Objectives and competences
The aim of the course is to familiarize students with the use of microeconomic tools, especially using examples of markets with limited competition. Students enhance their knowledge of formalizing microeconomic theory and become proficient in analyzing individual market structures based on the prevailing type of competition.
Content (Syllabus outline)
1. Economic models and methodology of microeconomic analyis
2. Demand analysis and the concept of elasticity
3. Production function and supply of the firm
4. Pricing in perfect competition, monopoly, monopolistic competition and oligopoly
5. Determination of prices of production factors
Learning and teaching methods
- lectures;
- labor work;
- teachers' consultations;
- self study with literature.
Intended learning outcomes - knowledge and understanding
Students in this course:
1. Systematically upgrade their knowledge of microeconomics in the area of partial equilibrium analysis.
2. Acquire the ability to apply theoretical knowledge in deriving and analyzing market supply and market demand (PILO 1a).
3. Gain the ability to derive and formally analyze models of perfect competition (PILO 2a , PILO 2c).
4. Gain the ability to derive and formally analyze models of imperfect competition (PILO 2a , PILO 2c).
5. Have a deep and systematic understanding of knowledge in microeconomics, focusing on the analysis of price formation mechanisms and market competitiveness (PILO 2a, PILO 2c).
6. Can link the specificities of individual market structures with data examples and are capable of interpreting the results of the discussed models in substance (PILO 3b).
7. Enhance their ability for independent learning and formalization of microeconomic theory (PILO 4b).
The PILO label (i.e., Programme Intended Learning Outcomes) defines the contribution of each listed intended learning outcome of a course towards achieving the general and/or subject-specific competencies or learning outcomes acquired through the programme.
Intended learning outcomes - transferable/key skills and other attributes
Students in this course:
1. Systematically upgrade their knowledge of microeconomics in the area of partial equilibrium analysis.
2. Acquire the ability to apply theoretical knowledge in deriving and analyzing market supply and market demand (PILO 1a).
3. Gain the ability to derive and formally analyze models of perfect competition (PILO 2a , PILO 2c).
4. Gain the ability to derive and formally analyze models of imperfect competition (PILO 2a , PILO 2c).
5. Have a deep and systematic understanding of knowledge in microeconomics, focusing on the analysis of price formation mechanisms and market competitiveness (PILO 2a, PILO 2c).
6. Can link the specificities of individual market structures with data examples and are capable of interpreting the results of the discussed models in substance (PILO 3b).
7. Enhance their ability for independent learning and formalization of microeconomic theory (PILO 4b).
The PILO label (i.e., Programme Intended Learning Outcomes) defines the contribution of each listed intended learning outcome of a course towards achieving the general and/or subject-specific competencies or learning outcomes acquired through the programme.
Readings
Pindyck S. Robert, Rubinfeld L. Daniel. 2018. Microeconomics. 9/E, London: Pearson.
Nicholson, Walter. 1995. Microeconomic Theory. Basic Principles and Extensions. New York: The Dryden Press.
Frank, H. Robert. 2000. Microeconomics and Behavior. Boston: McGraw-Hill.
Hirshleifer, Jack in David Hirshleifer. 1998. Price Theory and Applications. New Jersey: Prentice Hall.
Additional information on implementation and assessment - Written exam (100%).
Individual written exam.
