Curricular Unit:			Code:
Microeconomics			870MIC
Year:	Level:	Course:	Credits:
1	Undergraduate	Commercial Management and Accounting	8 ects
Learning Period:		Language of Instruction:	Total Hours:
		Portuguese/English	104
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 teaching method includes the presentation of concepts and theoretical models, and solving exercises. Competencies are assessed through 3 mid-term tests, each lasting 45m: T1 (35%); T2 (30%); T3 (35%).
Demonstration of the Coherence between the Teaching Methodologies and the Learning Outcomes:
The combination of theoretical presentations and exercises enables students to acquire specific theoretic knowledge in microeconomics as well as to practice its application to specific case-scenarios.
Reading:
Krugman, P. e Wells, R. (2018). “Economics.” NY: Worth Publishers. Krugman, P. e Wells, R. (2007). “Introdução à Economia”, 3/e. Rio de Janeiro: Elsevier. Mankiw, N. G. e Taylor, M. P. (2017). “Economics.” Hampshire: Cengage Learning. Mankiw, N. G. (2008). “Introdução à Economia”, 6/e. São Paulo: Cengage Learning. Morgado, A. J. e Ferreira, P. (2016) “Princípios de Microeconomia”. Lisboa: Rei Livros. Pinho, M. (2016). Microeconomia - Teoria e Prática Simplificada, 3ª Ed. Lisboa: Edições Sílabo Robert, F. (2006). “Microeconomics and Behavior”. NY: McGraw-Hill. Samuelson, P. e Nordhaus, D. (2011). “Economia”, 19/e. Lisboa: McGraw Hill.