Learning objectives Knowledge and understanding: The course aims at enabling the students to understand, analyze and interpret the basic microeconomic principles. The models that will be presented will give insights about important real world phenomena. Topics will include supply and demand interaction, utility maximization, profit maximization, elasticity, perfect competition, monopoly power, public goods and externalities. Students will understand that Microeconomics is the study of rational choice behavior of both individual consumers and firms and will learn how market mechanisms solve complex resource allocation problems. Apply knowledge and understanding: The development and the analysis of several economic 'models' will enable the students to explain and predict a wide variety of economic (and sometimes, seemingly non-economic) phenomena. Case studies dealing with current business and policy issues will be analyzed during the lectures. In the exam of both the first and the second module the students will be required to apply the theories and models described during the course to solve applied economics problems and to correctly describe microeconomic principles and scenarios. Making judgements: During each lecture students will be required to answer to some questions dealing with the topics described in class. They will develop their ability to critically interpret the scenarios provided and apply the notions learned in order to assess the status quo described in the setting proposed and to evaluate its possible evolution. Communication skills: The course is aimed and structured in order to develop students’ ability to summarize and manage information, to apply abstract and critical thinking, to adapt and clearly understand economic notions, principles and theories. Students will be required to work in groups in order to solve problems and to answer to questions dealing with the theories and the economic principles described during the course. Learning Skills: Students will be able to analyze microeconomic models; to understand economic reality; to link economic reality to economic models; to apply basic mathematical concepts to economic models. At the end of the course students will be able to critically interpret and analyze the forces driving the interaction between the demand and the supply side of the market governing the market mechanisms and the rationale and the impact of the government intervention.

The student should be comfortable with applying Calculus and Linear Algebra, Optimization. No mandatory prerequisite is required.

The course introduces students to the analysis of a market economy, underling the strengths and weaknesses of the price system, and the role played by government intervention in the economy. Students will be introduced to economic analysis dealing with business strategy and public policy (addressing environmental issues, domestic tax, labour standards, health policy, public services provision). I module Basics of Demand and Supply; Consumer choice; Individual and market demand; Uncertainty and Consumer Behavior; Asymmetric information II module Production; Production costs; Profit maximization and Competitive Supply; The analysis of competitive markets; Market Power: monopoly and monopsony; Price discrimination; Oligopoly; Elements of Game theory

'Microeconomics' by R.S. Pindyck e D.L. Rubinfeld; Pearson. The slides of the course and additional material (e.g. book chapters, articles, working papers) will be posted in Teams.

The course introduces students to the analysis of a market economy, underling the strengths and weaknesses of the price system, and the role played by government intervention in the economy. Students will be introduced to economic analysis dealing with business strategy and public policy (addressing environmental issues, domestic tax, labour standards, health policy, public services provision). I module Basics of Demand and Supply; Consumer choice; Individual and market demand; Uncertainty and Consumer Behavior; Asymmetric information II module Production; Production costs; Profit maximization and Competitive Supply; The analysis of competitive markets; Market Power: monopoly and monopsony; Price discrimination; Oligopoly; Elements of Game theory. Learning objectives Knowledge and understanding: The course aims at enabling the students to understand, analyze and interpret the basic microeconomic principles. The models that will be presented will give insights about important real world phenomena. Topics will include supply and demand interaction, utility maximization, profit maximization, elasticity, perfect competition, monopoly power, public goods and externalities. Students will understand that Microeconomics is the study of rational choice behavior of both individual consumers and firms and will learn how market mechanisms solve complex resource allocation problems. Apply knowledge and understanding: The development and the analysis of several economic 'models' will enable the students to explain and predict a wide variety of economic (and sometimes, seemingly non-economic) phenomena. Case studies dealing with current business and policy issues will be analyzed during the lectures. In the exam of both the first and the second module the students will be required to apply the theories and models described during the course to solve applied economics problems and to correctly describe microeconomic principles and scenarios. Making judgements: During each lecture students will be required to answer to some questions dealing with the topics described in class. They will develop their ability to critically interpret the scenarios provided and apply the notions learned in order to assess the status quo described in the setting proposed and to evaluate its possible evolution. Communication skills: The course is aimed and structured in order to develop students’ ability to summarize and manage information, to apply abstract and critical thinking, to adapt and clearly understand economic notions, principles and theories. Students will be required to work in groups in order to solve problems and to answer to questions dealing with the theories and the economic principles described during the course. Learning Skills: Students will be able to analyze microeconomic models; to understand economic reality; to link economic reality to economic models; to apply basic mathematical concepts to economic models. At the end of the course students will be able to critically interpret and analyze the forces driving the interaction between the demand and the supply side of the market governing the market mechanisms and the rationale and the impact of the government intervention.

Teaching format: Lectures; Presentation of case studies; Exercises; Assignments. The slides of the course and additional materials are posted in the Teams channel of the course. The course is taught in English.

Class participation is an important part of the course.

Evaluation is based on a written test, covering the two modules of the course. The written test will be graded on a scale of 30. Students can take the opportunity to take a mid-term test (covering Module 1) in April. Students who will succesfully pass the mid-term test, will take a final written test covering the second module of the course. In this case, the final grade will be the weighted average of the grades on the two parts (50% each). The exam will include multiple choice questions and problems focused on: theoretical issues (definitions, basic microeconomic principles, models) and applied microeconomic analysis

No poverty Good health and well-being Reduced Inequalities Responsible Consumption and Production Industry Innovation and Infrastructure