NE_PH_AMI Advanced Microeconomics

NEWTON University
winter 2025
Extent and Intensity
2/1. 5 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Lukáš Vartiak, PhD. (lecturer)
Ing. Lukáš Vartiak, PhD. (seminar tutor)
Guaranteed by
prof. Ing. PhDr. Ing. Vladimír Tomšík, Ph.D. et Ph.D.
Centre for International Programmes – International programmes – NEWTON University
Timetable
Wed 15:10–16:40 Zoom.Praha2
  • Timetable of Seminar Groups:
NE_PH_AMI/01: each even Thursday 9:40–11:10 PH Učebna 04, except Thu 27. 11. ; and Thu 27. 11. 16:50–18:20 PH Učebna 09, L. Vartiak
Course Enrolment Limitations
The course is offered to students of any study field.
Course objectives
The course provides an advanced theoretical background for microeconomic analysis in consumer and producer decision making as well as market equilibrium. The course aims to contribute to the understanding of the general logic of microeconomic decision making in the short and long run, as well as the principles of constructing economic models using more advanced analytical tools.
Course Objectives:
- to explain the theory of consumer behaviour, identify the consumer optimum, and derive demand curves for various preferences;
- to comprehend the impact of changes in disposable income and the price of goods on demand;
- to understand the specifics of consumer decision-making under conditions of risk;
- understand company decision-making in a perfectly competitive market, the effects of price regulation and be able to explain the interaction between consumer and company behaviour;
- to comprehend the impact of changes in disposable income and the price of goods on demand;
- understand firm behaviour in imperfectly competitive markets using advanced economic models;
- understand the links between capital markets and investment decisions;
- explain the nature of the achievement of general market equilibrium and the emergence of market failures.
Syllabus
Analysis of consumer behaviour. Special forms of indifference curves. Optimisation solutions. Consumer behaviour and demand analysis. Effects of changes in disposable income and the price of a good on demand. Decomposition of price change effects. Derivation of demand. Consumer decision-making under conditions of risk. Firm decision-making and production analysis in the short and long run. Substitution and production effect. Types of production functions. Firm costs in the short and long run, and firm revenues. Relationship between the production function and cost functions. Alternative objectives of the firm. Firm behaviour in a perfectly competitive environment in the short and long run. Long-run industry supply. Price regulation. Firm decision-making under monopoly. Forms of price discrimination. Models of firm decision-making under oligopoly and monopolistic competition. Capital market and investment decision-making. Derivation of investment demand. Investment decision-making and risk. Perfectly and imperfectly competitive labour market in the short and long run. Market failures. General equilibrium, efficiency, and equity. The seminars utilise advanced mathematical methods for economic analysis to explore changes in consumer and producer behaviour as well as market equilibrium. Students are encouraged to apply mathematical and economic tools to self-analyse and synthesise solutions for economic problems. The seminars also focus on selecting an appropriate microeconomic approach and procedure to model economic reality. The seminar topics align with those covered in individual lectures.
Assessment methods (in Czech)
Zápočet: (prez., dist.) průběžný zápočtový test (min. 50 % úspěšnost)
Zkouška (prez., dist.) závěrečný písemný test (min. 50 % úspěšnost)
Language of instruction
English
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