Rome, Italy - Course Descriptions - Microeconomics

Course Information

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Objectives

The course provides a general introduction to the concepts, phenomena, theories and models encountered in microeconomics.  The objective is to enhance the awareness of the student for the most recurrent microeconomic manifestations encountered in today's reality.  Constant examples will be taken from present events in order to analyze their likely impact on the student's life as well as on society at large.  Topics covered include scarcity and choice dilemmas, determination of prices and quantities in individual markets, market interdependence, market structure, market failures, and government policies in the microeconomic field.

Program

1. The fundamentals of economics (how to read graphs) 
2. Distinction between macro and microeconomics 
3. Markets and government in a modern economy 
4. Scarcity choice dilemma; conflicts and trade-offs; opportunity cost; the production possibility frontier 
5. Basic elements of supply and demand; elasticities 
6. The simple model of the market; demand and supply; equilibrium price and quantity; changes in demand and supply; factors affecting market forces; regulation of markets
7. The production function; total and marginal product; optimal input mix; cost functions
8. Theory of the firm; model of profit maximization; market structure; perfect competition; imperfect competition 
9. Non-price competition; the input markets; demand for inputs.
10. Economic regulation; market failure.

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