Title:

Microeconomics

Code:IMIE (FP mik1P)
Ac.Year:2017/2018
Term:Summer
Curriculums:
ProgrammeBranchYearDuty
IT-BC-3BIT-Elective
IT-BC-3BIT2ndElective
Language:Czech
Credits:6
Completion:accreditation+exam (written&verbal)
Type of
instruction:
Hour/semLecturesSem. ExercisesLab. exercisesComp. exercisesOther
Hours:2626000
 ExaminationTestsExercisesLaboratoriesOther
Points:6004000
Guarantee:Škapa Stanislav, doc. Ing. et Ing., Ph.D., FBM
Lecturer:Kruntorádová Markéta, Ing., Ph.D., IE
Škapa Stanislav, doc. Ing. et Ing., Ph.D., FBM
Instructor:Jančíková Kateřina, Ing. et Ing., IE
Kruntorádová Markéta, Ing., Ph.D., IE
Faculty:Faculty of Business and Management BUT
Department:Institute of Management FBM BUT
 
Learning objectives:
  The goal of the course is to teach students to "think as an economist," which will help them to understand the world around, make better economic decisions in own lives, and be better informed citizens and voters. The course focuses on the economic theory and therefore will often rely on abstract concepts. However, the course will emphasize the application of these concepts to the real world situations through frequent in-class discussions of current events and interactive learning exercises.
Description:
  The course familiarises students with the basic tools of microeconomics. Economics is the study of how the society allocates its scarce resources, and microeconomics is the study of the behaviour of households and firms, whose collective decisions determine how the resources are allocated in a free market economy.
Knowledge and skills required for the course:
  The course does not require any prior knowledge of economics.
Learning outcomes and competences:
  Student will be made familiar with the theoretical approaches in the area of microeconomics, and he/she will understand the role of market in relation to other microeconomics entities and will be able to make a critical analysis of real features from the microeconomics area.
Syllabus of lectures:
 
  1. Introduction to economics
  2. The basics of supply and demand
  3. Consumer behaviour
  4. Individual and market demand
  5. Production. The cost of production
  6. Profit maximization and competitive supply
  7. The analysis of competitive markets
  8. Imperfect competition: monopoly and monopsony
  9. Pricing with market power
  10. Monopolistic competition and oligopoly
  11. Markets for factor inputs
  12. Impact of governments decision
  13. Externalities and public goods
Syllabus of numerical exercises:
 Selected problems from lectures.
Fundamental literature:
 
  • ŠKAPA, S. Mikroekonomie I. VUT v Brně, CERM 2008, 133 s., ISBN 978-80-214-3736-4 (in Czech).
  • ŠKAPA, S., KRUNTORÁDOVÁ, M., STUDENÍKOVÁ, J. Mikroekonomie I -sbírka příkladů. VUT v Brně, CERM 2008, 122 s., ISBN 978-80-214-3740-1 (in Czech).
Study literature:
 
  • ŠKAPA, S. Mikroekonomie I. VUT v Brně, CERM 2008, 133 s., ISBN 978-80-214-3736-4 (in Czech).
  • ŠKAPA, S., KRUNTORÁDOVÁ, M., STUDENÍKOVÁ, J. Mikroekonomie I -sbírka příkladů. VUT v Brně, CERM 2008, 122 s., ISBN 978-80-214-3740-1 (in Czech).
  • HOLMAN, R. Ekonomie. C.H.Beck 1999, 726 s., ISBN 80-00-686028-1 (in Czech).
  • FRANK, H. R., BERNANKE, B. S. Ekonomie. Grada, 2004, 802 s., ISBN 80-247-0471-4 (in Czech).
Controlled instruction:
  A semester work, its presentation, and a midterm test earn 35 points.
The final exam consists of:
Written and oral parts of exam: Student has to achieve at least 35 points out of 65 (approximately 12 - 15 exam questions).
Final grading scheme (a student can achieve max. 35 points for seminars, 65 points for the final, i.e. 100 points in total).
Exam prerequisites:
  A student has to achieve at least 21 out of 35 points which are given for seminars and to attend the seminars in 80%. Points will be given for a semester work, its presentation, and for a midterm test.