30452 - FOUNDATIONS OF ECONOMICS - MODULE 1 (MICROECONOMICS)
Course taught in English
Go to class group/s: 13
Class-group lessons delivered on campus
Students learn how to think about the myriad of real-world economic and noneconomic issues through the lens of microeconomic analysis. The elegant and powerful tools of microeconomic theory endow students with an analytical mindset and a strong quantitative preparation, which form the building block for understanding the foundations of microeconomic analsysis . The course combines mathematical rigor and a 360-degree vision of real-world economic and social phenomena to address fascinating questions about human behavior in economic and noneconomic settings.
- Acquire a profound knolwledge of the theoretical underpinnings of Microeconomics and its myriad applications to the real world.
- Develop the ability to understand and write an economic model, in particular to understand the choice behavior of individuals, households, workers, firms, and governments through markets and nonmarket interactions.
- Compare the theoretical predictions of models and the empirical evidence on economic outcomes.
- Apply the economic way of thinking to other fields outside economics, including anthropology, biology, demography, history, medicine, political science, and sociology.
- Develop a problem-solving attitude.
- Develop team-building and team-working skills in a multicultural environment.
- Learn to communicate in a clear and concise way.
- Learn to set priorities, meet deadlines, and deliver the expected outcomes.
- Develop the ability to think rigorously, analytically, and creatively at the same time.
- Face-to-face lectures
- Online lectures
- Guest speaker's talks (in class or in distance)
- Exercises (exercises, database, software etc.)
- Individual assignments
- Group assignments
- Interactive class activities (role playing, business game, simulation, online forum, instant polls)
The course is built around these building blocks (aka, pillars):
- Theory Lectures
- Understanding Microeconomics is about learning models and the theoretical framework through a combination of mathematical tools and economic intuition. In the theory lectures we learn together a series of concepts, models, graphs, and calculus-driven analysis that help us analyze myriads of economic and non-economic issues through the lens of economic analysis.
- Individual Homeworks
- 12 individual homeworks (roughly one per week) are assigned through the Smartworks 5 platform. The platform automatically grades the homeworks and explains the solutions.
- Group Problem Sets
- 4 problem sets are assigned to groups of 3 or 4 students.
- Discussion Room
- To encourage interaction among instructors and students, through Blackboard the student will be able to access the weekly Discussion Room in which Professors answer questions of general interest and offer insights on current events through the eyes of Microeconomics.
There is no difference between attending and not attending students. The material, the workload, the requirements, and the evaluation based on homeworks, problem sets, and exams, is identical for each student --- attending and not attending. With the purpose of measuring the acquisition of the learning outcomes mentioned above, students' assessment is based on the following criteria and weights:
- 10% of the overall vote: 12 individual homeworks through the SmartWorks 5 platform integrated into Blackboard. Skills tested are: problem solving attitude, setting priorities and meeting deadlines.
- 10% of the overall vote: 4 group problem sets uploaded through Blackboard. Skills tested are: team working and multicultural attitude, leadership skills, problem solving attitude, setting priorities and meeting deadlines.
- 40% of the overall vote: Midterm written exam on the first half of the program
- 40% of the overall vote: Final written exam on the second half of the program
Both the written exams are aimed to test the ability of applying theoretical concepts and models to specific economic problems and interpreting mathematical relationships in economic terms (eg., the Slutsky equation and the economic concepts of substitution and income effects in consumption, labor, and intertemporal choices). Also, the exams test analytical skills and problem-solving attitudes, as well as the ability of thinking critically about economic issues.
Instead of taking the midterm and the final exams, students can take a General written exam on the entire program (weighing 80% of the overall vote).
Detailed information regarding the duration and the structure of the exams will be provided during the first two weeks of the course. Students are required to sign up for exams at least a week before the scheduled date (do not forget!!!). Examinations are closed books. Graphical calculators are not allowed. Grades are based on the X/30 cum laude scale with the minimum passing grade for the entire course being 18/30. A minimum grade of 10/30 in both the midterm and final exams must be obtained. If this is not the case, students will take a general exam on the entire program (the weights of the grades in the homeworks and problem sets remain the same even if you take the general exam).
You can find all the relevant information on BlackBoard (syllabus, lecture notes, individual homeworks, group problem sets, past exams, additional helpful material)
- We searched to find a book that combines a rigorous mathematical treatment of Microeconomics together with many applications and real-world examples. We chose Hal H. Varian. Intermediate Microeconomics with Calculus. International Student Edition. First edition. Norton Company (2020). ISBN 9780393690019
- The purchase gives access to the SmartWorks 5 platform, which is required for the Homeworks.
- The textbook is available at Egea bookstore, or through the publisher website (2 weeks for delivery), or through Amazon. Make sure you purchase the edition listed above with the correct ISBN number.