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ISCTE-IUL  >  Education  >  LG

Microeconomics (1 º Sem 2016/2017)

Code: L5004
Acronym: L5004
Level: 1st Cycle
Basic: No
Teaching Language(s): Portuguese, English
Friendly languages:
Be English-friendly or any other language-friendly means that UC is taught in a language but can either of the following conditions:
1. There are support materials in English / other language;
2. There are exercises, tests and exams in English / other language;
3. There is a possibility to present written or oral work in English / other language.
1 6.0 18.0 h/sem 0.0 h/sem 36.0 h/sem 0.0 h/sem 0.0 h/sem 0.0 h/sem 1.0 h/sem 55.0 h/sem 95.0 h/sem 0.0 h/sem 150.0 h/sem
Since year 2016/2017
Pre-requisites None
Objectives The main goal of Microeconomics  is to present the foundations of modern microeconomic theory, namely consumer theory, producer theory, and markets. This unit also aims to stimulate economic reasoning in students through the discussion of examples of specific markets.
Program 1. Introduction to markets: demand, supply and equilibrium.
2. Consumer theory
The budget constraint and the set of feasible choices; preferences and utility; optimal choice; individual demand; market demand; elasticities; extensions to the rational consumer model.  
3. Producer theory
Technology and the production function in the short and in the long run, marginal productivities and scale returns; short and long run costs; profit maximization.
4. Market structure
Perfect competition: assumptions; the individual supply curve and market supply; market equilibrium in the short and in the long run; consumer and producer surplus; the efficient market result; introduction to market failures.
Monopoly: the firm's choice; efficiency losses; natural monopolies; price discrimination.
Imperfect competition: basic game theory, Nash equilibrium; examples of oligopoly models; cartels and regulation.

Evaluation Method Performance evaluation includes the following elements:
-  Two short quizzes of 20 minutes, which take place in the lecture room, each having a weight of 20%;
- Participation in class, including problem set resolution (10%);*
- Written exam at the end of the term (50%).**

* In the performance evaluation, the student has to have a minimum of 80% attendance in class.
**In order to get a positive grade in the course, the mark of the written exam cannot be below 8.5.

Teaching Method The lecture classes have the main goal of presenting microeconomic theory, allowing the students to assimilate concepts, develop economic reasoning and understand model applications.
The practice classes are meant for active discussion between teachers and smaller groups of students, allowing for problem solving and some experimental economics games.
Tutoring hours (OT) allow students to clarify specific problems.
Observations Students are expected to participate actively throughout the semester. This means studying before classes, solving the problem sets, and complying with the course evaluation.
Basic Bibliographic Frank, R., and Cartwright, E. Microeconomics and Behavior, 9ª Ed, New York: McGrawHill, 2013
Pindyck, R.S. e D.L. Rubinfeld, Microeconomics, 7ª Ed., New Jersey: Pearson Prentice-Hall, 2009

Complementar Bibliographic Krugman, P. e R. Wells, Microeconomics, New York: Worth Publishers, 2009
Varian, H.R., Intermediate Microeconomics, A Modern Approach, 8ª Ed, W. W. Norton & Company, 2009
Sítios de referência na Internet: ver links no e-learning do ISCTE-IUL