UNIVERSIDAD LATINOAMERICANA DE CIENCIA Y TECNOLOGÍA
ULACIT
FACULTAD DE ADMINISTRACION
ELEMENTS OF MICROECONOMICS (08-0004)
Course description
Microeconomics is about how markets work, and how they do not work under certain conditions. It is also about what individuals and organizations and governments should do to make effective decisions. Macroeconomics, in some contrast, is about how the economy of the entire economy functions, can be measured, and perhaps improved. Both aspects of economics are fascinating, important, and directly relevant to your role as a consumer, technical professional in virtually any field, a perhaps future business owner and manager, and certainly as a thoughtful citizen.
At the end of the course, the student should be capable of have developed an array of analytical and problem solving situations to confront real-life situations in the enterprises. The most important competencies to be learned by the students are economic modeling, problem-solving techniques, analysis of market structures, analysis of cost minimization and profit maximization in the different market structures, Optimization techniques in output and efficiency situations and other.
This course is an introductory course so there are no previous requirements needed.
It is recommended that students spend a maximum of five extra-class hours in the fulfillment of the course requirements.
English Proficiency level: Advanced
Among other discipline-specific and general competencies, ULACIT graduates must be able to communicate in English, in order to acquire knowledge and understanding other cultures, appreciate the nature of language and its context, and participate in local and worldwide multilingual communities. This course requires intermediate proficiency of English, for which students must have approved “English IV”, or obtained equivalency through the placement examination. Students should be able to follow the course entirely in English.
Competencies
I. COMPETENCY: INTEGRAL PROFESSIONAL
ULACIT’s alumni is capable of fully applying his human capacities (intellectual, moral, emotional and social) , by which communicates, in an oral and written manner, in his mother tongue and English ; uses the information and critical thinking in problem solving and decision-making; makes adequate use of the equipment, tools and technological information systems ; interacts in the interpersonal environment; demonstrates expressive and artistic skills; assumes his ethical responsibilities ; and reflects a clear sense of self-concept and auto-regulation.
PERFORMANCE INDICATORS RESULTS INDICATORS
Market economy dynamics -Difference between Microeconomics and Macroeconomics.
Demand and Supply dynamics -Exercises and graph of equilibrium situations
Market structures "Price, product and curves of demand and supply -Comparative analysis of Perfect Competition, Monopoly, Oligopoly and Monopolistic Competition
-Maximization and Minimization schemes
-Graphing
Price-elasticity of demand and Income-elasticity of demand -Elasticity calculations
Consumer choices -Graphing
Output and costs -Maximization and Minimization calculations
Regulation and Anti-trust law -Price discrimination and anti-trust law
Externalities
Factor markets -Demand and Supply of the labor markets, unionization
Delivery methods
This course uses methodology based on the progressive method, which allows each student to access progressively and sequentially higher cognitive levels. This methodology, in its initial phase, allows the student’s previous experience and knowledge to be activated, allowing them to generate their own expectations. It encourages students to accept the learning process as an intentional activity.
In the second phase, new information is presented allowing the students to infer knowledge under the professor’s guidance. Lastly, students have the opportunity to integrate, expand and consolidate information.
Under this perspective, two teaching strategies are used: the in-class and the virtual (Blackboard) environments. Besides, the models and teaching strategies developed in this course will be constructed according to the above mentioned objectives. They are presented as follows:
Direct teaching method: According to this guided discovery teaching method, the professor will use the following strategies:
In each session, presentation of objectives expected
Inclusion of students’ participation of topics including reformulation and expansion of capstone concepts by the professor.
Use of demonstrations (illustrations) and/or diagrams so that students learn procedures, technical aspects and rules they can later apply in the solution of problems and cases.
The professor will help students in the application of difficult concepts in the solution toward problems and cases.
This model will be used in the in-class and in the virtual environment.
Exercises method: According to this guided discovery teaching method, the professor will use the following strategies:
Exercises’ sets are applied. These exercises’ sets are carefully selected and structured so they can be actively solved by students. With this strategy, cooperative learning will be promoted by the formation of groups of two students. With the problem comprehension, collection of data and implementation of solution strategies, students will learn contents and different procedural steps (methodologies, techniques and skills), as well as self-regulating strategies as to how to face different kind of problems.
This model will be used in the in-class and the virtual environment.
Education on line: Five exciting discussion forums will take place through the use of the electronic platform Blackboard. Besides, five homeworks will be delivered to the Digital Drop Box
Lecturer
Oscar Ugalde Hernández
B.A. in Economics, Clark University, M.A. U.S.A., 1993
M.B.A. in International Trade, ULACIT, San José, Costa Rica, 2000
M.A. in Economics of Development, Institute of Social Studies, The Hague, Holland, 2003.
University Professor, ULACIT, 1996-2008
Administrative Director, Costa Rica Center, Global College, Long Island University
Email: ugalde_osc@hotmail, phone number: 844-3458
Educational Resources
Research through internet, use of Blackboard platform and articles from specialized magazines (virtual library EBSCO) will provide the student with a vision of development of methodologies of real cases in international organizations and projects. Furthermore, research will become like an instructional legacy to obtain evaluation criteria (qualitative and quantitative) of applicable to any social and business activity.
