Curricular Unit:Code:
Microeconomics777MIC
Year:Level:Course:Credits:
2UndergraduatePolitical Science and International Relations6 ects
Learning Period:Language of Instruction:Total Hours:
Winter SemesterPortuguese/English78
Learning Outcomes of the Curricular Unit:
To understand the principles of microeconomics underlying the individual behaviour of consumers and companies, as well as their market interaction, within different market structures. To understand the mechanism of prices as a market regulator. To know the consumer theory and the production and costs theory. To understand microeconomic analysis in different market structures.
Skills: acquisition of specific knowledge in microeconomics; problem solving; application of knowledge to different contexts; adaptation to new situations; autonomy.
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. Allows understanding how perfect competition markets work, by analysing the impact of changes in supply/demand; the relationship between supply and demand price elasticities and market equilibrium; the impact on the market resulting from the imposition of price floors/ceilings and taxes/subsidies. Part II. Allows understanding consumers’ decision-making by examining how consumers decide what quantities of various commodities to consume, stemming from the relation between consumer preferences and indifference curves and the budget constraint. Part II. Allows understanding producers decision-making in different market structures, by interpreting the relations between product/total cost/average/marginal in short and long period, and by analysing price setting decision in competitive, monopoly, oligopoly, and monopolistic competition markets.
Teaching Methodologies (Including Evaluation):
The course resorts to theoretical presentations, conceptual clarification, calculus and graphical analysis. Lessons combine theory and practice, and case-study scenarios are analysed. Assessment is based on two interim tests (50% + 50%) or a final exam.
Demonstration of the Coherence between the Teaching Methodologies and the Learning Outcomes:
The combination of theoretical presentations and problem solving tasks enables students to acquire specific theoretic knowledge in microeconomics as well as to practice its application to specific case-scenarios.
Reading:
Barbot, C. e Castro, A. (2006). Microeconomia. Lisboa: McGraw-Hill.
Frank, R.H. (2006). Microeconomics and Behavior. New York: McGraw-Hill.
Krugman, P. e Wells, R. (2018). Economics. NY: Worth Publishers.
Mankiw, N. G. e Taylor, M. P (2017). Economics. Hampshire: Cengage Learning.
Nabais, C. e Ferreira, R. (2011). Microeconomia - Lições e Exercícios. Lisboa: Lidel Edições Técnicas.
Pinho, Micaela. (2016). Microeconomia - Teoria e Prática Simplificada, 3ª Ed. Lisboa: Edições Sílabo.
Samuelson, P. A. and Nordhaus. W. (1996). Economia, London: McGraw-Hill.