Microeconomics

Basic knowledge of quantitative methods

The classes will be in-person with a theoretical explanation of the subjets and Exercises application.

This subject aims at developing the student’s skills regarding mainly the following economic analysis issues:
– Identify and understand the basic principles of economics;
– Apprehend the fundamental economic concepts and apply economic rationality.
– Understand the market operating mechanisms in a perfect competition set
– Identify the main causes and effects resulting from changes in supply and demand, within market equilibrium.
– Understand and comprehend the main drivers of market’s perfect and imperfect competition
– Understand consumer behaviour

0. Introduction
0.1 – Course presentation
0.2 – The main economic issues
Chapter I – Demand, Supply and Prices
Demand curve
Supply curve
Market equilibrium
Chapter II – Consumer behaviour theory
2.1. Consumer’s rational choice
2.2. Individual and market demand
2.3. Consumer surplus
Chapter III – Firm theory
3.1. Production
3.2. Costs
Chapter IV – Perfect competition
4.1. Profit maximization
4.2. Optimal production level
Chapter V – Imperfect competition
5.1. Market power origins
5.2. Monopoly
5.3. Other forms of imperfect competition

Students can choose between 2 assessment methods:

1) Final exam (100% of the final grade)

Final exam by means of a written test. There will be no oral exam.

The exam will be taken without consultation, so the use of any equipment capable of storing files or memory records (namely graphic machines or similar) will not be permitted.

Alternatively

2) 

Periodic assessment consisting of two components:

(i) Mini Tests throughout the semester (equal weighting), taken individually and in class (Socrative Platform), at the end of each chapter of the subject matter (30% of the final grade).
The date of each Mini Test will be announced one week in advance.
There will be no minimum grades to access the following mini-tests, and the grades for these tests will only be released at the end of the semester.
This periodic assessment will still be valid during the appeal period.
Students may only withdraw from this assessment during the appeal period.

(ii) Final exam (70% of the final grade) by means of a written test (minimum grade of eight). There will be no oral exam.
The exam will be conducted without consultation and the use of any equipment with file storage or memory recording capabilities will not be permitted.
Conditions for access to this type of assessment:
To access this assessment system, students must be present in 75% of the scheduled classes.

Final Grade = Mini Test (30%) + Final Exam (70%)

Regardless of the assessment method chosen, students will pass the course if they have a Final Grade greater than or equal to 9.5.
If they have a grade higher than 16, they will have to defend their grade in an oral exam.

If they do not do so, they will receive a Final Grade of 16.

NAO