Universitat Internacional de Catalunya

Microeconomics 1

Microeconomics 1
6
7797
1
First semester
FB
Anàlisi Econòmica
Microeconomics
Main language of instruction: Catalan

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.
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

In the event that the health authorities announce a new period of confinement due to the evolution of the health crisis caused by COVID-19, the teaching staff will promptly communicate how this may effect the teaching methodologies and activities as well as the assessment.


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.


Competencies

  • 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

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

 



  1. The Science of Economics
  2. What is Economics?
  3. The main economic problems
  4. The two branches of Economics
  5. Resources' Assignment: The Production Possibility Frontier
  6. Graphics and slopes in Economy. Relations between variables.


  1. a
  2. Demand and supply, individual and market
  3. Tax Policy and the Law of Supply and Demand


  1. Social welfare: Consumer Surplus and Producer Surplus
  2. Government interventions: Taxes and Subsidies
  3. Government interventions: Fixing Prices
  4. Government interventions: Quotes and Tariffs
  5. Economic efficiency in competitive markets


  1. The Production Function. The technical efficiency. Fixed factors and variable factors
  2. Concept of isoquant
  3. Production in the short run: Total product, Average product and Marginal product
  4. Production in the short run: Law of Diminishing Marginal Returns, Output-elasticity and Cassel Production Periods
  5. Production in the long run: Returns to Scale

  6. Production functions


  1. Different concepts of cost
  2. Costs in the short run: Total cost, Average cost and Marginal cost
  3. Costs in the short run: Relationship between the Cost functions and the Product functions
  4. Costs in the long run: Concept of isocost and optimal production
  5. Costs in the long run: Average cost and Marginal cost in the long run
  6. Costs in the long run: Concept of Scale Economies. Cost elasticity


  1. Market structures
  2. Production decision in perfect competition
  3. Supply function of a firm in the short run and in the long run. Supply function of the market in perfect competition.
  4. Differences between perfect competition and monopoly
  5. 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

self-evaluation
lecture
in-class practical work (solving problems/videos/text comments/essays)
individual study
solving problems in classroom

18 19 20 21 22 23 27 31 50 53 55 58


TRAINING ACTIVITY:
  • Individual study

COMPETENCES:

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.

 

Teaching and learning material