COURSE GUIDE MICROECONOMICS

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1 ACADEMIC YEAR: DETAILS OF THE COURSE 1.1. Name: Microeconomics COURSE GUIDE MICROECONOMICS 1.2 Code: Plan: - Grade in Economics (curriculum 2010) - Grade in Administration and Business management (curriculum 2010) - Grade in Finance and Accounting (curriculum 2010) - Grade in Marketing and Market Research (curriculum 2010) 1.4.Level: Undergraduate 1.5 Course: 1 st 1.6. Type: Basic 1.7. Semester: 2 nd 1.9. ECTS: Theoretical: Practical: Descriptors: Analysis of microeconomics Use of a Virtual Platform: Semi-presential (b-learning) 2. LECTURER 2.1. Name: Dr. Ignacio Amate Fortes 2.2. Department: Economy and Company 2.3. Field of Knowledge: Theory of Economics, Public Economics and Institutions 2.4. Office: 0.11, Building B 2.6. Mentoring: Time and place will be set at the beginning of the term st Semester: nd Semester: 2.7. Phone: iamate@ual.es 2.9. Virtual platform WEB CT: Yes Personal Webpage: Web de Amate Fortes, Ignacio 3. DATA OF THE DEPARTMENT 3.1. Name: Economy And Company 3.2. Fields of Knowledge of the Department: Management, accounting, finance, marketing, applied economics and history Director: Dr. Salvador Cruz Rambaud Office: 2.28 Building B Phone: Head of Administration: Sergio Albacete Sáez Office: Building B scruz@ual.es Phone: Fax: salbacet@ual.es 1

2 4. CONTEXT 4.1. Main objective of the course: Based on the study on supply and demand in the subject Introduction of Economics, elasticity and its characteristics are analysed in this subject. Then, a simple model of the consumer behaviour is studied, which culminates the derivation of demand function. Based on productions and costs functions, also studied in Introduction of Economics, we analyse the characteristics of two types of market: perfect competition and monopoly. Finally, we study the market of production factors. 4.2 Previous knowledge: Lessons of microeconomics of the subject Introduction of Economics. Basic knowledge in mathematics Prior conditions: None. 5. COMPETENCIES AND OBJECTIVES 5.1 COMPETENCIES OF THE COURSE 5.2 OBJECTIVES OF THE COURSE GENERAL COMPETENCES: Generic competences of the University of Almería Basic knowledge to best satisfy professional demands. Capacity to solve. Skills in oral and written communication. Work in group. Ability to learn to work independently. Another generic competences Ability to issue opinions. Application of knowledge. Understand and have knowledge GENERAL OBJECTIVES OF THE COURSE Get the basic knowledge of microeconomics issues. Understanding the actions of consumers in their purchasing decisions, following a simple economic model. Understanding the behaviour of the company, which seeks to achieve the optimal situation, in several types of markets: perfect competition and monopoly. Study of the markets of production factors, in which the firm is plaintiff. 2

3 SPECIFIC COMPETENCES Knowledge and application of the basic concepts of Microeconomics (FBC07). Knowledge of how competitive and no competitive market, and production factors market work. 6.CONTENTS LESSON 1: ELASTICITY 1. The elasticity: Concept of elasticity The price elasticity of demand Elasticity and expenditure 2. The cross-price elasticity of demand 3. The income elasticity of demand 4. The price elasticity of supply 5. Elasticity and time LESSON 2: CONSUMER BEHAVIOR 1. The utility 2. The indifference curve 3. Budget constraint 4. Consumer equilibrium and the effects on the equilibrium 5. Deriving the demand curve LESSON 3: PERFECTLY COMPETITIVE MARKET 1. Characteristics of perfect competition 2. Profit maximization 3. Firm s supply curve and market supply 4. Short-run and long-run equilibrium LESSON 4: MONOPOLY 1. Varieties of imperfect competitors 2. Monopoly: characteristics, equilibrium and profit-maximizing conditions 3. Monopoly versus perfect competition 4. Types of monopoly 5. Price discrimination 3

4 LESSON 5: FACTOR MARKETS 1. Factors and derived demand 2. Factor demands: Marginal product and least cost Producer equilibrium 3. Shifts of the factor demand 4. Study of the factor markets: labor, land and capital PRACTICAL CONTENTS: The students will solve and explain the questions and exercises of these five lessons. 7. METHODOLOGY 7.1 Methodology for the treatment of the theoretical contents: The lecturer will explain every unit. A summary of the contents and the presentations of power point will be available on WebCT. Students will read the summary at home before the beginning of each lesson. Additionally, audio-visual material (videos and movies) could be used to convey the theoretical contents. 7.2 Methodology for the treatment of practical content: exercises of each lesson will be available on WebCT at ending of the unit. Students will solve and explain these questions and exercises. Additionally, work groups will compete in a microeconomic knowledge game. 4

5 7.3 Workload of the student (calculated by number of hours) WORKING HOURS OF THE STUDENT IN-CLASS HOURS (with professor) TEACHING ACTIVITY NO. HOURS NO. OF GROUPS TEACHING HOURS (in ECTS) CLASS of theory (THEORY GROUP ACCORDING TO OD) CLASS OF PRACTICAL Laboratory TRAINING (PRACTICE Problems GROUPS ACCORDING TO Informatics OD) Field Other OTHER TEACHING ACTIVITIES Seminars Group Tutoring Other SUBTOTAL IN-CLASS HOURS HOURS FOR TESTS AND EXAMS AUTONOMOUS WORKING HOURS (not in-class, estimated) HOURS OF PREPARATION FOR ACTIVITIES AND WORK 50 (theory) HOURS OF PREPARATION FOR ACTIVITIES AND WORK 55 (practice) HOURS OF STUDY FOR TESTS AND EXAMS 5 OTHER SUBTOTAL AUTONOMOUS WORKING HOURS TOTAL WORKING HOURS STUDENT TEACHER

6 7.4 Temporary Sequencing of the Course WEEK THEORETICAL CONTENTS PRACTICAL CONTENTS Lesson 1: Elasticity Lesson 2: Consumer behaviour Lesson 3: Perfect competition Lesson 4: Monopoly Lesson 5: Factor markets THEORY GROUP OD HOURS (anticipation) PRACTICE GROUP OD SEMINARS/ SMALL GROUPS Other 8. BIBLIOGRAPHY OF THE COURSE 8.1 Mandatory Reading : Kurgman, P. and Wells R. (2005). Microeconomics. Ed.: Worth Publichers. Samuelson, P. A. and Nordhaus, W.D. (2010). Microeconomics. Ed.: McGraw Hill. Salvatore, D. (2003). Microeconomics. Ed.: McGraw Hill. 1.3 Web addresses: Instituto Nacional de Estadística Banco de España Instituto de Estadística de Andalucía Finanzas.com 6

7 Invertia 9 EVALUATION SYSTEM 9.1 Aspects and/or criteria: The following criteria will constitute the basis of the evaluation of the student work in the practical classes and the final test exam: Mastering the basic contents of the course. Ability to use academic vocabulary in order to reflect on the course topics. Clear and correct presentation of ideas. Capacity to establish relationships between different topics. Using academic resources. Ability to explain how to resolve a microeconomic problem. Capacity to understand and correctly apply fundamental concepts. 9.2 Modalities and instruments: The evaluation will be carried out as a continuous evaluation. 9.3 Marking system: 70% Final Test exam. 20% Participation in practical classes through the explanation of the resolution of questions and exercises. 4% Individual research work. 4% Self-evaluation 2% Participation on WebCT forum. 7