POLITICAL ECONOMY II (Cognomi L-Z)
Academic year and teacher
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- Versione italiana
- Academic year
- 2018/2019
- Teacher
- SILVIA BERTARELLI
- 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:
Besanko-Braeutigam (2016) Microeconomia, McGraw-Hill, third edition: chapters 1, 2, 3, 4, 5 and 15.
Cati M.M. (2012) Eserciziario di Microeconomia, Esculapio Economia: 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:
Besanko-Braeutigam (2016) Microeconomia, McGraw-Hill, third edition: chapters 6, 7 and 8.
Cati M.M. (2012) Eserciziario di Microeconomia, Esculapio Economia: chapter 3.
Third part (8 hours)
Competitive markets. The firm supply function; the industry supply function
References:
Besanko-Braeutigam (2016) Microeconomia, McGraw-Hill, third edition: chapter 9.
Cati M.M. (2012) Eserciziario di Microeconomia, Esculapio Economia: chapter 4 section A – Part I; chapter 4 section B – Part I
Fourth part (4 hours)
General equilibrium analysis: welfare and efficiency.
References:
Besanko-Braeutigam (2016) Microeconomia, McGraw-Hill, third ed.: chapter 16.
Fifth part (3 hours):
Market failures. Externalities. Public goods. Asymmetric Information (moral hazard and adverse selection).
References:
Besanko-Braeutigam (2016) Microeconomia, McGraw-Hill, third ed.: chapters 15 and 17.
Sixth part (3 hours)
Monopoly. The firm supply function.
References:
Besanko-Braeutigam (2016) Microeconomia, McGraw-Hill, third ed.: chapter 11.
Cati M.M. (2012) Eserciziario di Microeconomia, Esculapio Economia: chapter 4 section B – Part II.
Seventh part (4 hours)
Oligopoly. Game theory. Cournot duopoly; Bertrand duopoly; collusion.
References:
Besanko-Braeutigam (2016) Microeconomia, McGraw-Hill, third ed.: chapters 13, 14 and section 11.4.3.
Cati M.M. (2012) Eserciziario di Microeconomia, Esculapio Economia: chapter 5 section B – I Part. Didactic methods
- - Frontal lessons and exercises
Learning assessment procedures
- - Written examination
- Optional oral examination
The course exam is devoted to test the level of achievement of the previously indicated training objectives. The exam consists of two parts: a multiple choice test and open-ended questions.
The final grade is the sum of the scores of the two parts. To pass the exam the student must obtain a minimum score of 18 out of 31.
The two parts have the purpose to verify the theoretical knowledge of the topics of the course. They also contain exercises. Reference texts
- Besanko-Braeutigam (2016) Microeconomia, Terza Edizione, McGraw-Hill isbn 9788838615313
Cati M.M. (2012) Eserciziario di Microeconomia, Esculapio Economia.
Further material is available at the course Web site:
http://www.unife.it/economia/economia/insegnamenti/economia-politica-ii-l-z/en
