Principles of Microeconomics

Recommended Prerequisites

NA

Teaching Methods

Lectures: Presentation of fundamental microeconomics contents, combined with the discussion of current topics related to the syllabus, in order to turn the most dense and complex subjects more intuitive to students.

Practical classes:

- Solving real or simulated exercises, which imply the application of theoretical knowledge, the discussion of related themes and the promotion of learning by doing, encouraging students to resolve practical problems as autonomously as possible. 

Learning Outcomes

Objectives:

-           To understand the basic principles of economic theory and in particular of microeconomics;

-           To develop the economic reasoning by applying those principles and instruments to intuitively understand the (individual and aggregate) behaviour of economic agents and how the market works.

-           To understand the fundamental differences between extreme market structures and to realize that, in most industries, markets perform differently and/or exhibit failures.

Students should develop the following competencies:

-           Capacity to interpret and represent economic information in graphs and numerical relations;

-           Capacity to recognize the presence of economic concepts and economic reasoning in economic agents’ real life;

-           To identify the presence of the market structures’ characteristics studied in specific industries.

Work Placement(s)

No

Syllabus

1. Economics as a Science

2. Demand and Supply

3. Elasticity of Demand and Supply

4. Consumer Choices

5. Production and Costs

6. Market Structures

7. Market Failures

Head Lecturer(s)

Maria Rita Vieira Martins

Assessment Methods

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

Bibliography

Krugman, P. & Wells, R. (2021). Microeconomics. 6th Ed. Macmillan

Lipsey, R. & Chrystal, K. A. (2020). Economics. 14th Ed. Oxford University Press.

Mankiw, N. G. (2020). Principles of Economics. 9th Ed. Cengage learning.

Martins, R., Antunes, M., Silva, N. & Andrade, J. S. (Forthcoming - 2022). Princípios de Microeconomia - Questões e exercícios. Imprensa da Universidade de Coimbra.