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Facoltā di Scienze Agrarie e Alimentari Universitā degli Studi di Milano
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Introductory economics and statistics
Code: G300B-
Teacher:  Valentina Raimondi
Year: 
Term: 
CFU: 
CFU subdivision: Lectures: 7
Practices in classroom: 1
Basic aims:  The aim of the course is to introduce students to jargon and basic principles of economics and statistical sciences. The module of Economics is meant to explain laws describing behavior and interaction among economic agents (families and firms) mainly at micro level (microeconomics) with a short outline at aggregated level (macroeconomics). The module of statistics introduces descriptive statistics and treats some topics of inferential statistics.
Acquired skills:  Students should be able to understand and manage economic information (about production, consumption and food and foodservice markets dynamics) presented both on newspapers and reviews of food science. Students should be able to correctly understand and represent statistical data both in tabulation and in diagram.
Course contents:  Introducing Economics. Foundations of Microeconomics. Background to Demand. Marginal utility theory. Indifference analysis. Elasticity. Background to Supply. The short-run theory of production. Costs in the short run. The long-run theory of production. Costs in the long run. Revenue. Profit maximisation. Profit Maximising under Perfect Competition and Monopoly. Alternative market structures. Perfect competition. Monopoly. Profit Maximising under Imperfect Competition. Monopolistic competition. Oligopoly.
Foundations of Macroeconomics. The scope of macroeconomics.
Statistics. Language of statistics. Graphical representation of data. Numerical description of data. Bivariate data analysis. Probability. Random variables and probability distribution. Confidence intervals, hypothesis testing. Test on a single population.
Program:  Economics:Chapter 1. Introducing Economics - What do economists study? Different economic systems. The nature of economic reasoning. Chapter 2. Supply and Demand - Demand. Supply. Price and output determination. The control of prices. Chapter 3. Markets in Action – Elasticity. The time dimension. Agriculture and agricultural policy. Chapter 4. Background to Demand - Marginal utility theory. Indifference analysis. Chapter 5. Background to Supply - The short-run theory of production. Costs in the short run. The long-run theory of production. Costs in the long run. Revenue. Profit maximization. Chapter 6. Profit Maximising Under Perfect Competition and Monopoly - Alternative market structures. Perfect competition. Monopoly. The theory of contestable markets. Chapter 7. Profit Maximising under Imperfect Competition - Monopolistic competition. Oligopoly. Game theory. Price discrimination.
Statistics: Language of statistics. Graphical representation of data. Numerical description of data. Bivariate data analysis. Probability. Random variables and probability distribution. Confidence intervals, hypothesis testing. Test on a single population. Test on two populations.

Economics: Sloman, J., Wride J, Garrat D. Economics, Pearson.
Statistics: Pelosi M. K. e Sandifer T. M. (2009). Elementary statistics. from Discovery to Decision, McGraw-Hill.
Prerequisites:  Knowledge of basic linear algebra and analytical geometry: to be able to calculate percentage variations, to be able to represent a line on a Cartesian plan (given the equation of the line), to be able to solve a system of two equations and two unknowns
Preparatory instructions:  Students are highly encouraged to attend the course and to study for the math exam. However having passed that exam is not a strict prerequisite for attending this course.
Learning materials:  Economics: Sloman, J., Wride J, Garrat D. Economics, Pearson.
Supplementary text: Libermann M., Hall R.E., Economics, principles and applications (2009) 5th edition, South Western Educational Publishing. Module
Statistics: Pelosi M. K. e Sandifer T. M. (2009). Elementary statistics. from Discovery to Decision, McGraw-Hill.
Other info:  Examination: written tests
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Program of Introductory economics and statistics (pdf version)
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