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

NAO