Microeconomics I
Code: 102337 ECTS Credits: 6| Degree | Type | Year | Semester |
|---|---|---|---|
| 2501572 Business Administration and Management | OB | 2 | 1 |
| 2501573 Economics | OB | 2 | 1 |
Contact
- Name:
- Ferran Sancho Pifarré
- Email:
- Ferran.Sancho@uab.cat
Use of Languages
- Principal working language:
- catalan (cat)
- Some groups entirely in English:
- Yes
- Some groups entirely in Catalan:
- Yes
- Some groups entirely in Spanish:
- Yes
Teachers
- Ferran Sancho Pifarré
- Ricard Esparza Masana
- Dragan Filipovich Zachrisson
- Amedeo Piolatto
Prerequisites
It is recommended that the following courses have been passed:
Introduction to Economics
Mathematics I and II
Objectives and Contextualisation
The aim of this course is to understand the basic tools of microeconomic analysis and to become proficent in their use.
The topics that will be covered include:
Consumer Theory (preferences and utility), Consumption and Demand, Production Theory.
Competences
- Business Administration and Management
- Capacity for adapting to changing environments.
- Capacity for independent learning in the future, gaining more profound knowledge of previous areas or learning new topics.
- Capacity for oral and written communication in Catalan, Spanish and English, which enables synthesis and oral and written presentation of the work carried out.
- Identify the forces that govern demand and supply.
- Identify the processes that govern the functioning of markets in different competition regimes in different scenarios of interrelation and in different timeframes.
- Organise the work in terms of good time management, organisation and planning.
- Select and generate the information necessary for each problem, analyse it and take decisions based on that information.
- Show motivation for carrying out quality work and sensitivity to the consequences for the environment and society.
- Work well in a team, being able to argue proposals and validate or reject the arguments of others in a reasoned manner.
- Economics
- Apply mathematical instruments to synthesise complex economic-business situations.
- Capacity for adapting to changing environments.
- Capacity for independent learning in the future, gaining more profound knowledge of previous areas or learning new topics.
- Identify the forces that govern demand and supply.
- Identify the processes that govern the operation of markets in different competition systems, different scenarios of interrelationship and different timescales.
- Organise the work in terms of good time management, organisation and planning.
- Select and generate the information necessary for each problem, analyse it and take decisions based on that information.
- Show motivation for carrying out quality work and sensitivity to the consequences for the environment and society.
- Work well in a team, being able to argue proposals and validate or reject the arguments of others in a reasoned manner.
Learning Outcomes
- A capacity of oral and written communication in Catalan, Spanish and English, which allows them to summarise and present the work conducted both orally and in writing.
- Analyze the determinants of demand.
- Analyze the determinants of supply.
- Associate the technological structure of the company cost structure and describe the processes of translation.
- Capacity to adapt to changing environments.
- Capacity to continue future learning independently, acquiring further knowledge and exploring new areas of knowledge.
- Demonstrate motivation regarding the quality of the work performed and sensitivity regarding the consequences on the environment and society.
- Organise work, in terms of good time management and organisation and planning.
- Relate the inter-temporal aspects to the processes of decision-making of economic agents.
- Select and generate the information needed for each problem, analyse it and make decisions based on this information.
- Solve balances and interpret its meaning.
- Work as part of a team and be able to argue own proposals and validate or refuse the arguments of others in a reasonable manner.
Content
Each topic has been assigned a chapter in the texbook: Hal Varian, Intermediate Microeconomics, 9th edition.
Topic I: Introduction to microeconomics
I.1 The criterion of rationality (Chapter 1)
I.2 The concepts of equilibrium and efficiency (Chapter 1)
I.3 The nature of economic models (Chapter 1)
Topic II: Consumer theory
II.1 Preference relations and indifference curves (Chapter 3)
II.2 Utility Functions: properties and characteristics (Chapter 4)
II.3 Examples of utility functions: lineal, Leontief, Cobb-Douglas, Stone-Geary, quasi-lineal (chapter 4)
II.4 The budget constraint (Chapter 2)
Topic III: Theory of consumer demand
III.1 Optimal consumer choice (Chapter 5)
III.2 Changes in income: normal and inferior goods (Chapter 6)
III.3 Changes in prices: ordinary, Giffen, substitute, and complementary goods (Chapter 6)
III.4 Slutsky's decomposition: income and substitution effects (Chapter 8)
Topic IV: Applications of consumer and demand theory
IV.1 Endowments and demand functions: Slutsky decomposition with wealth effects (Chapter 9)
IV.2 The labor and leisure supply model (Chapter 9)
IV.3 Intertemporal Choice (Chapter 10)
IV.4 Election under uncertainty (chapter 12)
Topic V: Theory of the firm
V.I The technology and the effects of variations on factors of production (Chapter 19)
V.2 Examples of technologies: Leontief, Cobb-Douglas, CES (Chapter 19)
V.3 Cost minimization and some properties of cost functions (Chapter 21)
Methodology
In the first semester, teaching will be offered on campus or in an on-campus and remote hybrid format depending on the number of students per group and the size of the rooms at 50% capacity. In the second semester, teaching is planned to be offered on campus. The planned methodology includes study, preparation and discussion of exercises, text reading, group exercises, lectures and tutorials.
