LUISS

Microeconomics

Lectures: Tuesday 16.45-18:15; Thursday 15.30-17; Friday 12.15-13.45

Office hours: Wednesday 10.00-12.00 or by appointment

The END-OF-TERM EXAM will take place on Friday 24th May at 10.00

TOPICS:

Preferences and consumers’ choice: budget constraint, utility function, indifference curves; utility maximization and individual demand functions; income effect and substitution effect; optimal choice with income expressed in form of good endowments; leisure-labor choice; Intertemporal choice: the discounted utility model. Choice under uncertainty: the expected utility model; attitude towards risk.

The firm and technology: production function, marginal and average product; isoquants and isocosts; returns to scale; revenue curves, cost curves in short and long run: profit maximization, cost minimization.

Market structure: perfect competition, monopoly and oligopoly (Bertrand, Cournot and Stackelberg). Introduction to game theory: simultaneous and sequential games, dominant strategies, Nash equilibrium, subgame-perfect Nash equilibrium.

TEXTBOOK: A. Goolsbee, S. Levitt, C. Syverson, “Microeconomics”, Worth Publishers (Macmillan learning), chapters 1-12, in chapter 10 only 10.1 and 10.2

Additional material, slides and problem sets with solutions are posted on: https://learn.luiss.it/course/view.php?id=9206

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