Universitat Internacional de Catalunya
Microeconomics 1
Other languages of instruction: English
If the student is enrolled for the English track then classes for that subject will be taught in the same language.
Teaching staff
By appointment.
Introduction
This course will be taught in Catalan.
This course is compulsory within the official course syllabus for the Administration and Business Management degree.
The course will cover the basic concepts required for understanding the behaviour of individual economic agents (consumers and producers) as well as an introduction to market structures (perfect competition and monopoly).
Pre-course requirements
This course uses mathematical techniques with which students should already be familiar: first- and second-degree equations; derivatives and partial derivatives.
Sufficient knowledge of Catalan to follow the lectures and assimilate the teaching material to be included in the tests.
Objectives
1. To introduce the student to the field of economic analysis, teaching them how to think in economic terms.
2. To recognise the instruments for basic economic analysis.
3. To introduce the theory of production.
4. To recognise the perfect competition model.
Competences/Learning outcomes of the degree programme
- 13 - To be familiar with and understand the terms and processes of company management.
- 21 - To be familiar with the main theories in the fields of microeconomics and macroeconomics.
- 22 - To be able to identify the nature and behaviour of producers, consumers and investors.
- 23 - To be familiar with and know how to use microeconomic and macroeconomic analysis terminology.
- 24 - To be able to carry out a financial, social and historical analysis of the environment in which a company operates.
- 31 - To develop the ability to identify and interpret numerical data.
- 32 - To acquire problem solving skills based on quantitative and qualitative information.
- 50 - To acquire the ability to relate concepts, analyse and synthesise.
- 53 - To acquire the skills necessary to learn autonomously.
- 58 - To be able to develop self-assessment exercises.
- 64 - To be able to plan and organise one's work.
Learning outcomes of the subject
After completing the course, the student should:
- Have a basic knowledge of microeconomic analysis.
- Have acquired analytical skills to reach valid conclusions.
- Be able to incorporate scientific rigour in the analysis of economic issues.
Syllabus
Chapter 1 Introduction to Economics
Material
a exercicimicroeconomia.docx
a lecturesno1.pdf
Lectures 2 lecturesno2.pdf
a mic1.practicafpp.pdf
a programadesenvolupatmicro1.pdf
a grautestsintroduccio.pdf
1.1 The Science of Economics
1.2 What is Economics?
1.3 Positive Economics and Normative Economics
1.4 The Main Economic Problems
1.5 The Two Branches of Economics
1.6 Resources' Assignment: The Production Possibility Frontier
Chapter 2 Concepts and Basic Instruments for Microeconomic Analysis
Material
Reading nº 3 lecturesno3.pdf
2.1 The Individual Demand Curve, the Individual Supply Curve and Equilibrium
2.2 The Market Demand Curve, the Market Supply Curve and Equilibrium
2.3 a
2.4 a
2.5 Tax Policy and the Law of Supply and Demand
Chapter 3 Competitive Market Analysis
Material
a lecturesno4.pdf
3.1 Social Welfare: Consumer Surplus and Producer Surplus
3.2 Government Interventions: Taxes and Subsidies
3.3 Government Interventions: Fixing Prices
3.4 Government Interventions: Quotes and Tariffs
3.5 Economic Efficiency in Competitive Markets
Chapter 4 Production Theory
Material
a lecturesno5.pdf
a taulesigraficsproduccioicostos.pdf
4.1 The Production Function. Technical Efficiency. Fixed Factors and Variable Factors
4.2 Concept of Isoquant
4.3 Production in the Short Run: Total Product, Average Product and Marginal Product
4.4 Production in the Short Run: Law of Diminishing Marginal Returns, Output-Elasticity and Cassel Production Periods
4.5 Production in the Long Run: Returns to Scale
4.6 Production Functions
Chapter 5 Cost Theory
Material
a lecturesno6.pdf
5.1 Different Concepts of Cost
5.2 Costs in the Short Run: Total Cost, Average Cost and Marginal Cost
5.3 Costs in the Short Run: Relationship between Cost Functions and Product Functions
5.4 Costs in the Long Run: Concept of Isocost and Optimal Production
5.5 Costs in the Long Run: Average Cost and Marginal Cost in the Long Run
5.6 Costs in the Long Run: Concept of Scale Economies. Cost Elasticity
Chapter 6 Perfect competition versus monopoly
Material
a lecturesno7.pdf
6.1 Market Structures
6.2 Production Decisions in Perfect Competition
6.3 A Company’s Supply Function in the Short Run and in the Long Run. Supply Function of the Market in Perfect Competition
6.4 Differences between Perfect Competition and Monopoly
6.5 Monopolistic Equilibrium
- The Science of Economics
- What is Economics?
