Ateneo - UPO

The course provides a first introduction to microeconomics, with a focus on public-policy analysis and sustainable-development challenges.

The theoretical core covers scarcity, opportunity cost, marginal analysis, incentives and trade-offs; demand, supply and equilibrium; price elasticity; surplus, efficiency, equity, taxes, subsidies and incidence; externalities and the distinction between private and social costs and benefits.

Corrective instruments for externalities — taxes, subsidies, standards and tradable permits — and the concepts of public goods, common-pool resources, free riding and collective action are introduced at a definitional and intuitive level, without technical detail.

The models are applied to climate, energy, pollution and natural-resource problems. Short cases, data and institutional sources support guided formative activities to interpret real-world problems, compare policy alternatives and formulate recommendations. The policy memo is used as a guided exercise with no separate grade.

Main textbook

Frank, R. H., Bernanke, B. S., Antonovics, K., Heffetz, O. (2024), Principles of Microeconomics, 2024 Release, McGraw Hill. ISBN 9781265399672.

The chapters and sections required for the course will be specified on the Moodle platform.

Additional materials

Slides, exercises, short readings, cases, data, and open-access resources, including selected CORE Econ units. Updated materials and links to institutional sources, including the United Nations, OECD, World Bank, and European Commission, will also be made available on Moodle.

The course aims to provide students with basic microeconomic knowledge and the tools needed to analyse simple public-policy and sustainability problems.

Specifically, the course aims to develop students’ ability to:

- use the core models of demand, supply, equilibrium, elasticity, surplus and externalities to interpret how markets operate;
- identify divergences between private and social outcomes and explain the rationale for public intervention;
- compare simple policy alternatives in terms of incentives, efficiency, equity, distributional effects and feasibility;
- apply economic tools to sustainable-development cases and formulate clear, well-supported recommendations.

Within the Management for Sustainability degree programme, the course contributes to the economic knowledge needed to interpret agents’ decisions, assess the effects of public intervention and understand sustainability-related trade-offs.

Teaching activities and workload allocation

The course carries a total of 6 CFU (ECTS credits), corresponding to 150 hours of overall student workload. Each credit comprises 25 hours, including 8 hours of teaching activities and 17 hours of independent study and self-directed learning.

The 48 total hours of teaching activities are allocated as follows:

- asynchronous activities: 4 ECTS, corresponding to 32 equivalent teaching hours under the University’s calculation method;
- synchronous online activities: 1 ECTS, corresponding to 8 teaching hours;
- in-person activities: 1 ECTS, corresponding to 8 teaching hours.

Approximately two thirds of the asynchronous component consist of distance teaching delivery (TEL-DE), through video lectures, and approximately one third consists of interactive distance teaching (TEL-DI), through guided e-tivities. Synchronous online and in-person activities are predominantly interactive, classified as TEL-DI and DI respectively.

The remaining 102 hours are devoted to independent study and self-directed learning, including consolidation of course contents, study of the materials and independent practice.

No formal prerequisites or mandatory prior knowledge of economics are required.

The course is designed as a first introduction to microeconomics. The necessary concepts, graphs and analytical tools will be introduced progressively during the course.

The course is delivered in blended mode through asynchronous activities, synchronous online sessions and in-person meetings, supported by the University’s DIR platform.

Asynchronous activities: 4 ECTS, corresponding to 32 equivalent teaching hours under the University’s calculation method

Approximately two thirds of the asynchronous component consist of distance teaching delivery (TEL-DE), through short, progressive video lectures. The presentation distinguishes core models, definitional and intuitive links, and applications.

Approximately one third consists of interactive distance teaching (TEL-DI), through guided e-tivities, exercises, graph construction and interpretation, and self-assessment quizzes. These activities enable students to apply concepts, identify errors and consolidate learning.

Synchronous online activities: 1 ECTS, corresponding to 8 teaching hours

Sessions are predominantly interactive (TEL-DI) and include structured recaps, clarification of questions, discussion of errors emerging from online activities, and guided exercises or short applications.

In-person activities: 1 ECTS, corresponding to 8 teaching hours

Meetings emphasise interactive teaching (DI), through case discussions, integrated exercises, collaborative activities and policy labs. Comparing policy alternatives develops independent judgement; discussions and the formulation of recommendations support communication skills.

