Checking date: 10/05/2022

Course: 2022/2023

Economics for Business I
Study: Master in Business and Finance (69)

Coordinating teacher: SAMARTIN SAENZ, MARGARITA

Department assigned to the subject: Department of Business Administration

Type: Compulsory
ECTS Credits: 5.0 ECTS


Requirements (Subjects that are assumed to be known)
The basic requirement is mathematical: students must have a basic knowledge of calculus and optimization and be familiar with mathematical proofs. Undergraduate microeconomic theory is helpful, but not strictly necessary, since all topics will be self-contained.
The goal of this course is to provide students with working knowledge of some of the main concepts and techniques of economic theory, emphasizing those that have a more direct application to business studies. We will focus on classical theories of consumer and producer behavior and on models of competitive equilibrium. Finally, we will extend the theory of individual behavior to contexts involving uncertainty and time.
Skills and learning outcomes
Description of contents: programme
1. Consumer theory: preferences and choice 1.1. Preferences and utility 1.2. Consumer choice 1.3. Demand 1.4. Revealed Preferences 2. Production 2.1. Technology 2.2. Profit maximization 2.3. Cost minimization and cost functions 3. Market equilibrium 3.1. Competitive market equilibrium 3.2. Monopoly 4. Uncertainty and time 4.1. Choice under uncertainty 4.2. Intertemporal choice
Learning activities and methodology
The teaching method includes: Each topic or sub topic is presented by the professor in a theory session. After the theory session the students have to study the materials, do complementary readings and work on the relevant problem sets. The course material for each topic (slides that will be used in theory sessions and problem sets to be solved in practice sessions) is provided in advance through the intranet in Aula Global 2. Each teacher has scheduled weekly office hours that the students can use to obtain extra help.
Assessment System
  • % end-of-term-examination 100
  • % of continuous assessment (assigments, laboratory, practicals...) 0
Calendar of Continuous assessment
Basic Bibliography
  • Kreps, D.. A course in Microeconomic Theory. Princeton University Press/ Harvester Wheatsheaf.. 1990
  • Mas-Colell, A., M. D. Whinston, and J. R. Green, . Microeconomic Theory. Oxford University Press. 1995
  • Varian, H.. Microeconomic Analysis. . W. W. Norton Company (third edition). 1992

The course syllabus may change due academic events or other reasons.