Subject: Microeconomics I
Number of ECTS:
1 - Understand and apply new concepts of microeconomics (marginal rate of substitution, Hicks and Slustky compensation, income and substitution effects, compensação à Hicks e à Slustky, consumer and aggreagate demand, perfect information, cost function, firm and aggregate supply, monopoly among others).
2 - Use the methodology of economic logic, with emphasis on their mathematical formalization (use of partial derivatives, constraint maximization).
3 - Solve problems using the methodology of economic logic and the concepts learned (calculation and discussion of the best solution for consumers and firms).
4 - Be able to select the appropriate theoretical models to analyzeconcrete situations and justify their choices.
1 - INTRODUCTION Microeconomics: analyses and methods.
2 - CONSUMER THEORY Among other topics: The consumer's budget constraint. Preferences. Utility Function. The optimal choice of the consumer. Analysis of comparative statics: variations in income. The theory of revealed preference. The market demand. Market equilibrium
3 - PRODUCTION and cost THEORY Among other topics: Fixed and variable inputs. Isoquants. Returns to scale: constant, in and decreasing. Returns to scale and isoquants. Long-term Costs: isocosts. Choice of optimal productive combination. Relationship between the long-term expansion and the optimal choice of the company. Returns to scale ( constant, increasing and decreasing) andshape of cost functions. The long-term cost curves and the structure of the sector. Relationship between the cost of long-term and shortterm cost functions.
4 - MARKET ANALYSIS Perfect competitive Markets. Monopoly. Its Causes.
Mateus, A. e M. Mateus , Microeconomia Teoria e Aplicações , Editorial Verbo
Mateus, A. e M. Mateus , Microeconomia Exercícios e Estudo de Casos , Editorial Verbo
Frank, R. , Microeconomia e Comportamento , Mc GrawHill
Assesssment methods and criteria:
Classification Type: Quantitativa (0-20)
The programs of theoretical and practical lessons, oral expositions, the tests and the final exams are designed to develop and to test thoroughly the understanding of the principles and applications of microeconomics. Teaching format: the program of lectures is complemented by a program of practical lessons. Each student is part of a group of 5 students in the practical lessons in which they should check the resolution that students must already have tried to make at home. The work is based on the student. Assessment: Periodic assessment: On days set there will be two evaluation tests. Each test counts 50% to the final grade giving a value that rounded to the nearest integer or next (if this is the opinion of the teaching team) is the final note. Assessment by final exam: for all students who have not obtained approval in periodic assessment the final note is the note of the final exam whereby the result is rounded to the nearest integer.