The policy memo is used as a guided exercise to organise an analysis and formulate a concise, well-supported recommendation. It is not an additional individual assignment to be submitted for the examination and receives no separate grade.

Reading materials, data and institutional sources, together with self-assessment activities, develops independent learning skills. Applied cases do not introduce additional theoretical blocks beyond the syllabus.

During the course, unit-level self-assessment questions help students identify topics to revisit and consolidate their knowledge. At the end of the course, mock examination papers are made available on DIR to help students assess their readiness. These activities serve formative purposes and receive no separate grade.

The conditions for obtaining the 2-point bonus through completion of the self-assessment multiple-choice questions are specified under “Test and Assessment Criteria”.

Regular participation in asynchronous, synchronous online and in-person activities is strongly recommended to consolidate knowledge and develop the ability to apply economic tools.

The course DIR page, accessible at https://dir.uniupo.it, provides the syllabus, announcements, recorded lectures, slides, exercises, supplementary materials and links to synchronous online classes. Recordings of synchronous online classes are made available after each session. Materials remain accessible throughout the academic year.

The class timetable and classroom information are available on UPOPlanner:
https://upoplanner.uniupo.it/timetable/

The conditions for obtaining the bonus for completing self-assessment multiple-choice questions and its period of validity are specified under “Test and Assessment Criteria”.

Office hours are by appointment. Students should email carmen.aina@uniupo.it to arrange a meeting, briefly indicating the topic they would like to discuss.

Students with disabilities, Specific Learning Disorders (DSA) or Special Educational Needs (BES) may request dedicated services and support tools by contacting the University’s Staff Sviluppo e Coordinamento Carriere e Servizi alle Studentesse e agli Studenti and consulting the relevant University webpage:

https://www.uniupo.it/en/services/services-students-physical-or-learning-disabilities

After contacting the relevant University staff, students may contact the course instructor to agree on the implementation of approved measures in relation to teaching and examination arrangements.

Assessment consists of an individual, in-person written examination lasting 70 minutes, graded on a 30-point scale. The examination has three sections:

- 10 multiple-choice questions: 1 point for each correct answer and 0 points for incorrect or unanswered questions; maximum 10 points, with no penalties;
- first open-ended question: maximum 10 points;
- second open-ended question: maximum 10 points.

The open-ended answers are marked only if students score at least 6/10 in the multiple-choice section. Below this threshold, the examination is failed. Once the threshold is met, the examination score is the sum of the three sections. A score of at least 18/30 is required to pass, before any bonus is added.

Questions cover the syllabus, respecting the distinction between core models and topics introduced at a definitional and intuitive level. Open-ended questions may require explanations, construction or interpretation of simple graphs, and applications to short public-policy and sustainability cases.

Multiple-choice questions assess knowledge and understanding. Open-ended answers assess the ability to apply models, interpret graphs and information, identify incentives and trade-offs, justify policy judgements and present clear reasoning. Learning skills are assessed through the application of concepts to situations reformulated from the examples studied.

Each open-ended answer receives up to 10 points based on accuracy and completeness, relevance of the model, use of graphs where required, economic interpretation and clarity of argumentation. Partially correct answers receive credit proportionate to the elements correctly developed.

Written examination grade bands, before the bonus, correspond to the following levels:

- 18–20/30: essential and substantially correct knowledge, application to standard situations and understandable reasoning;
- 21–23/30: correct knowledge, adequate application and clear presentation;
- 24–26/30: structured knowledge, good application of models and relevant connections;
- 27–29/30: in-depth knowledge, independent analysis and well-supported judgements;
- 30/30: complete mastery, independent application and rigorous argumentation.

A 2-point bonus is awarded to students who independently complete at least 75% of the self-assessment multiple-choice questions designated for bonus purposes on the course DIR page. Completion is recorded on the platform. The bonus rewards completion and the effort to assess one’s understanding: the number of correct answers does not affect eligibility. If the 75% threshold is not reached, no bonus is awarded.

The bonus is added only after a score of at least 18/30 has been achieved in the written examination and cannot turn a failed examination into a pass. No bonus is awarded for attendance at synchronous online or in-person classes.

No essays, projects or additional individually graded assignments are required. The policy memo and mock examinations serve formative purposes and receive no separate grade.

