Curricular Unit:			Code:
Microeconomics			1175MIC
Year:	Level:	Course:	Credits:
1	Undergraduate	Business Sciences	8 ects
Learning Period:		Language of Instruction:	Total Hours:
Winter Semester		Portuguese/English	104
Learning Outcomes of the Curricular Unit:
The goal of microeconomics is to study the behavior of firms and consumers in different market structures and to comprehend their decision-making process in resource allocation. Based on advanced manuals, the study aims to develop the following skills: (1) instrumental skills related to the acquisition of specific knowledge in economics, information analysis and synthesis, problem solving, and decision making; (2) interpersonal skills related to interdisciplinary communication, as well as the ability to construct complex arguments with supporting evidence; and (3) systemic competencies of knowledge application, autonomy, interdisciplinary communication, and the ability to analyze relevant social and ethical issues.
Syllabus:
PART I - SUPPLY, DEMAND AND HOW MARKETS WORK: The market forces of Supply and Demand, Elasticity and its Applications; Government Policies; Welfare Analysis. PART II - CONSUMER BEHAVIOR: Preferences, Budget Constraint, Consumer’s Choice. PART III – FIRM BEHAVIOR: Technology and Production, Market Structures (Perfect competition, Monopoly, Oligopoly)
Demonstration of the Syllabus Coherence with the Curricular Unit's Objectives:
Part I Explains how perfect competition markets work by analysing the impact of changes in supply and demand, the relationship between supply and demand price elasticities, market equilibrium, and the impact on the market of imposing price floors/ceilings and taxes/subsidies. Part II. Aids in understanding consumer decision-making by examining how consumers decide how much of each commodity to consume, as a result of the relationship between consumer preferences and indifference curves and the budget constraint. Part III. Facilitates understanding of producer decision-making in various market structures by interpreting the relationships between product/total cost/average/marginal over short and long time periods, and by analysing price setting decisions in competitive, monopoly, oligopoly, and monopolistic competition markets.
Teaching Methodologies (Including Evaluation):
The course relies heavily on theoretical presentations, conceptual clarification, calculus, and graphical analysis. Lessons incorporate both theory and practice, and case-study scenarios are examined. Two interim tests (50 percent + 50 percent) or a final exam are used to assess students.
Demonstration of the Coherence between the Teaching Methodologies and the Learning Outcomes:
The combination of theoretical presentations and problem-solving tasks allows students to gain specific theoretical knowledge in microeconomics while also practicing its application to specific case scenarios.
Reading:
Goolsbee, A. e Levitt, S. e Syverson, C. (2018). Microeconomia. São Paulo: Atlas. Krugman, P. e Wells, R. (2018). Economics. NY: Worth Publishers. [CDU 33- 339 5ª ed]. Mankiw, N. G. e Taylor, M. P. (2017). Economics. Hampshire: Cengage Learning. [CDU 33- 4ª ed]. Mankiw, N. G. (2008). Introdução à Economia. São Paulo: Cengage Learning. Pinho, Micaela. (2019). Microeconomia - Teoria e Prática Simplificada. Lisboa: Edições Sílabo. [CDU 330.10 - 3ª ed]. Samuelson, P. A. and Nordhaus. W. (1996). Economia, London: McGraw-Hill. [CDU 33(075.8) - 14ª ed]. Varian, Hal R. (1992). Microeconomic analysis. London: W. W. Norton. [CDU 330.1 - 7ª ed].
Lecturer (* Responsible):
Luísa Vasconcelos (lvasc@ufp.edu.pt)