Microeconomics (2235.YR.006716.2)
General information
Type: |
OBL |
Curs: |
1 |
Period: |
S semester |
ECTS Credits: |
6 ECTS |
Teaching Staff:
Previous Knowledge
Basic knowledge of Mathematics
Workload distribution
Workload distribution:
Lectures (taught by lead faculty and including case analyses): 45 hours
Participatory sessions (practical exercises): 15 hours
Readings and economic analysis of real case studies: 30 hours
Written exercises and assignments: 30 hours
Independent study (study/prepare for exams): 30 hours
COURSE CONTRIBUTION TO PROGRAM
The Microeconomics course is a first course for undgraduate students at ESADE, including the Bachelor in Business Administration or the Global Governance program. The objective of this course is to provide the students with analytical tools from the Economic analysis that can be applied to understand the market mechanism, the challenge from the existence of market failures and the consequence of some government interventions in particular markets.
The contribution of this course to the program are:
1. Provide students with a framework for economic analysis of particular markets. Students will be able to think critically about the consequences of changes in a particular market have on the firms that participate in the market.
2. Provide students with a framework for the economic analysis of how government decisions over a particular market change the status quo of the different market participants.
3. Promote the debate about sustainability and the challenges that arise from the existence of market failures.
Course Learning Objectives
Upon completing this course students will:
a) Have acquired the necessary knowledge and tools to undertake analyses and offer interpretations from an economic perspective, and
b) Be capable of critically engaging with the functioning of the markets and that of the economy while bearing in mind questions related to social responsibility.
Drawing on these global objectives, we will also address a series of specific goals linked to the development of a number of competencies:
A. Present frames of reference, theories and tools, as well as the means for their use in analysing scenarios/case studies and in proposing measures/solutions for their improvement.
B. Facilitate the definition of concepts, theories and models.
C. Promote the assimilation and structuring of knowledge acquired in the subject through tasks designed for this purpose.
D. Promote a critical attitude when analysing real situations, especially economic ones.
CONTENT
1. Introduction to Economics The concept of Economics. Economic analysis tools: opportunity costs and marginal analysis. Normative and positive economics. Introduction to markets. Market concentration measures. |
2. The market Demand and its drivers. The elasticity concept. Supply and its drivers. Market equilibrium. The dynamic market perspective. |
3. Market intervention Indirect taxation. Grants/subsidies. Quotas. Maximum and minimum prices. International trade and its regulation. |
4. Production and costs The production function. Productivity. The cost function. Short and long term. Competitive market equilibrium. Market dynamics. |
5. Introduction to market failures Market failures. Production and consumption-related externalities. Taxes and subsidies as a means to correct the presence of externalities: limits. Public goods. Introduction to problems related to asymmetric information: Akerlof's model. |
Relation between Activities and Contents
|
1 |
2 |
3 |
4 |
5 |
| Lectures |
|
|
|
|
|
| Group assignment |
|
|
|
|
|
| Tutorials |
|
|
|
|
|
| Final exam |
|
|
|
|
|
| Mid-term exam |
|
|
|
|
|
| Participatory sessions |
|
|
|
|
|
| Class participation |
|
|
|
|
|
Methodology
Economics courses are conceptual and require dedication, effort and analysis. In this subject, the learning process requires the following:
1) Prior reading on the concepts to be addressed in the lectures
2) Lectures that address the concepts structuring the course content. It is important that students answer the questions raised by faculty during the lectures, as well as take notes during each session.
3) Review their notes after each session in conjunction with their study of the recommended bibliography and/or group assignments.
4) Apply the knowledge acquired when preparing for the participatory sessions.
5) During the participatory sessions become aware of and track the knowledge acquired compared to the required knowledge: self-evaluation of the need to devote more or less time and/or request individual tutorials.
6) Evaluation and feedback on the basis of tests.
Students cannot use their laptops in class, only if for one particular session they are going to be used and the professors ask students to bring them to class.
Any behaviour that disrupts the class can imply that the professor fails students, giving a 0 in all the components of the continous assessment if the professor decides to expel the student from class.
This a course that can help you to build your knowledge about how Management works, take the opportunity to enjoy it.
ASSESSMENT
ASSESSMENT BREAKDOWN
| Description |
% |
| Group assignment |
25 |
| Final exam |
40 |
| Mid-term exam |
25 |
| Class participation |
10 |
Assessment criteria
Attendace is compulsory to have the right to get a grade in the first attempt. The minimum compulsory attendance is 80%.
The subject grade is based on a system of conitnuous assessment in which the grade is made by the following components:
1. Final exam (40%): A set of questions, mainly practical applications of the economic analysis to concrete situations. The exam last for a minimum of 2 hours and a maximum of 3h, to be confirmed before the exam.
2. Mid-term exam (25%): It has a similar structure to the final exam, a set of questions, combining theoretical and practical questions.
3.Group project (25%): This assessment is related to an analysis of the automobile industry.
4. Class participation (10%): Class participation includes how students answer questions from the professor, their accuracy and knowledge about what is debated. Class participation also includes the general attitude in class, students taking notes, participating through relevant questions, working when there is a class activity and delivering their tasks on time.
To pass the course there are some requirements:
1. The grade of the exam is at least a 5
2. The grade in the group assignment is at least a 4.
Group assignment/ group project
Task one: For all the students
.
Students deliver their projects on 11th November.
Task:
To perform an analysis of the automotive industry in Europe (English sections) or Spain (Spanish sections). What we expect from this analysis include:
? Analysis of the market concentration, entry barriers and margins/profit evolutions.
? Use of demand and supply diagrams to understand recent changes in the market.
? Analysis of the government interventions applied to this industry.
? An opinion, based on data and your analysis, about the future of the industry.
The deliver is a video that cannot last more 4 minutes.
We will select one video from each section that will participate in the final round.
Criterion for grading the video
Criterion Weight of the final grade
Use of appropriate data and accurate analysis 35%
Economic analysis: appropriate tools and accuracy 35%
Effective and engaging communication 20%
Creativity 10%
Task two: Presentation in front of a Jury of experts
This task is only for the group that has won in each section. The additional work will rewarded adding between 0.5-1.5 points to the final grade of the subject.
The presentation is due the week of the 27th of November.
Brief analysis of the automotive industry adding a regulatory framework that balances the environmental change and financial and economic sustainability of the industry.
Each group has 5 minutes to present + 10 minutes question from the Jury.
One Jury for the English section and one jury for the Spanish sections.
Bibliography
Short bibliography:
There are many books available at the library that may be useful in preparing a Microeconomics course, There many Microeconomics textbooks, two of the most commonly used are:
Principles of Microeconomics (Gregory Mankiw)
Microeconomics (Paul Krugman and Robin Wells)
