The course will be held online and will start on September 9
Published on 02 September 2024
Course Objectives:
Course Content:
The course begins by laying a solid foundation in the basics of demand and supply, the core concepts that drive market economies. We start by distinguishing between microeconomics and macroeconomics, before diving into the specific laws of demand and supply. We will explore how these forces interact to determine market prices, elasticity, and how shifts in the demand or supply curves can impact market equilibrium. Additionally, the concept of surplus—both for consumers and producers—will be discussed, along with an analysis of market efficiency.
Moving forward, we delve into the theory of consumer behaviour: how consumers make decisions about what to buy, given their budget constraints and personal preferences. We will cover the concepts of utility, indifference curves, and the factors that influence consumer choices, such as changes in income or prices. This section will provide a clear understanding of how consumers maximize satisfaction and how this relates to market demand.
Next, we explore the theory of production that examines how firms make production decisions. You will learn about the factors of production, the concept of the production function, and the relationship between input and output, particularly under the law of diminishing returns. We will also discuss cost structures, including the difference between accounting and economic costs, and how firms evaluate costs in both the short and long run.
The course then transitions to an analysis of different market structures, beginning with perfectly competitive markets and moving on to monopolies. We will see how firms in different market environments make pricing and output decisions, and how these decisions affect both the firms and the overall economy. The section on monopolies will highlight why monopolies arise, their potential benefits and costs, and their impact on social welfare.
We will also discuss more complex market structures like monopolistic competition and oligopoly. This part of the course introduces markets where competition is imperfect and strategic decision-making plays a crucial role. Alongside this, we will cover game theory, a tool for understanding strategic interactions in such markets. Concepts like Nash equilibrium and the prisoner’s dilemma will be discussed, and how these ideas apply to real-world economic scenarios.
In conclusion, we will address the basics of macroeconomics, shifting our focus from individual markets to the economy as a whole. We will explore aggregate demand and supply, the determinants of unemployment, and the causes and consequences of inflation.
Course teaching tutor:
Link to the lessons:
The course timetable is available at the following link: https://corsi.unibo.it/2cycle/LawEconomicsGovernance/timetable