapters 6, 7 and 8.
Cati M.M. (2012): chapter 3.
Third part (8 hours)
Competitive markets. The firm supply function; the industry supply function
References:
B.- B.: chapter 9.
Cati M.M. (2012): chapter 4 section A – Part I; chapter 4 section B – Part I
Fourth part (4 hours)
General equilibrium analysis: welfare and efficiency.
References:
B.- B.: chapter 16.
Fifth part (3 hours):
Asymmetric Information (moral hazard and adverse selection).
Hints of Behavioural Economics
References:
B.- B.: chapters 15 and 18.
Sixth part (3 hours)
Monopoly. The firm supply function.
References:
B.- B.: chapter 11.
Cati M.M. (2012): chapter 4 section B – Part II.
Seventh part (4 hours)
Oligopoly. Game theory. Cournot duopoly; Bertrand duopoly; collusion.
References:
B.- B.: chapters 13, 14 and section 11.4.3.
Cati M.M. (2012) : chapter 5 section B – I Part. Didactic methods
- - Frontal lessons and exercises
Detailed information will be communicated as soon as possible. Learning assessment procedures
- Written examination
The course exam is devoted to test the level of achievement of the previously indicated training objectives.
Detailed information about exam procedures will be communicated through google classroom as soon as possible.
To pass the exam the student must obtain a minimum score of 18 out of 31.
All questions have the purpose to verify the theoretical knowledge of the topics of the course. They also contain exercises. Reference texts
- Besanko-Braeutigam (2020) Microeconomia, McGraw-Hill, quarta edizione, McGraw-Hill isbn 978-88-386-9555-1 (B.-B.)
Cati M.M. (2012) Eserciziario di Microeconomia, Esculapio Economia.
Further reading and teaching material are available at the course Web site:
http://www.unife.it/economia/economia/insegnamenti/economia-politica-ii-a-k