The bibliographic resources for the course link to reality are accessible and advanced due to their content and current relationship to the experience that the globalized and modern enterprise requires.
Cronogram of activities
Week 1 Activities
Course introduction
Content: What is Economics? And the Economic problem
Results: Define the production possibilities frontier and calculate opportunity costs
Reading: Parkin, pp. 1-53
Homework: Exercises’set N 1.
Week 2 Activities
Content: Demand and Supply
Results:Describe a competitive market and think about about a price as an opportunity cost as well explaining the influences on demand and supply
Reading: Parkin, pp. 57-80
Homework:Exercises’ set N.2
Discussion forum N. 1 in Blackboard
Week 3 Activities
Content: Elasticity
Results: Define, calculate, and explain the factors that influence the price elasticity of demand
Reading: Parkin, pp. 81-100
Homework: Exercises’ set N.3
Week 4 Activities
Content: Efficiency and Equity
Results: Distinguish and define efficiency and the consumer and producer surplus.
Reading: Parkin, pp. 101-120
Homework: Exercises’ set N. 4
Discussion forum N. 2 in Blackboard
Week 5 Activities
Mid-term examination
Week 6 Activities
Content: Consumer choices
Results: Describe preferences using the concept of utility and distinguish between total utility and marginal utility
Reading: Parkin, pp. 151-189
Homework: Exercises’ set N. 5.
Week 7 Activities
Content: Output and costs
Results: Explain the relationship between a firm’s output and costs in the short and long run, as well as deriving the firm’s short-run cost curves
Reading: Parkin, pp. 217-236
Homework: Exercises’ set N.6
Week 8 Activities
Content: Perferct Competition
Results: Explain how price and output are determined in perfect competition
Reading: Parkin, pp. 237-260
Homework: Exercises Set. N.7
Discussion forum N. 3 in Blackboard
Week 9 Activities
Content: Monopoly
Results: Explain how a single-price monopoly determines its output and price
Reading: Parkin, pp. 261-282
Homework: Exercises’ set N.8
Discussion forum N. 4 in Blackboard
Week 10 Activities
Content: Monopolistic Competition and Oligopoly
Results:Define and identify monopolistic competition and oligopoly
Reading: Parkin, pp. 283-314
Homework: Exercises’ set N. 9
Discussion forum N. 5 in Blackboard
Week 11 Activities
Content: Regulation and Antitrust Law
Results: Explain how government arises from market failure and redistribution
Reading: Parkin, pp. 321-340
Homework: Exercises’ set N. 10
Week 12 Activities
Content: Externalities
Results: Explain how property rights can sometimes be used to overcome externalities
Reading: Parkin, pp. 341-358
Homework: Exercises’ set N. 11
Week 13 Activities
Content: Demand and Supply in Factor Markets
Results: Explain how firms choose the quantities of labor, capital and natural resources to employ.
Reading: Parkin: pp. 383-408
Homework: Exercises’ set N. 12
Week 14 Activities
Content: Economic Inequality
Results: Describe the inequality in income and wealth.
Reading: Parkin: pp. 415-434
Homework: Exercises’ set N. 13
Week 15 Activities
Final Examination
Assessment
Assessment strategies Percentage
Mid-term examination 20%(week 5)
Assignments and quizzes 40%
Final examination 20% (Week 15)
Activities in Blackboard 20%, five discussions forums of case studies (4% each) will be delivered through Blackboard
Academic Dishonesty Policy
Students are expected to conduct themselves in accordance with the normally accepted standards of academic life. That implies that they will conduct themselves with due regard for the rights of others and, in particular, that their behavior will not interfere with the ability of the academic community to carry out its usual academic functions. It also implies that they will observe the usual standards of integrity with regard to the preparation of essays and the taking of examinations. Students are also expected to comply with those reasonable rules of procedure promulgated by a faculty member for the conduct of his or her class or by the college or school for the conduct of its business.
Specifically, students must be aware not only of the performance and intellectual standards of each course, but also of the means acceptable in achieving those goals. Students are expected to study all materials presented and to master them. Students may avail themselves of all sources that will further that mastery: textbooks, the library, student study sessions, tutoring, study aids, and so on. Ultimately, however, the instructor’s judgment of a student’s performance is based on the student’s own intellectual achievement and honesty. Cheating on examinations and plagiarism of any sort are unacceptable and, if proven, are cause for the most severe penalties up to and including suspension or dismissal from the University. The classroom instructor determines the rules of acceptable student conduct during examinations. Each instructor has the right to insist on procedures to ensure the integrity of those examinations: seating arrangements, no communication among students, the restriction of materials available to students during the examination, and so on. If a student is discovered cheating in a classroom examination or written assignment, either by crib notes or by receiving information from or giving information to a fellow student or by any means not stipulated by the rules of the examination, the instructor has the right to confiscate all test materials from the person or persons involved and give the grade of zero for the examination to the person or persons knowingly involved. The instructor also has the right to fail the students for the course. Also, students who submit written or other work probably not their own or who submit work with sources inadequately acknowledged or with an inadequate system of documentation for a specific course assignment may be given the grade of zero for the work submitted and a failing grade for the course
Bibliography
Required readings
Parkin, M. Economics, 7th ed. Adisson Wesley, 2005.
EBSCO
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