| Course Unit Code | 114-0302/06 |
|---|
| Number of ECTS Credits Allocated | 6 ECTS credits |
|---|
| Type of Course Unit * | Compulsory |
|---|
| Level of Course Unit * | Second Cycle |
|---|
| Year of Study * | First Year |
|---|
| Semester when the Course Unit is delivered | Winter Semester |
|---|
| Mode of Delivery | Face-to-face |
|---|
| Language of Instruction | Czech |
|---|
| Prerequisites and Co-Requisites | There are no prerequisites or co-requisites for this course unit |
|---|
| Name of Lecturer(s) | Personal ID | Name |
|---|
| JAN77 | Ing. Ivana Jánošíková, Ph.D. |
| JAW127 | doc. Ing. Jan Janků, Ph.D. |
| Summary |
|---|
The aim of this course is to give students the conceptual basis and the
necessary tools for understanding modern microeconomics at the intermediate
level.
This course develops the neoclassical theory of optimising behaviour of
consumers and firms. The discussion of consumer theory is followed by a
careful examination of price and output determination under alternative market
structures. The implications of alternative goals of firms are also examined.
After the theory of supply and demand in the output market, the focus turns to
an examination of resource markets.
|
| Learning Outcomes of the Course Unit |
|---|
- interpret modern microeconomics at the intermediate level
- illustrate the consumer behaviour through indifference analysis and connect the basic model of consumer behaviour with consumer decision-making under risk
- formulate the conditions of different market structures and compare models of firm's decision-making on the price and size of the output in terms of perfect and imperfect competition
- analyze the market of inputs and identify perfectly and imperfectly competitive markets of inputs
- classify the types of market failure and evaluate the solutions of market failure
- connect the consumer choice and behaviour of the firm in general equilibrium analysis |
| Course Contents |
|---|
1. Introduction to the Study of Intermediate Microeconomics
2. Consumer Choice
- Income-Consumption Curve, Engel Curve, Engel Expenditure Curve, Income Elasticity of Demand
- Price-Consumption Curve. Substitution and Income Effect, Price Elasticity of Demand
- Intertemporal Consumption Choices. Rate of Time Preference. Intertemporal Budget Constraint. Interest Rate.
3. Decision under Risk and Uncertainty.
Risk. Uncertainty. Probability. Measuring Risk- Variance, Standard Deviation. Expected Mean (Value).
Expected Utility Theory.
Attitude Toward Risk - Risk Averse, Risk Loving, Risk Neutral.
Insurance. Adverse Selection and Moral Hazard.
4. Theory of production
Long-run Production Function. Isoquant Analysis. Marginal Rate of Technical Substitution. Economic Region of Production. Long-run Expansion Path.
Short-run Production Function. Short-run expansion path.
Short-run Costs. Long-run Costs.
5. Perfect Competition.
Short-run and Long-run Equilibrium of the Firm under Perfect Competition.
6. Monopoly
- Price Discrimination. Natural Monopoly. Network Industries.
7. Oligopoly
- Pricing Strategies of the Oligopolistic Firms.
- Cournot's Model, Stackelberg Model, Sweezy Model.
8. Anti-monopoly Regulation.
- Rate of Return Regulation, Price Cap Regulation; Franchise regulation; Yardstick regulation
9. Monopolistic Competition.
- Short-run and Long-run equilibrium of the Firm under Monopolistic Competition
10. Labour Market.
- Individual Demand and Supply of Labour.
- Market Demand and Supply on Competitive Labour Market. Short-run and Long-run Equilibrium on Competitive Labour Market.
11. Capital Market.
12. General Equilibrium and Welfare Theorems.
- Edgeworth Box. Consumption Efficiency. Production Efficiency. Pareto Efficiency.
- Welfare Theorems.
- Monopsony Labour Market.
13-14. Market Failures. Microeconomic policy of government.
Externalities.
Public Good. Efficient Scale of Provision of a Public Good.
