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Microeconomics 2017/2018

  • 6 ECTS
  • Taught in Portuguese
  • Both continuous and final Assessment

Objectives

At the end of the semester, the student should be able to: (i)explain the process of decision making in the context of scarce resources; (ii) explain and analyze some of basic economic concepts and principles
and (ii) analyze and apply the main microeconomic instruments to a variety of economic problems, namely individual economic decisions.

Recommended Prerequisites

Basic knowledge of mathematics

Teaching Metodology

The methodology adopted is the type expositive-active, using simultaneously the means, expository and interrogative. During classes and in order to stimulate the thinking of students, teachers use teaching techniques such as oral communication, demonstration, raising questions and case studies. Additionally, exercises will be solved applying the knowledge transmitted

Body of Work

I. Introduction - Economics and Economic Reasoning.
1.1 Economic Global Vision.
1.2 Economic subject.
1.3 The scarcity principle.
1.4 Methodology.
1.5 Basic problems of economic organization.
II. Individual Markets. Demand, Supply, Prices and Elasticity’s
2.1 Basic principles of the Markets.
2.2 Demand.
2.2 Supply.
2.3 Equilibrium and stability.
2.5 Elasticities.
2.6. Taxes.
2.7 Subsidies.
III. Consumer Theory.
3.1. Utility theory.
3.2. Rationality axioms.
3.3. Marginal utility and law of decreasing marginal utility
3.4. Value paradox
3.5. Prices and marginal benefit theory
3.6. Indifference curves.
IV. Production Theory
4.1. Production - technical aspects
4.2. Distinction between short, medium and long run.
4.3. Production in the short run.

Recommended Bibliography

- Colander, D. (2012) - Microeconomics - McGraw-Hill, 9ª ed.
- Frank, R. (2015)- Microeconomics and Behavior, 9th Ed. McGraw Hill Education.
- Pinho, M. (2016) - Microeconomia: Teoria e Prática Simplificada 3th Ed. Editora Sílabo. Lisboa
- Samuelson, P. e Nordhaus,W.D. (2012) - Economia, 19ªed. - McGraw-Hill. Lisboa.
- Varian, H. (2010) – Intermediate Microeconomics: a modern approach, 9th ed. W.W. Norton & Company

Sistema de B-Learning da UPT: Moodle(UPT), acessível em: http://elearn.uportu.pt/login/index.php

Complementary Bibliography

- Frank, R. H. (2013) - Microeconomic and Behaviour - 8th Ed. McGraw Hill.
- Mankiw, G. (2017) - Principles of Economics (8th ed.). Cengage Learning;
- Nicholson,W.; Synder, C. (2016) - Microeconomic Theory-Basic Principles and Extensions, 12th ed. Cengage Learning- Varian, H. (2010) – Intermediate Microeconomics: a modern approach, 9th ed. W.W. Norton & Company

Weekly Planning

Week 1-2 Chapter I
Week 3-7 - Chapter II
Week 8-12 - 1st evaluation and Chapter III
Week 13-15 - Chapter IV

Demonstration of the syllabus coherence with the curricular unit's objectives

Program content 1 and 2 contribute to achieving the first two objectives and program content 3 and 4 contribute to the 3rd objective

Demonstration of the teaching methodologies coherence with the curricular unit's objectives

The expositive methodology type contributes to reach the three defined objectives. The interrogative methodology type and the resolution of exercises reinforce the three objectives defined

relevant generic skillimproved?assessed?
Achieving practical application of theoretical knowledgeYesYes
Adapting to new situationsYesYes
Analytical and synthetic skillsYesYes
Event organization, planning and managementYesYes
Problem Analysis and AssessmentYesYes
Problem-solvingYesYes
Self-assessmentYesYes
Written and verbal communications skillsYesYes
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