The full course consists of 12 credits and it is divided in two parts: Microeconomics 1 and Microeconomics 2.
- Demand and supply, market equilibrium, elasticity.
- Consumer Theory: optimal consumption choice; derivatiom of the demand curve and of the Engel curve; income effect and substitution effect;
- Labour choice; intertemporal consumption; choices under uncertainty
- Production Theory: production functions; return to scale; cost minimization and cost function;
- Profit maximization for price-taking firms.
- Equilibrium in competitive markets.
- Market interventions: tariffs and quotas, price cap, policies to support demand.
- Monopoly and welfare losses.
- Pricing policies: perfect price discrimination, two-part tariff, multi-market discrimination.
- Game Theory: dominance and Nash Equilibrium, sequential games.
- Oligopoly Models: Cournot, Bertrand and Stackelberg.
- Asymmetric information (if time allows).