NA_MiE Microeconomics

University of Finance and Administration
Winter 2025
Extent and Intensity
2/1/0. 6 credit(s). Type of Completion: zk (examination).
Guaranteed by
doc. Ing. Klára Čermáková, Ph.D.
Department of Economics and Management – Departments – University of Finance and Administration
Contact Person: Bc. Kateřina Konupková
Prerequisites
There are no prerequisites for this course. The knowledge of undergraduate economics is useful and recommended but it is not a necessary condition for the study.
Course Enrolment Limitations
The course is offered to students of any study field.
Course objectives
The aim of this course is to understand the decision-making of consumers and firms at the intermediate level including the concepts of risk, inter-temporal choice and price discrimination.
Learning outcomes
This course is designed for graduate students who seek to deepen their understanding of microeconomic theory. It covers a range of topics that are crucial for analyzing economic behavior and policy. The course aims to equip students with the analytical tools needed to conduct research and tackle complex economic problems. Through a combination of theoretical models, mathematical applications, and real-world case studies, students will explore advanced concepts in consumer behavior, production theory, market structures, regulation and public economics, information economics, and welfare economics. By the end of the course, students will have gained a thorough understanding of the microeconomic mechanisms that underpin economic decisions and outcomes.
Syllabus
  • Lectures:
  • 1. Introduction to Microeconomics. Methodology. Factors of Production, Economic Subjects and Markets. Economic Decision-making. Rationality.
  • 2. Utility and Sunk Costs. Consumer’s Demand – Cardinalistic and Ordinalistic Approach. Indifference analysis and Consumer’s Equilibrium.
  • 3. Individual and Market Demand. Substitution and Income Effect. Price and Income Elasticity of Demand. ECC.
  • 4. Producer’s Behavior. Costs and Profit. Firm’s Equilibrium in Short and Long Run.
  • 5. Supply in Short and Long Run. Market Supply. LCC. Price Elasticity of Supply. Market Equilibrium and Efficiency. Arbitrage and Rule of One Price. Market Regulation.
  • 6. Perfect Competition. Sources of Market Imperfection. Firm Equilibrium under changing Market Conditions.
  • 7. Monopoly and Price Discrimination. Oligopoly and Strategic Bahavior. Collusion. Monopolistic Competition. Decision-making under Assymetric Information and Market for Lemons.
  • 8. Location Differentiation. Hoteling and Salop Models.
  • 9. Production Function. Factors of Production Demand. Transfer Payment and Rent. Supply of Factors of Production in short and long run.
  • 10. Labour Market Equilibrium and Disequilibria. Supply of Labour. Monopsony. Unemployment.
  • 11. Capital Market and Investment. Nominal and Real Interest Rate. Investment Decision-making.
  • 12. Market Failure and Externalities. Transaction Costs. Coase Theorem. Public Goods.
  • Seminars:
  • 1. Principles of Economic Decision-making.
  • 2. Rational Consumer’s Choices. Problem Solution and Theoretical Anchoring.
  • 3. Market Equilibrium. Regulation. Firm Equilibrium under Perfect Competition. Problem Solution and Graphical Anchoring.
  • 4. Firm Equilibrium under Imperfect Competition. Problem Solution and Theoretical Anchoring.
  • 5. Location Differentiation. Problem Solution and Key Studies (Price Optimalization, Cost Minimalization, General Efficiency).
  • 6. Labour Market. Problem Solution and Key Studies (Wage Discrimination, Migration, Wage Rigidity, Regulation).
Literature
    required literature
  • SAMUELSON, Paul A., NORDHAUS, W. D., et al. Microeconomics. 20th Edition. McGraw Hill, 2021. ISBN 13: 9789354601187.
  • MANKIW, Gregory, TAYLOR, Mark, ASHWIN, Andrew. Business Economics, 2024. ISBN: 978-1473791312
    recommended literature
  • MANKIW, N. Gregory Principles of Microeconomics. 9th ed. Cengage Learning. South-Western College Pub. 2020. 528 s. ISBN 978-0357133484.
    not specified
  • KRUGMAN, Paul, WELLS, Robin. Microeconomics Sixth Edition. Worth Publishers, 2020. ISBN: 978-1319245283
  • MACH, Petr. Textbook of Elementary Economics. Prague: VŠFS, 2019. ISBN 978-80-7408-193-4. info
Teaching methods
Lectures and seminars on the full-time form of the study, and consultations on the combined form of the study.
Students should attend at least 75% of the seminars in the present form and at least 50%. Students on an individual study plan are not obliged to meet the condition of attendance.
The prerequisite of the study is knowledge the economics at the bachelor's level. The students without such knowledge are advised to learn from the book MACH, P.: Textbook of Elementary Economics.
Assessment methods
The course is completed by credit and exam. Getting credit is a prerequisite for registration for the exam.
The student gains credit upon meeting these conditions:
1. Meeting attendance requirements
2. Passing the midterm credit test and the final credit test with more than half correct answers
Tests are online in the IS
The exam is oral. The examiners will ask students about the key concepts published in the exam topics.
Language of instruction
English
Further Comments
The course can also be completed outside the examination period.
The course is also listed under the following terms Winter 2014, Winter 2015, Winter 2016, Winter 2017, Winter 2018, Winter 2019, Winter 2020, Winter 2021, Winter 2022, Winter 2023, Winter 2024.
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