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Microeconomics

Microeconomics

Code	13995
Year	1
Semester	S2
ECTS Credits	6
Workload	TP(60H)
Scientific area	Economics
Entry requirements	Does not apply
Mode of delivery	Classroom Teaching.
Work placements	Has not
Learning outcomes	This curricular unit (CU) has as main objective to provide students with bases of microeconomic theory as well as to empower them with critical power of argumentation on microeconomic issues. At the end of the CU, students should be able to: - Understand how individual consumers make their consumption decisions. - Analyze how firms make their decisions about production. - Analyze production costs. - Solve concrete problems of production and consumption - Understand how economic agents interact in the market, depending on the structure in which they operate. - Understand the functioning of supply and demand and the formation of market equilibrium. - Understand and distinguish different market structures. - Analyze the monopoly's social losses compared to perfect competition. - Be able to realize a coherent microeconomic discourse, and to be able to apply the theory to concrete cases of reality.
Syllabus	1. The consumer theory: 1.1 Budget constraint 1.2 Consumer preferences 1.3 Utility 1.4 Consumer choice 1.5 Effects of price changes. 1.6 Effect of income variation 2. The theory of production and costs: 2.1 Technology and theory of production 2.2 Production Costs 3. Market structures: 3.1 Market demand and supply 3.2 Consumer and producer surplus 3.3 Elasticities 3.4 Perfect competition 3.5 Imperfect competition: monopoly, oligopoly and monopolistic competition.
Main Bibliography	Frank, R.H. (1997): Microeconomia e Comportamento, Lisboa, McGraw-Hill; Mankiw, N. (2001) Princípios de Economia, Campus, trad da 2ª ed Americana. Pindick, R., Rubinfeld, D. (2002), Microeconomia, Pearson Education, Quinta Edição. Samuelson, P. e Northaus, W.D. (2005): Economia, Lisboa, McGraw-Hill;
Language	Portuguese. Tutorial support is available in English.