Academic Year:
2022/23
432 - Joint Law - Business Administration and Management Programme
30604 - Microeconomics I
Teaching Plan Information
Academic Year:
2022/23
Subject:
30604 - Microeconomics I
Faculty / School:
109 - Facultad de Economía y Empresa
Degree:
432 - Joint Law - Business Administration and Management Programme
ECTS:
6.0
Year:
1
Semester:
Second semester
Subject Type:
Basic Education
Module:
---
1.1. Aims of the course
The subject and its expected results respond to the following approaches and objectives:
Microeconomics I, together with Microeconomics II, offer a global vision of the basic knowledge of microeconomic theory that every graduate should have acquired.
Microeconomics I begins with a description of the market and the interactions between supply and demand. Then, both sides of the market are individually studied in detail. Thus, the behaviors of the consumer and the producer are analyzed, leading to the definition of the demand function and the supply function, respectively.
The tools and techniques used in the analysis will be verbal reasoning, visual representations and mathematical analysis.
These approaches and objectives are aligned with the Sustainable Development Goals (SDGs) of the 2030 agenda and certain specific goals (https://www.un.org/sustainabledevelopment/en/), contributing to some extent to their achievement:
SDG 4: Providing inclusive and equitable quality education and promoting lifelong learning opportunities for all.
Target 4.3: By 2030, ensure equal access for all women and men to affordable and quality technical, vocational and tertiary education, including university.
Target 4.4: By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs and entrepreneurship.
Target 4.5: By 2030, eliminate gender disparities in education and ensure equal access to all levels of education and vocational training for the vulnerable, including persons with disabilities, indigenous peoples and children in vulnerable situations.
1.2. Context and importance of this course in the degree
The subject belongs to the module "Fundamentals of Economic Analysis and Instruments" and to the subject "Economic Theory".
Microeconomics I is part of a full course of intermediate microeconomics. In consequence, its contents are fundamental for the student, providing the necessary elements to study basic economic institutions from the perspective of economic analysis The course belongs to the module "Fundamentals of Economic Analysis and Instruments" and to the field "Economic Theory".
1.3. Recommendations to take this course
In order to have an optimum understanding of the course, a previous basic knowledge of Economics and Mathematics is recommended.
2.1. Competences
After completing the course, the student will be competent in the following skills:
To evaluate the situation and the previous evolution of companies and organizations, and to be able to acquire the relevant knowledge for taking informed decisions successfully.
To produce assessments of particular market situations, sectors, organizations, companies and their functional areas
To understand and apply professional criteria and scientific standards to the solution of economic, business and organizational problems.
To be able to solve problems.
To be able to analyse and synthesize.
To be able to apply knowledge in practice.
2.2. Learning goals
The student, in order to pass the course, will have to show her/his competence in the following skills:
Show adequate understanding of the methodology in Economic Analysis as well as its aims and scope, identifying its main components: economic agents, models, variables and data.
Correctly use the basic terminology of an economist in describing topics in the field of Microeconomics
Correctly describe and interpret any decision problem of an economic agent, consumer or producer, using verbal reasoning, graphic representations and mathematical analysis (calculus and basic algebra).
Model formally any non-dynamic decision problem of an individual economic agent as a conditional optimization problem, identifying the relevant endogenous and exogenous variables, obtaining a quantitative solution (behaviour equations), and explaining how the solution could change when the economic environment changes (comparative statics).
Reasonably predict the result and determinants of the interaction of numerous economic agents in competitive markets in the short-term, and to describe the resulting equilibria and disequilibria with adequate verbal, graphical and mathematical tools
Carry out normative analysis and economic policy recommendations
Learn autonomously and produce written reports according to the established guidelines.
2.3. Importance of learning goals
1. Allow the student to design and resolve economic problems according to the appropriate economic methods.
2. Provide the necessary analytical tools to understand economic reality accurately and rigorously.
3. Assessment (1st and 2nd call)
3.1. Assessment tasks (description of tasks, marking system and assessment criteria)
The evaluation will consist of verifying that the student:
Knows and understands the concepts contained in the subject. Apply the techniques of Economic Analysis correctly.
Select the relevant information and interpret it appropriately. Expresses your reasoning in a clear and orderly manner.
The student will prove the achievement of the expected learning outcomes by means of the following assessment tasks:
1.- A continuous evaluation assessment that will consist of two written exams. The first one will make up 50% of the final score and will cover the material in units 1, 2, 3 and 4 only, while the second (50%) will examine units 5,6 and 7.
Each exam will be marked from 0 to 10 and, in order to pass the course, the student must achieve an average equal to or greater than 5 points and also get a minimum score of 3.5 points in each exam.
The students who decide not to take these exams or do not achieve the minimum required score in them can always pass the course by sitting at the final global exam.
These tests will be carried out during class hours or, if stipulated by the corresponding center, on the days / hours that are enabled for the continuous assessment tests.
