OPF:EVSNAMIB Microeconomics - Course Information

EVSNAMIB Microeconomics

Extent and Intensity

3/2/0. 6 credit(s). Type of Completion: zk (examination).

Teacher(s)

Dr. Ing. Ingrid Majerová (lecturer)
Dr. Ing. Ingrid Majerová (seminar tutor)

Guaranteed by

Dr. Ing. Ingrid Majerová
Departament of Economics and Public Administration – School of Business Administration in Karvina
Contact Person: Dr. Ing. Ingrid Majerová

Course Enrolment Limitations

The course is also offered to the students of the fields other than those the course is directly associated with.

fields of study / plans the course is directly associated with

there are 7 fields of study the course is directly associated with, display

Course objectives

The objective of the course Microeconomics is to develop knowledge that students of master study programs have already acquired during the studying courses where the basis of general economics was taught. The student will be gradually acquainted with the issue of general equilibrium, which includes the theory of rational choice, the consumer demand theory and the issue of production and choice of technologies, income and costs of the firm, the market environment and the behavior of firms and factor markets. All the efforts of lecturers and seminar lecturers will be focus on a deepening the economic thinking of the students studying at School of Business Administration as well as the mastery of technical tools used in this advanced microeconomics analysis.

Syllabus

• Introduction to microeconomic theory
  The basic principles of economics, role of models in economics, economics division, methods and tools of economic analysis. The essence of market, exchange and prices and their role in the economy. Types of markets and their actors. Elements of markets - supply, demand, price, and different types of competition. Analysis of market mechanism.
  Theory of rational choice, consumer demand theory
  Theory and preferences based on the theory of consumer demand. Budgetary limitations, the consumer's preference, cardinal and ordinal view on the benefits measuring method, problems of optimal consumer choice. Derivation of individual demand curves and elasticity of demand.
  The choice of technology and production, costs, revenues and profit
  Theory of the firm and the choice of manufacturing process. Technological limitations of the firm, short and long term production function, cost optimum of the firm. The correlation between the returns of scale and cost functions. Revenues on the perfectly and imperfectly competitive market. The costs in the short and long run. Economic profit.
  General equilibrium and efficiency
  General equilibrium analysis. Pareto efficiency. The conditions under which the economy achieved efficiencies in the exchange. Efficiency in production and efficiency in the production mix.
  Firm behavior in perfectly competitive markets
  Characteristics of a perfectly competitive market, the choice of optimal production scale, short-term end of production and the permanent withdrawal of the firm from a perfectly competitive market. Supply curve perfectly competitive firm and market supply curve in the short and long run.
  Firm behavior in imperfect market
  Forms of imperfect competition: monopoly, oligopoly and monopolistic competition. The effects of various forms of imperfect competition on market supply and demand. Efficiency of the market.
  Microeconomics aspects of labor and capital market
  Demand for labor force. Individual and market labor supply. Marginal revenue of product, marginal cost of product. The labor market in conditions of perfect and imperfect competition. Monopsony. Capital, capital goods and their forms, capital market. Present and future value, net present value of future revenues and income on capital.
  Externalities, public goods and imperfect information
  Causes of limited market efficiency. Public goods, positive and negative externalities, information asymmetry in the market. The issue of monopoly power. The role of the state in the market economy activities leading to the elimination of the negative impacts of market failures.
  

Literature

required literature
• KRUGMAN, P. and WELLS, R. Microeconomics. New York: Worth Publisher, 2015. ISBN 978-1464143878. info
• MANKIEW, N.G. Principles of Microeconomics. Stamford: Cengage Learning, 2012. ISBN 978-128516905. info

recommended literature
• McCONNEL, C., BRUE, S. and FLYNN, S. Microeconomics: Principles, Problems, & Policies. McGraw-Hill Series in Economics, 2014. ISBN 978-0077660819. info
• MANKIEW, N.G. Study Guide for Mankiw's Principles of Microeconomics. Stamford: Cengage Learning, 2012. ISBN 978-1285864242. info

Teaching methods

Lecture with presentation in Power-point

Assessment methods

Grade

Language of instruction

English

Further comments (probably available only in Czech)

The course can also be completed outside the examination period.

Teacher's information

attendance in seminars 60%, final written exam, research and study of the literature related to the topic of the intermediate microeconomics

Activity	Difficulty [h]
Ostatní studijní zátěž	72
Přednáška	39
Seminář	26
Zkouška	40
Summary	177

• Enrolment Statistics (Winter 2016, recent)
  
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