Universidad Pública de Navarra - Nafarroako Univertsitate Publikoa

Module/Subject matter

Economic Analysis.

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Contents

Part 1 - Introduction to Microeconomics

1. Analyzing Economic Problems

2. Demand and Supply Analysis

Part 2- Production and Cost Theory

3. Inputs and Production Functions

4. Costs and Cost Minimization

5. Cost Curves

Part 3 - Perfect Competition

6. Perfectly Competitive Markets

7. Competitive Markets: Applications

Part 4 - Market Power

8. Monopoly, Monopsony and Oligopoly

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General proficiencies

CB1: Students should prove that they have the knowledge of an area that is already studied at the high school level, but that in the university level is based on more advanced handbooks, including aspects in the vanguard of knowledge of the field.

CB2: Students should be able to apply their knowledge to their work in a professional way. They should be also able to show the usual proficiencies by means of making and defending their positions, and solving problems in their area of study.

CG01: Capacity to analyze and summarize.

CG02: Capacity to organize and planify

CG03: Oral and writing communication in their mother tong.

CG05: Knowledge of computing in relation with their area of study.

CG07: Capacity to solve problems

CG08: Capacity to make decisions

CG09: Capacity to work in a team

CG18: Capacity to adapt to new situations.

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Specific proficiencies

SP01 Understand economic institutions as a result and application of theoretical or formal representations about how the economy works.

SP04 Apply professional criteria based on the handling of technical instruments to the analysis of business management problems.

SP07 Assess the situation and foreseeable evolution of a company from the relevant records of information.

SP09 Integrate into any functional area of a company or organization and freely carry out any management task
entrusted to it.

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Learning outcomes

R_EC_01. Define resource scarcity and describe the most relevant resource allocation models in economics.

R_EC_02. Defining and interpreting prices in a market economy

R_EC_03. Use the fundamentals of production theory to represent and interpret the short-term supply in a market of a particular good or service.

R_EC_04. Define efficiency and optimality in economy and apply these concepts to different market structures.

Content

Basic Model of perfect competition. The problem of production (technology, cost functions, benefit maximization, firm supply curve, partial equilibrium, Efficiency (Consumer, producer and social surplus), comparative statics (effects of changing taxes, imposing maximum prices etc.). Models of imperfect Competition (Monopoly, Oligopoly, Price discrimination).

All the learning outcomes are related to the training activities and evaluation systems mentioned in the corresponding sections.

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Methodology

- Three 90-minute lectures every two weeks. Single group.

- One 90-minute practice session every two weeks. Students will be split up into two small groups. Proactive and Interactive student work. Exercises will be solved during the practice sessions.

ALLOCATION OF THE ECTs CREDITSATRIBUCIÓN DE LA CARGA ECTS

ACTIVITY / HOURS

PRESENTIAL 60

• BIG GROUP 46
• SMALL GROUP 14

NOT PRESENTIAL 90

• PREPARATION AND STUDY OF CONTENTS 40
• INDIVIDUAL HOMEWORK 25
• WORK IN GROUP. Work in groups is recommended, but the evaluation will be individual. 20
• TUTORIALS 3
• OTHERS 2 (Exam and possible revision)

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Evaluation

- During the course the student will be continuously evaluated. This evaluation will be part of the final exam with a weight of %30. However, depending on how the course evolves and the student get involved this percentage could change.

- The remaining qualification will be given by the final exam, which will have both a theoretical and a practical part.

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Agenda

a. UNITIES

Demand. Production. The competitive market.

b. TOPICS

Introduction and basic concepts.

The individual consumer's problem (preferences, utility and individual demand).

Technology.

Cost Minimization.

Cost curves.

Competitive supply in the short term.

Industry supply. Long term equilibrium.

Imperfect competition models.

c. ACTIVITIES

Exercices and work with interactive figures made with Mathematica.

d. OTHER RESOURCES.

Internet, Aulario Virtual y Web Server.

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Bibliography

Access the bibliography that your professor has requested from the Library.

Besanko, D. and R. Braeutigam. "Microeconomics" (2020, Third Edition), International student version, Wiley ed.

Pindyck, R. S. and Rubinsten. "Microeconomics" (2013, Eighth Edition), International edition. Pearson ed.

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Languages

English.

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Location

Campus de Arrosadia.

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