Description
Microeconomics studies the behaviour of individual economic agents (firms and consumers) and their interaction in the market place, introducing students to the basic analytical tools, reasoning and language of economics. The course provides an introductory overview of the main pillars of microeconomic theory: the price mechanism and decision-making; demand and supply; the operation of markets; the theory of the firm; monopoly and competition; efficiency and the role of government.
Type Subject
Primer - Obligatoria
Semester
First
Course
1
Credits
4.00

Titular Professors

Previous Knowledge
Objectives

Amongst other things, students should come away with an understanding of the fundamental forces driving decision-making on the part of firms and consumers.

The overriding objective of this course is to enlighten students about the real world: how markets function, how consumers and businesses tend to behave, and how governments can improve or worsen market outcomes. The course should thus help students to understand the economic and business environment in which we all live, teach them how to make better economic decisions, and provide them with the basic knowledge to engage in public debate about the role of government policies and regulations.

Contents

Topic 1 Ten Principles of Economics.

Topic 2 Thinking like an economist.

Topic 3 The market forces of supply and demand.

Topic 4 Elasticity and its applications.

Topic 5 Consumers, producers and the efficiency of markets.

Topic 6 Supply, demand and government policies.

Topic 7 Public goods and Externalities.

Topic 8 The costs of production.

Topic 9 Firms in competitive markets.

Topic 10 Monopoly.

Topic 11 Monopolistic competition.

Topic 12 Oligopoly.

Methodology

Lectures will follow closely the structure and content set out in the main textbook ECONOMICS by Mankiw, N. Gregory and Taylor, Mark P.

Weekly homework should help students to develop a regular study routine and sit the exams with confidence.

Students are also expected to participate actively in class.

Evaluation

Participation 10%

Homework quizzes 10%

Mid-term exam 40%

Final examination 40%

Evaluation Criteria
Basic Bibliography

Mankiw, G., Taylor, M., ECONOMICS, Cengage Learning EMEA, 3rd edition 2014 or 4th edition 2017.

Additional Material