- The main economic problems
- The two branches of Economics
- Resources' Assignment: The Production Possibility Frontier
- Graphics and slopes in Economy. Relations between variables.
- a
- Demand and supply, individual and market
- Tax Policy and the Law of Supply and Demand
- Social welfare: Consumer Surplus and Producer Surplus
- Government interventions: Taxes and Subsidies
- Government interventions: Fixing Prices
- Government interventions: Quotes and Tariffs
- Economic efficiency in competitive markets
- The Production Function. The technical efficiency. Fixed factors and variable factors
- Concept of isoquant
- Production in the short run: Total product, Average product and Marginal product
- Production in the short run: Law of Diminishing Marginal Returns, Output-elasticity and Cassel Production Periods
- Production in the long run: Returns to Scale
- Production functions
- Different concepts of cost
- Costs in the short run: Total cost, Average cost and Marginal cost
- Costs in the short run: Relationship between the Cost functions and the Product functions
- Costs in the long run: Concept of isocost and optimal production
- Costs in the long run: Average cost and Marginal cost in the long run
- Costs in the long run: Concept of Scale Economies. Cost elasticity
- Market structures
- Production decision in perfect competition
- Supply function of a firm in the short run and in the long run. Supply function of the market in perfect competition.
- Differences between perfect competition and monopoly
- Monopolistic equilibrium
Teaching and learning activities
In person
The activities can be grouped into four types: presentation sessions, participatory sessions, practical sessions and individual or group study
|
TRAINING ACTIVITY |
COMPETENCES |
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self-evaluation |
18 19 20 21 22 23 27 31 50 53 55 58 |
Evaluation systems and criteria
In person
Clarification on evaluation:
The module will be evaluated using three elements: continuous evaluation (CE), with a weighting of 15%, mid-course examination (ME) and final examination (FE), with a weighting of 85%.
The content of the mid-course examination will include all the material covered up to the class before the examination. The mid-course examination will not be repeated. A student who does not sit the mid-course examination will obtain a zero score in it.
If a student attends less than 70% of classes, this may lead to the classification of 'not evaluated' for the first sitting.
Calculating the final mark:
1. For students who pass the mid-course examination:
Final Mark =(CEx0.15) + (PEx0.425) + (FEx0.425)
Where the final examination (FE) only includes all the course content after the mid-course examination. Passing the final examination (FE) is essential in order to pass the course. If the final examination is failed, the average previously obtained will not be counted and the second sitting will include all course material, regardless of exemption from the mid-coursemark examination.
2. For students who DO NOT pass the mid-course examination:
Final Mark = (CEx0.15) + (PEx0.25) + (FEx0.60)
Where the final examination (FE) includes all course content.
Both mid-course and final examinations consist of two parts: a multiple-choice test and problems. The multiple-choice test has a weighting of 65% and the problems have a weighting of 35%. Neither the mid-course nor final examinations can be passed if the student does not obtain a minimum score of 30% on all problems.
Second sitting:
The second-sitting examination (either in June or July) will be evaluated using the same criteria as the first one.
Bibliography and resources
Specific material as well as tests will be made available through out the course.
STIGLITZ, J. & WALSH, C. (1998). Principles of Microeconomics, W. W. Norton & Company Publisher
PINDYCK, R. & RUBINFELD, D. (2013). Microeconomics. Ed. Prentice-Hall.
CARRASCO, A. et al. (2012). Microeconomía intermedia – ejercicios resueltos. McGrawHill.
MANKIW, G. (2004). Principios de Economía. McGrawHill.
TUGORES, J., AYERBE, J. et al. (1999). Introducción a la Economía: Problemas y Cuestiones. Ed. Vicens Vives, Barcelona.