Content of Learning Activity

The course structure consists of 3 chapters : 
1.       Markets in action : supply and demand from graphical, analytical and verbal perspectives, supply and demand determinants, price-output equilibrium and chocks, price elasticity of demand and supply, income and cross-price elasticity of demand,  short run and long run, adjustment price expectations and speculation                                                                    
2.       Public policy : impacts of the control of prices (by setting minimum or maximum prices) and of the ad valorem or specific indirect taxation on consumers and producers                                                                                                                         
3.       Background to supply (production) : law of diminishing returns, economies of scale, costs and productivity in the short run and in the long run, mean, marginal and total, revenues depending on firms market power, profit maximisation by using total or marginal approaches                                                                                                                                           

Required Learning Resources/Tools

Not applicable

Recommended Reading

Note de cours - Travaux pratiques en économie politique - Partie 1 - Dupont, Claire; Fays, Valentine; Mahy, Benoît

Recommended Learning Resources/Tools

Sloman, J., Wride, A. and Garratt, D. (2015), Economics, Pearson Education Limited

Other Recommended Reading

Sloman, J., Wride, A. and Garratt, D. (2015), Economics, Pearson Education Limited

Mode of delivery

• Face-to-face

Type of Teaching Activity/Activities

• Cours magistraux
• Travaux pratiques
• Remédiations intégrées à un type d'AA

Evaluations

The assessment methods of the Learning Activity (AA) are specified in the course description of the corresponding Educational Component (UE)