Academic Year/course:
2023/24
27313 - Microeconomics II
Syllabus Information
Academic year:
2023/24
Subject:
27313 - Microeconomics II
Faculty / School:
109 - Facultad de Economía y Empresa
228 - Facultad de Empresa y Gestión Pública
301 - Facultad de Ciencias Sociales y Humanas
Degree:
448 - Degree in Business Administration and Management
454 - Degree in Business Administration and Management
458 - Degree in Business Administration and Management
ECTS:
6.0
Year:
2
Semester:
First semester
Subject type:
Compulsory
Module:
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1. General information
The course provides the basic elements to study the structures and operation of competitive markets and imperfect competition from the perspective of economic analysis at an intermediate level, it involves the analysis of imperfect competition. This combines positive economic analysis, which enables predictions of the behavior of the involved economic agents and resulting market equilibriums, with normative analysis that examines the economic efficiency of allocations (welfare theory) to address the effects of different economic policies on markets.
These approaches and objectives align with the Sustainable Development Goals (SDGs) of the United Nations' 2030 agenda (https://www.un.org/sustainabledevelopment/), contributing to the achievement of goal 4.4 (increasing the number of young people and adults with the necessary skills to access employment, decent work, and entrepreneurship).
2. Learning results
At the end of the course, the student should be able to:
1. Describe, identify, and explain the market structures according to the type of existing competition, whether in the short or long run, and their theoretical foundations, identifying the behavior of the economic agents involved and using the basic language of an economist correctly and precisely.
2. Formulate and solve the market equilibrium through verbal reasoning, graphical representations, and mathematical analysis (elementary calculus and algebra) for different time horizons and different market structures, at an intermediate microeconomics level, as well as calculate the surplus of economic agents and the level of social welfare associated with that equilibrium.
3. Predict and quantify how the equilibrium and welfare would change in response to variations in the behavior of agents (comparative statics) at an intermediate microeconomics level.
4. Develop normative analysis, design government intervention measures (economic policy), and predict and quantify the changes these measures would produce in market equilibrium and welfare at an intermediate microeconomics level.
5. Recognize the importance of competitive general equilibrium analysis and its implications for market efficiency, as well as analyze the economic consequences and welfare effects of various market failures (asymmetric information, externalities, and public goods).
6. Prepare written reports according to established guidelines to promote autonomous learning
3. Syllabus
Unit 1: Introduction to Market Theory
Part I: Theory of Competitive Markets
Unit 2: Equilibrium in the Competitive Market
Unit 3: Analysis of Competitive Markets
Part II: Market Failures
Unit 4: Monopoly Theory
Unit 5: Oligopoly Theory
Unit 6: Other Market Failures
4. Academic activities
Lectures: 30 hours
Practical clasess/tutorials: 30 hours
Personal study: 88 hours
Teaching period evaluation: 2 hours
6 ECTS = 150 hours
In principle, the teaching methodology and its evaluation are expected to revolve around in-person classes. However, if circumstances require it, they may be conducted online.
5. Assessment system
Continuous assessment evaluation
It will consist of two written exams, each worth 10 points, with each one weighing 50% of the final grade. The dates for these intermediate exams will be announced in class and posted on the Moodle platform for each group well in advance. The first exam will take place during regular class hours and will cover the first three topics, while the second test will be held at the end of the teaching period and will cover the last three topics. To pass, a minimum score of 3.5 out of 10 is required on each test, as well as completing all tasks uploaded to Moodle prior to each test, achieving an average passing grade (5), with one week to complete them and only one attempt allowed.
Global Assessment
This consists of a written exam that evaluates the entire course material, worth 10 points, in each of the two examination sessions.
Evaluation Criteria
Both the two continuous assessment exams and the global assessment will consist of a written examination composed of a series of questions of a theoretical and theoretical-practical nature (comprising between 40% and 60% of the total score) and practical exercises.