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.
Mondays 9:00-10:00 or Fridays 17:00-18:00. Important: please send an email in advance in order to confirm your meeting with the instructor (firstname.lastname@example.org).
Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of scarce resources. It studies how individuals/households make consumption choices, what factors influence their choices and how their decisions affect the markets of goods in terms of the prices set by firms, the supply and demand.
Understanding Microeconomic analysis is essential as it provides us with the necessary economic tools to understand and make certain business decisions, governmental economic policies that affect firms’ management and, in general, to understand the functioning of a modern economy.
- This course uses mathematical techniques you should be familiar with: first and second degree equations; derivatives and partial derivatives.
- To know English language to be able to follow the lectures and understand part of the didactic material you will receive.
The purpose of this course is to familiarize students with the analysis of business decisions and evaluating the performance of different markets and the economy as a whole.
To learn the basic microeconomic tools to study various models of economic theory. The focus of the course is designed so that students learn to think like economists in explaining events and different economic and business decisions.
- 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.
- 60 - To acquire knowledge that promotes respect for other cultures and habits.
After this course you will be able to:
- Understand how individuals and firms behave and interact in the market.
- Understand the market structure, the perfect competition setting and deviations from it.
- Understand strategic behaviours of firms and consumers.
- Acquire good mathematical skills, interpret basic microeconomic graphs and curves and give economic meaning to them using the appropriate terminology.
- Solve exercises and problems independently, acquiring a good understanding and with economic reasoning.
Lesson 0: Introduction
Lesson 0.1. Preliminaries.
Lesson 0.2. The bascics of supply and demand.
Lesson 1: Review of Economic theory of the consumer
Lesson 1.1. Consumer budget, preferences, utility, and choice.
Lesson 1.2. Demand.
Lesson 2: Review of Economic theory of the firm.
Lesson 2.1. Cost minimization and Cost curves.
Lesson 2.2. Firm supply and perfect competition.
Lesson 2.3. Industry Supply.
Lesson 3: Monopoly
Lesson 3.1. Definition and characteristics.
Lesson 3.2. Profit maximization of the monopoly.
Lesson 3.3. Inefficiency of the monopoly.
Lesson 3.4. Natural monopoly.
Lesson 3.5. Price discrimination: definition and strategies.
Lesson 4: Monopolistic competition
Lesson 4.1. Characteristics and imperfect competition.
Lesson 4.2. Product differentiation.
Lesson 5: Oligopoly
Lesson 5.1. Characteristics of Oligopolies: how to choose a strategy?
Lesson 5.2. Non-cooperative oligopolies: Cournot, Stackelberg, and Bertrand models.
Lesson 5.3 Cooperative oligopolies: Collusion.
Lesson 6: Game theory
Lesson 6.1. Two-player game: Nash Equilibrium.
Lesson 6.2. Simultaneous and Sequential games.
Lesson 6.3. Strategies.
Lesson 7: Asymmetric information
Teaching and learning activities
classroom practice (solving problems/videos/text comments/essays)
solving problems at classroom
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Bibliography and resources
PINDYCK, R. & RUBINFELD, D. (2009). Microeconomics. Ed. Prentice-Hall
VARIAN, H. (2009). Intermediate Microeconomics: A Modern Approach. W. W. Norton & Company
FRANK, R. (2008), Microeconomics and behavior. McGraw-Hill Irwin
SNYDER, C. & NICHOLSON, W. (2012). Microeconomic theory, Cengage Learning