Microeconomics I

Recommended Prerequisites

Mathematics corresponding to 12th year (A) and the understanding of abstraction in scientific knowledge.

Teaching Methods

Lectures and practical classes. Practical classes:  students will solve questions and exercises listed as homework; students are encouraged to assist colleagues in the blackboard to solve the exercises and answer any questions.

Learning Outcomes

Overall objectives: Understand the basic knowledge of microeconomic theory: economic laws, how economists work; economic agents’ behaviour and the organization of economies.

Specific objectives: Understand and represent graphical and numerical information; individual and market demand and supply behaviour; foundations of individual behaviour, the role of costs in supply; different representations of markets; abstract representation of markets and market failures.

Generic competencies: Be able to read and expose news about the economy; to identify the presence of “opportunity costs” in the daily activity ant its value; to distinguish between normative and positive economics

Specific competencies: Understand graphics; ceteris paribus assumption violation; mathematical expressions associated with economic behaviors and values for its parameters; costs and income, private and social.

Work Placement(s)

No

Syllabus

Economics as a science

Demand and supply: quantities and prices

Demand and supply elasticity’s

Consumer choice: from utility theory to indifference theory

The cost structure of firms

Perfect competition markets

Monopoly

Imperfect competition

Inputs markets

Market failures

Head Lecturer(s)

Nuno Miguel Barateiro Gonçalves Silva

Assessment Methods

Assessment
Periodic or by final exam as given in the course information: 100.0%

Bibliography

ANDRADE, João Sousa - Introdução à economia. Coimbra : Minerva,1998. [BP 330.1 AND]

LIPSEY, Richard G. ; CHRYSTAL, K. Alec -  Economics. 13th ed.. Oxford : Oxford University Press, 2011. [BP 330.1 LIP]