MICROECONOMICS - 1 PRACTICE

The practice sessions of ET2020-E1 complement the material of the lectures of ET2020-1 Microeconomics. Please refer to the syllabus of the lectures.

1. Knowledge and understanding:
1.1. understand the decision process of individuals and business firms, and their interactions in various market structures;
1.2. understand the welfare implications of public intervention in markets;
1.3. identify the characteristics of the different market structures and their implications for firms’ behaviour.

2. Ability to apply knowledge and understanding:
2.1. use the supply and demand model to determine changes in market equilibrium;
2.2. analyse the choices of individuals (as consumers and as workers) and firms using marginal analysis and the notion of opportunity cost;
2.3. assess equilibrium welfare and its variations associated to public policies and market structures;
2.4. be able to recognise individual and strategic decision situations.

3. Ability to make judgments:
3.1. interpret market outcome and prices;
3.2. understand the scope, merits and limitations of economic models;
3.3. prepare students for independent economic thinking about economic and policy issues on the basis of an analytical method.

There are no formal prerequisites but a good confidence with the content of the courses “Mathematics I” and “Mathematics II” is required, in particular: functions of many variables, differential calculus, linear approximations, constrained and unconstrained optimization in R^2, linear systems.

The practice sessions of ET2020-E1 complement the material of the lectures of ET2020-1 Microeconomics. Please refer to the syllabus of the lectures.

Please refer to the textbook discussed in the syllabus the lectures. No separate textbook is requires for the practice exercises.

Written.

The lecturer has a duty to ensure that the rules regarding the authenticity and originality of exam tests and papers are respected. Therefore, if there is suspicion of irregular conduct, an additional assessment may be conducted, which could differ from the original exam description.

written

The lecturer has a duty to ensure that the rules regarding the authenticity and originality of exam tests and papers are respected. Therefore, if there is suspicion of irregular conduct, an additional assessment may be conducted, which could differ from the original exam description.

A. Grades within 18 and 22 will be assigned in case of:
- sufficient knowledge of the main content of the program;
- limited ability to solve exercises;

B. Grades within 23 and 26 will be assigned in case of:
- discrete knowledge of the main content of the program;
- discrete ability to solve exercises;

C. Grades within 27 and 30 will be assigned in case of:
- good or optimal knowledge of the main content of the program;
- good or optimal ability to solve exercises, elaborate and interpret its results, also providing a critical view on them

D. 30 cum laude is assigned when the student shows excellent abilities to handle the content of the program of the course, ability to solve exercise and proof of excellent critical thinking.
22-23: The student has a mostly superficial knowledge of the topics presented in the course and in the assigned readings; analytical capabilities are not necessarily sufficient for the course, and he/she is not completely aware of the introduced terminology.
18-21: The student has a very superficial knowledge of the topics presented in the course and in the assigned readings; His/her analytical capabilities are not sufficient for the course; His/her use of the relevant terminology is confused.

Practice exercises carried out in the classroom