Consumer choice, individual demand, and market definition. Production and costs. Competitive equilibrium in the short and long run. Market power: monopoly and oligopoly. An introduction to game theory.
The subject gives to students basic tools to understand the economic environment and business framework
Competencies and learning outcomes
- Capacity to identify, interpret, formulate, and resolve basic problems within the branch of social and legal sciences.
- Ability to use the tools and instruments needed to properly observe the systems under study.
- Ability to implement efficient tools for troubleshooting within the branch of social and legal sciences.
- Critical and analytical skills in the relevant specialty area.
- Capacity to evaluate, optimize, and compare criteria in decision making.
- Ability to communicate in formal, graphic, and symbolic styles, as well as with oral and written forms of expression.
- Ability to work with multidisciplinary and multicultural teams.
- Capacity to consolidate, expand, and integrate fundamental knowledge within the branch of social and legal sciences.
- Ability to relate knowledge about basic economic theories and institutions.
- Ability to analyze general problems within the field of microeconomics and macroeconomics.
- Capacity to perceive and value the importance of new technologies within the business environment and its economic surroundings.
- Capacity to analyze general problems in the field of business and markets.
- Capacity to identify and evaluate the impact of economic events on enterprises.
- Capacity for quantitative problem solving.
Objectives (Learning outcomes)
- 01Analize the issue studied with graphic and algebra approximations
- 02Find competitive equilibrium under some assumptions
- 03Understand the monopolistic behaviour
- 04Calculate Nash equilibria
- 05Understand an oligopolistic equlibrium when firms compete either in quantities or prices.
- 06To manage optimization theory in order to solve problems on economic theory.
Association between objectives and units
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Methodology and grading
- Case studies: Learning through the analysis of actual or simulated cases in order to interpret and resolve them by employing various alternative solution procedures.
- Cooperative learning: Develop active learning through cooperative working strategies among students and promote shared responsibility to reach group goals.
- Lecture: Pass on knowledge and activate cognitive processes in students, encouraging their participation.
- Problem-based learning: Develop active learning strategies through problem solving that promote thinking, experimentation, and decision making in the student.
- Solving exercises and problems: Exercise, test, and apply previous knowledge through routine repetition.
- Official June ordinary exams:
Problems and questions posted on this website during the course will count for 30% of the final mark. A final examination will count for 70% of the final mark. This final examination must be passed with a score of 4.5 over 10 or higher. Otherwise, the score from problems and questions posted on the course website will not be considered. The final mark must be 5 or higher in order to pass the course.
Official Extraordinary September exams:
The qualification will be the one obtained in the exam, except if the qualification obtained with the above described continuous evaluation system were higher.
Official Extraordinary December exams:
The qualification will be the one obtained in the exam.