BE_PH_MIE Microeconomics

NEWTON University
winter 2024
Extent and Intensity
2/2. 6 credit(s). Type of Completion: zk (examination).
Teacher(s)
Marina Purina, Ph.D. (lecturer)
Marina Purina, Ph.D. (seminar tutor)
Guaranteed by
Ing. Petr Zimčík, Ph.D.
Centre for International Programmes – NEWTON University
Timetable
Thu 9:40–11:10 PH Učebna 09
  • Timetable of Seminar Groups:
BE_PH_MIE/101: Thu 11:20–12:50 PH Učebna 09, except Thu 10. 10. ; and Tue 15. 10. 8:00–9:30 PH Učebna 09, M. Purina
BE_PH_MIE/102: Thu 13:30–15:00 PH Učebna 09, M. Purina
Course Enrolment Limitations
The course is offered to students of any study field.
Course objectives
The course introduces students to basic microeconomic concepts, relationships and contexts, The course subsequently shows models and theories that describe and explain the decision-making of individuals and firms in the market environment. Another objective of the course is to show the basic methods of economic analysis that can be applied in the market environment to support the quality of decision making. After completing the course, the student will be able to orient himself/herself to basic microeconomic issues, understand what constitutes rational behavior of both consumers, firms, and how the government can intervene in the market environment. Objectives of the course: to become familiar with basic microeconomic concepts, relationships and contexts, to be able to describe the functioning of the market in relation to the decision-making of individuals and producers, to be able to analyze costs of firms, to be able to apply the demand theory to pricing decision of firms, to distinguish individual market structures and the behavior of firms within them, to consistently distinguish between markets such as goods and services market or factor of production market.
Syllabus
  • Course main topics: Introduction to economics (basic concepts, definition of approaches in economics, introduction of economic cycle, factors of production, role of market and price) Basic market elements (demand, supply, market equilibrium, market dynamics) Consumer behaviour – utility (definition of utility, law of diminishing marginal utility, consumer surplus, indifference analysis) Demand formation and its properties (derivation of demand with cardinal and ordinal utility theory, price and income elasticity, substitution and income effect, market demand) Producer behaviour and supply formation (classical theory of the firm, cost definition, production function, profit) Perfect competition and market equilibrium (competition, firm's optimum in perfect competition, economic surplus, elasticity of supply, market equilibrium) Imperfect competition – monopoly (definition and causes of imperfect competition, behaviour and equilibrium of monopoly, price discrimination, regulation of monopoly, monopsony) Imperfect competition – oligopoly and monopolistic competition (definition of imperfect competition, characteristics of oligopoly, cartel and oligopoly with a dominant firm, summary of market structures) Factor of production market – labour (individual labour demand, individual labour supply, labour market equilibrium, unemployment, imperfect competition in the labour market) Factor of production market – capital (forms of capital, investment, capital market equilibrium, land factor of production) Market failures (monopoly power, externalities, asymmetric information, public goods) Microeconomic policy of the state (functions of the state, state response to market failure, state and market equilibrium, government failure) Topics on seminars reflect topics discussed at the lecture. Examples are practiced and emphasis is placed on the application of knowledge from lectures to real economic practice.
Assessment methods
Ungraded credit (on campus): min. participation in seminars 80%, written credit test Ungraded credit (online): written credit test Examination (same for both forms): final oral exam
Language of instruction
English
The course is also listed under the following terms winter 2020, winter 2021, winter 2022, summer 2023, winter 2023, summer 2024.
  • Enrolment Statistics (recent)
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