The final grade is the written examination score plus the bonus, capped at 30/30. Fractions of 0.5 are rounded up to the next whole number. The bonus earned in the 2026/2027 academic year may be used in examination sessions held before the start of the 2027/2028 academic year, after which it expires.

Honours are not awarded automatically through the bonus and are reserved for written examinations demonstrating excellence across all assessment dimensions. The same examination applies to attending and non-attending students; without a bonus, the final grade equals the written examination grade.

1. Thinking like an economist — basic concepts

Scarcity, choice, opportunity cost, marginal analysis, incentives and trade-offs. Essential distinction between positive and normative analysis and cross-cutting use of efficiency and equity.

2. Demand, supply and equilibrium — core model

Individual and market curves, movements along curves and shifts, determination of equilibrium and comparative statics. Construction and interpretation of graphs. Simple applications to energy, essential goods and sustainable products.

3. Elasticity — essential model

Price elasticity of demand and supply, main determinants and interpretation. Links with behavioural responses to policies and tax incidence. Other forms of elasticity may be mentioned only at an intuitive level.

4. Welfare and public intervention — core model

Consumer and producer surplus, total surplus, efficiency and a basic graphical interpretation of deadweight loss. Taxes, subsidies, incidence and distributional effects.

5. Externalities — core model

Positive and negative externalities; private and social costs and benefits; market equilibrium and the socially efficient quantity; overproduction and underproduction. Applications to pollution, climate and investment generating external benefits.

6. Policy responses to externalities — definitional and intuitive links

Corrective or Pigouvian taxes, subsidies, standards and tradable permits. Essential operation and basic comparison in terms of incentives, efficiency, equity, distributional effects and feasibility. Carbon pricing and emissions trading are used as examples, without technical or institutional detail.

7. Public goods, common-pool resources and collective action — definitional and intuitive links

Essential characteristics of public goods and common-pool resources; free riding, overuse and collective-action problems. Selected applications to climate and natural-resource management.

8. Policy analysis and sustainable development — application of economic tools

Integrated use of the concepts to diagnose a problem, identify incentives and possible divergences between private and social outcomes, compare interventions, and assess efficiency, equity, distributional effects and feasibility. Guided reading of short technical notes and formulation of recommendations through a policy memo used as a guided exercise with no separate grade.

Cases, data and examples concerning climate, energy, pollution and natural resources support formative activities to assess understanding and application of the models, without expanding the compulsory theoretical core.

Integration of the gender dimension

Within applications concerning equity and distributional effects, the course also considers the gender dimension. Short cases and data are used to discuss potential differences in the effects of public policies and in access to resources and services, including in relation to energy and environmental policies. The activity uses economic concepts already introduced to compare the consequences of interventions across population groups.

By the end of the course, students will be able to demonstrate the following learning outcomes.

Knowledge and understanding

Describe scarcity, opportunity cost, incentives and trade-offs; explain demand, supply, equilibrium, price elasticity, surplus, incidence and externalities; distinguish private from social costs and benefits; explain the rationale for public intervention and recognise corrective instruments, public goods and common-pool resources at a definitional and intuitive level.

Applying knowledge and understanding

Construct and interpret simple graphs; use the core models to analyse changes in equilibrium, the effects of taxes and subsidies, and externalities; apply these tools to short public-policy and sustainability cases.

Making judgements

Identify incentives and trade-offs and compare simple policy alternatives in terms of efficiency, equity, distributional effects and feasibility. Identify potential differences in policy effects across population groups, including gender differences, in the cases discussed, and justify evaluations.

Communication skills

Present clear and coherent economic reasoning in writing, using disciplinary terminology and simple graphs where relevant; formulate a concise, well-supported policy recommendation. The policy memo serves as a guided exercise to develop these skills.

Learning skills

Independently use teaching materials, self-assessment activities, data and institutional sources to consolidate knowledge; identify and correct errors in reasoning; apply concepts to situations reformulated from the examples studied.

Minimum passing level

The minimum level is achieved when students demonstrate substantially correct knowledge of the fundamental concepts, interpret simple graphs, apply the appropriate model to standard situations and present understandable reasoning about the main public-policy implications.

Advanced level

An advanced level is achieved when students independently connect concepts, correctly apply models and graphs to short new cases, compare policy alternatives by identifying their incentives, distributional effects and limitations, and present well-supported judgements clearly and precisely.