Checking date: 09/10/2019


Course: 2019/2020

Microeconomy
(15626)
Study: Master in Development and Economic Growth (255)
EPC


Coordinating teacher: ROMERO MEDINA, ANTONIO

Department assigned to the subject: Department of Economics

Type: Compulsory
ECTS Credits: 3.0 ECTS

Course:
Semester:




Students are expected to have completed
This course¿s objective is to provide students with the standard tools of economic analysis. This material is presented formally, using differential calculus, in order to facilitate applications. Students are expected to have basic understanding on economics and differential calculus.
Competences and skills that will be acquired and learning results.
- Understand the functioning of markets. - Being able to work with mathematical functions that capture the behaviour of economic agents. - Being able to develop models about the behaviour of economic agents. - Being able to state hypotheses from problems' description based on the analyzed models. - Being able to state and discuss the consequences of the market interventions in a clear, schematic way.
Description of contents: programme
Unit 1. Introduction: Preliminaries. The basics of Supply and Demand. Unit 2. Household Economics: Preferences, utility function, budgetary restriction, consumer choice, individual demand, duality in consumer theory, income and substitution effects, aggregate demand. Household Production and Consumption. Labor supply. Unit 3. Choice under uncertainty Unit 4. Producer and Cost Theory: Production function. Cost minimization: Inputs demand, cost function. Profit maximization: Supply function. Unit 5. Competitive Markets: Equilibrium and welfare. Unit 6. Strategic Interaction and Market Power: Monopoly, Nash equilibrium, equilibrium in mixed strategies, Oligopoly models: cournot, stackelberg equilibrium. Unit 7. Markets with Asymmetric Information: Hidden characteristics: Adverse Selection. Hidden characteristics: Signaling. Hidden actions: Moral Hazard.
Learning activities and methodology
Acquire theoretical knowledge through: - Master classes where theoretical and practical key concepts are developed in order students acquire them. Students will be provided with class notes and problem sets. Likewise, main references and complementary bibliography will be provided to go deeper into those topics in which students are more interested. - Resolution of problems by the professor, promoting active participation of students in solving such problems, individually and/or in groups. Exercises will be solved during master classes. Acquire abilities and skills through: - Resolution by students of problem sets to be handed in every week. The aim will be to asses students¿ knowledge and to acquire the skills needed.
Assessment System
  • % end-of-term-examination 40
  • % of continuous assessment (assigments, laboratory, practicals...) 60
Basic Bibliography
  • Jehle & Reny. Advanced Microeconomic Theory. Addison-Wesley.
  • Varian. Microeconomic Analysis. W. W. Norton.
Additional Bibliography
  • Deaton and Muellbauer. Economics and Consumer Behavior. Cambridge U.P.
  • Kreps. A course in Microeconomic Theory. Princeton U.P..
  • Variant. Microecomic Analisis. W. W. Norton.

The course syllabus and the academic weekly planning may change due academic events or other reasons.