The dates and times will be announced in class and in the Moodle e-learning platform of the course well in advance for each group.
The final global exam in each official sitting and the two exams involved in the continuous assessment evaluation will consist of written exams containing questions of both theoretical and mixed theoretical and practical types and one or more practical (numerical) problems. Each part will make up between 40% and 60% of the final score. The structure of these exams must be the same for all groups.
To Access to the continuous evaluation, the students should do all the multiple-choice test that will be uploaded in Moodle when finishing each unit. Besides, they should have a mark iqual o higher than five in average. The students will have one week to solve each of them and one trial.
Final score: if the student passes the continuous assessment evaluation, she also has the opportunity to improve her score by sitting the final global exam at the scheduled date and time, the highest score of the two assessment tasks prevailing.
These tests are expected to be carried out in person but if the health circumstances require it, they will be carried out
semi-on-site or online. In the case of online assessment, it is important to note that, in any test, the student may be recorded, and he or she may exercise his or her rights by the procedure indicated in:
https://protecciondatos.unizar.es/sites/protecciondatos.unizar.es/files/users/lopd/gdocencia_reducida.pdf"
The necessary software will be used to check the originality of the activities carried out. The detection of plagiarism or copying in an activity will imply the rating of 0 points in it.
4. Methodology, learning tasks, syllabus and resources
4.1. Methodological overview
The learning process that has been designed for this course is based on the following activities:
Participative lectures. The professor will explain the basic course content. The student must supplement the explanations with the recommended reading.
Practical classes. Students will solve practice exercises, always under the supervision of the professor. This will be done in smaller groups to facilitate the participation of each student.
4.2. Learning tasks
This 6 ECTS (150 hours) course is organized as follows:
Activities type 1 (Lectures): 30 horas, which consist on class attendance and participative problem-solving. Students must supplement the explanations with the recommended reading.
Activities type 2 (Practice sessions): 30 horas, Students will solve practical exercises and case studies, always under the supervision of the professor. This will be done in smaller groups to facilitate the participation of each student.
Rest of activities: 90 hours
Total: 150 horas (asignaturas 6 créditos)
In principle, the teaching delivery methodology is planned to pivot around face-to-face classes. However, if necessary for health reasons, face-to-face classes may be taught semi-face-to-face or online.
4.3. Syllabus
Table of contents
PartI:Introduction
Unit 1. Concept and scope of the Economy
1.1. Economics as a social science
1.2. Method in economic science
1.3. Topics in Microeconomics
1.4. Organization of economic activity
Unit 2. Demand, supply and market mechanics
2.1. Market demand
2.2. Market supply
2.3. Equilibrium in the competitive market
2.4. Elasticities of demand and supply
PartII:Theory of Consumption
Unit 3. Preferences, utilityand budget constraint
3.1. The budget set and preferences
3.2. The utility function
3.3. The marginal rate of substitution
3.4. The budget constraint
Unit 4. Consumer choice
4.1. Consumer equilibrium
4.2. Individual demand function
4.3. Demand curves and the Engel curve
4.4. Price elasticities and income elasticities
4.5. Classification of goods and demand
Unit 5. The function of the individual and market demands
5.1. Substitution effect and income effect
5.2. Consumer surplus
5.3. From the individual function to the market function
PartIII:Theory of Production
Unit 6. Production
6.1. The production set and the production function
6.2. The marginal rate of technical substitution
6.3. Returns to scale
6.4. Marginal, average and total productivity
Unit 7. Minimizing costs and maximizing benefit
7.1. Cost minimization
7.2. Conditioned demand of inputs
7.3. Cost functions
7.4. Long-run and short-run costs
7.5. Marginal income, marginal costs and profit maximization
4.4. Course planning and calendar
Calendar of actual sessions and presentation of works
It is estimated that a student will spend an average of 150 hours of effective work for optimally preparing this course. These hours include both class-work and attendance and homework/exam preparation. It is highly recommended that the student distribute this preparation time evenly during the term.
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HOURS OF ATTENDENCE
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HOURS OF PERSONAL WORK
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|
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Theory
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Practice
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Lesson 1
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2 hours
|
0 hours
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6 hours
|
|
Lesson 2
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4 hours
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4 hours
|
12 hours
|
|
Lesson 3
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6 hours
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6 hours
|
18 hours
|
|
Lesson 4
|
6 hours
|
4 hours
|
18 hours
|
|
Lesson 5
|
4 hours
|
6 hours
|
12 hours
|
|
Lesson 6
|
4 hours
|
6 hours
|
12 hours
|
|
Lesson 7
|
4 hours
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4 hours
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12 hours
|
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Total
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30
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30
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90
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This course is offered during the second semester, which runs between February and June. The official hours and dates of the final exams can be found on the web pages of the centres in which the course is offered.
Dates of the partial exams will be announced in each group.