Public Choice Theory.
|
| Recommended or Required Reading |
|---|
| Required Reading: |
|---|
BRČÁK, Josef, Bohuslav SEKERKA, Lucie SEVEROVÁ a Roman SVOBODA. Mikroekonomie: teorie a aplikace. Plzeň: Vydavatelství a nakladatelství Aleš Čeněk, 2020. ISBN 978-80-7380-818-1.
FRANK, Robert H. Microeconomics and Behavior. 10th ed. New York: McGraw-Hill Higher Education, 2021. ISBN 978-1259394034
HOŘEJŠÍ, Bronislava, Jana SOUKUPOVÁ, Libuše MACÁKOVÁ a Jindřich SOUKUP. Mikroekonomie. 6. aktualizované a doplněné vyd. Praha: Management Press, 2018. ISBN 978-80-7261-538-4.
SPÁČILOVÁ, Lenka, Ivana JÁNOŠÍKOVÁ a Jan JANKŮ. Mikroekonomie B - soubor úloh ze středně pokročilé mikroekonomie, 2. rozšířené vydání, SOT, vol. 30. Ostrava: VŠB-TU Ostrava, 2022. ISBN 978-80-248-4643-9. |
BRČÁK, Josef, Bohuslav SEKERKA, Lucie SEVEROVÁ a Roman SVOBODA. Mikroekonomie: teorie a aplikace. Plzeň: Vydavatelství a nakladatelství Aleš Čeněk, 2020. ISBN 978-80-7380-818-1.
FRANK, Robert H. Microeconomics and Behavior. 10th ed. New York: McGraw-Hill Higher Education, 2021. ISBN 978-1259394034
HOŘEJŠÍ, Bronislava, Jana SOUKUPOVÁ, Libuše MACÁKOVÁ a Jindřich SOUKUP. Mikroekonomie. 6. aktualizované a doplněné vyd. Praha: Management Press, 2018. ISBN 978-80-7261-538-4.
SPÁČILOVÁ, Lenka, Ivana JÁNOŠÍKOVÁ a Jan JANKŮ. Mikroekonomie B - soubor úloh ze středně pokročilé mikroekonomie, 2. rozšířené vydání, SOT, vol. 30. Ostrava: VŠB-TU Ostrava, 2022. ISBN 978-80-248-4643-9. |
| Recommended Reading: |
|---|
HOLMAN, Robert. Mikroekonomie: středně pokročilý kurz. 3. aktualizované vydání. Praha: C.H. Beck, 2018. ISBN 978-80-7400-397-4.
HOLMAN, Robert a Dagmar BROŽOVÁ. Mikroekonomie: středně pokročilý kurz : sbírka řešených otázek a příkladů. 2. vyd. Praha: C.H. Beck, 2018. ISBN 978-80-740-0260-1.
JUREČKA, Václav a kol. Mikroekonomie. 3. aktualizované a rozšířené vydání. Praha: Grada Publishing, 2018. ISBN 978-80-271-0146-7. |
HOLMAN, Robert. Mikroekonomie: středně pokročilý kurz. 3. aktualizované vydání. Praha: C.H. Beck, 2018. ISBN 978-80-7400-397-4.
HOLMAN, Robert a Dagmar BROŽOVÁ. Mikroekonomie: středně pokročilý kurz : sbírka řešených otázek a příkladů. 2. vyd. Praha: C.H. Beck, 2018. ISBN 978-80-740-0260-1.
JUREČKA, Václav a kol. Mikroekonomie. 3. aktualizované a rozšířené vydání. Praha: Grada Publishing, 2018. ISBN 978-80-271-0146-7. |
| Planned learning activities and teaching methods |
|---|
| Lectures, Seminars |
| Assesment methods and criteria |
|---|
| Task Title | Task Type | Maximum Number of Points
(Act. for Subtasks) | Minimum Number of Points for Task Passing |
|---|
| Credit and Examination | Credit and Examination | 100 (100) | 51 |
| Credit | Credit | 35 (35) | 18 |
| Průběžná kontrola studia | Other task type | 20 | 3 |
| Zápočtová písemka | Written test | 15 | 1 |
| Examination | Examination | 65 | 16 |