The proposed teaching methodology may undergo some modifications according to the restrictions imposed by the health authorities on on-campus courses.
Activities
| Title | Hours | ECTS | Learning Outcomes |
|---|---|---|---|
| Type: Directed | |||
| Exercises and group discussion | 17 | 0.68 | 5, 1, 6, 7, 8, 10, 12 |
| Lectures | 33 | 1.32 | |
| Type: Supervised | |||
| Tutorials | 15 | 0.6 | 5, 6, 7 |
| Type: Autonomous | |||
| Study, preparation and discussion of exercises | 64 | 2.56 | 5, 1, 6, 7, 8, 10, 12 |
| Text reading | 15 | 0.6 | 5, 1, 6, 7, 8, 10, 12 |
Assessment
Evaluation process
The evaluation process will consist of a Final examination with a weight of 50%, a Partial mid-term examination, with a weight of 35% and, at least, an additional evaluation activity. At least part of any of the three (or more) evaluation activities must be of the written-exam type and at least part of any of the three (or more) evaluation activities must be multiple-choice type.
A student that takes part on any of the evaluation activities and turns in the activity for grading cannot be considered for a "Non Evaluable" status.
Any modification of this process due to external causes may undergo adaptions following the guidelines and restrictions of the health auhorities on on-campus teaching and will be adequately informed following the guidelines and recommendations of the Faculty of Economics and Business and the UAB. The teaching faculty will adapt the evaluation activities to the most suitable and efficient format, including oral interviews and testing if needed.
Schedule of evaluation activities
The dates of the different evaluation activities will be announced well in advance during the semester.
The date of the final exam is scheduled in the assessment calendar of the Faculty.
"The dates of evaluation activities cannot be modified, unless there is an exceptional and duly justified reason why an evaluation activity cannot be carried out. In this case, the degree coordinator will contact both the teaching staff and the affected student, and a new date will be scheduled within the same academic period to make up for the missed evaluation activity." Section 1 of Article 115. Calendar of evaluation activities (Academic Regulations UAB).
Students of the Faculty of Economics and Business, who in accordance with the previous paragraph need to change an evaluation activity date must process the request by filling out an Application for exams' reschedule https://eformularis.uab.cat/group/deganat_feie/application-for-exams-reschedule
The teaching faculty will select the type of evaluation activity most suitable and efficient for any of the reprogrammed evaluation activities, including oral interviews and testing.
Grade revision process
After all grading activities have ended, students will be informed of the date and way in which the course grades will be published. Students will be also be informed of the procedure, place, date and time of grade revision following University regulations.
Grade revision process
After all grading activities have ended, students will be informed of the date and way in which the course grades will be published. Students will also be informed of the procedure, place, date and time of grade revision following University regulations.
Retake Process
"To be eligible to participate in the retake process, it is required for students to have been previously been evaluated for at least two thirds of the total evaluation activities of the subject." Section 3 of Article 112 ter. The recovery (UAB Academic Regulations).
Additionally, for a student to participate in the retake process, it is required that he or she to have achieved an average grade of the subject between 3.5 and 4.9.
The date of the retake exam will be posted in the calendar of evaluation activities of the Faculty.
Students who take this exam and pass, will get a grade of 5 for the subject. If the student does not pass the retake, the grade will remain unchanged, and hence, student will fail the course.
The grading of the retake examination will be qualitative, with two possible results: “pass” or “no pass”. If the grade is “pass”, the grade will be equal to 5. If the grade is "no pass", the student will not pass the subject and his final grade will be the existing grade prior to the retake examination.
Irregularities in evaluation activities
In spite of other disciplinary measures deemed appropriate, and in accordance with current academic regulations, "in the case that the student makes any irregularity that could lead to a significant variation in the grade of an evaluation activity, it will be graded with a 0, regardless of the disciplinary process that can be instructed. In case of various irregularities occur in the evaluation of the same subject, the final grade of this subject will be 0". Section 10 ofArticle 116. Results of the evaluation. (UAB Academic Regulations).
Standards of behavior
Aside of any other disciplinary measures that are considered to be adequate, and in line with the current academic rules, the professor may reduce the average grade obtained in the "additional evaluation activities" by up to 2 points out of 10 to any student who repeatedly does not follow the rules of behavior in class. The professor will announce these rules at the beginning of the course.
The proposed evaluation activities may undergo some changes according to the restrictions imposed by the health authorities on on-campus courses.
Assessment Activities
| Title | Weighting | Hours | ECTS | Learning Outcomes |
|---|---|---|---|---|
| Final Exam | 50 % | 3 | 0.12 | 3, 2, 4, 5, 1, 6, 7, 8, 9, 11, 10, 12 |
| Practices and partial evaluations | 50 % | 3 | 0.12 | 5, 1, 6, 7, 8, 10, 12 |
Bibliography
Varian, H. Intermediate microeconomics: a modern approach, 9th edition. W.W. Norton and Company Inc.
Earlier editions are also fine provided their chapters are properly reindexed to the topics covered in this syllabus.