B_MiE Microeconomics

University of Finance and Administration
Winter 2021
Extent and Intensity
2/2/0. 7 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Michal Blahout, Ph.D. (seminar tutor)
Ing. Arnošt Klesla, Ph.D. (seminar tutor)
Ing. Petr Mach, Ph.D. (seminar tutor)
doc. Ing. Jan Mertl, Ph.D. (seminar tutor)
doc. Radim Valenčík, CSc. (seminar tutor)
doc. Mgr. Ing. Petr Wawrosz, Ph.D. (seminar tutor)
Guaranteed by
Ing. Petr Mach, Ph.D.
Department of Economics and Management – Departments – University of Finance and Administration
Contact Person: Bc. Kamila Procházková
Timetable of Seminar Groups
B_MiE/cEKPH: Thu 10:30–11:14 E228, Thu 11:15–12:00 E228, R. Valenčík
B_MiE/cEKPPKV: each even Monday 10:30–11:14 KV206, each even Monday 11:15–12:00 KV206, each even Monday 12:15–12:59 KV206, each even Monday 13:00–13:45 KV206, M. Blahout
B_MiE/cFPH: each odd Thursday 15:45–16:29 E305, each odd Thursday 16:30–17:15 E305, each odd Thursday 17:30–18:14 E305, each odd Thursday 18:15–19:00 E305, A. Klesla
B_MiE/cMMO: each odd Thursday 12:15–12:59 M25, each odd Thursday 13:00–13:45 M25, each odd Thursday 14:00–14:44 M25, each odd Thursday 14:45–15:30 M25, M. Blahout
B_MiE/cMPH: Wed 12:15–12:59 E228, Wed 13:00–13:45 E228, except Wed 8. 12. ; and Thu 16. 12. 8:45–10:15 E228, J. Mertl
B_MiE/pEKFMPH: Tue 10:30–11:14 E004, Tue 11:15–12:00 E004, P. Mach
B_MiE/pEKPPKV: each odd Monday 10:30–11:14 KV206, each odd Monday 11:15–12:00 KV206, each odd Monday 12:15–12:59 KV206, each odd Monday 13:00–13:45 KV206, P. Mach
B_MiE/pMMO: each even Monday 10:30–11:14 M14, each even Monday 11:15–12:00 M14, each even Monday 12:15–12:59 M14, each even Monday 13:00–13:45 M14, P. Mach
B_MiE/vEKFPPPH: Fri 8. 10. 14:00–15:30 E230, 15:45–17:15 E230, Fri 22. 10. 14:00–15:30 E230, 15:45–17:15 E230, Sat 13. 11. 14:00–15:30 E230, 15:45–17:15 E230, Fri 26. 11. 14:00–15:30 E004, 15:45–17:15 E004, J. Mertl
B_MiE/vRRMO: Fri 1. 10. 14:00–15:30 M15, 15:45–17:15 M15, 17:30–19:00 M15, Fri 15. 10. 17:30–19:00 M15, 19:15–20:45 M15, Fri 17. 12. 14:00–15:30 M15, 15:45–17:15 M15, 17:30–19:00 M15, M. Blahout
Prerequisites
There are no prerequisites for this course.
Course Enrolment Limitations
The course is offered to students of any study field.
Course objectives
The aim of the subject is to introduce students to microeconomics at the undergraduate level. The students will be introduced with: - the laws and principles of economics (such as the law of diminishing marginal revenues, the law of diminishing marginal product, the principle of opportunity costs, and the principle of sunk costs) - the behavior of the consumer and firm - the establishment of market equilibrium - the elasticity of supply and demand - market structures: perfect competition, imperfect competition (monopolistic competition, oligopoly, monopoly) - the market of the factors of production (the labor market and capital market) - the general equilibrium model - microeconomic arguments for government interference in the market and with the essence of allocation, redistributive, legislative and regulatory function of the state; including the public goods, externalities and other reasons for market intervention;
Learning outcomes
Students will be, after completing the course, able to: - understand basic laws and principles of microeconomics - explain the behavior of the consumer and firm - know what happens in the goods market, factor market, and loanable funds market - understand the general equilibrium model - know the microeconomic reasons for government intervention
Syllabus
  • The structure of the lectures:
  • 1. What economics is - basic terms
  • 2. Goods and competition
  • 3. Comparative advantage
  • 4. Utility
  • 5. Consumer choice
  • 6. demand and supply
  • 7. Market equilibrium
  • 8. Factors of production
  • 9. Profit maximisation
  • 10. Market structures
  • 11. Production function
  • 12. General equilibrium theory
Literature
    required literature
  • Heissler, Herbert; Valenčík, Radim; Wawrosz, Petr 2010. Mikroekonomie základní kurz. Praha: VŠFS.
    recommended literature
  • MACH, Petr. Textbook of Elementary Economics. Prague: VŠFS, 2019. ISBN 978-80-7408-193-4. info
  • Holman, Robert 2011. Ekonomie. 5. vydání. Praha: C.H.Beck.
  • Jurečka, Václav 2010. Mikroekonomie. Praha: Grada.
Teaching methods
Lectures and seminars in the full-time form of the study, consultations on the combined form of the study. Students should attend at least 75 % of the lessons and seminars in the full-time study form or 50% in the combined form.
Assessment methods
The subject is completed by passing a credit test and passing the exam.
The student earns the credit by 75% attendance in the seminars, passing the midterm credit test and successful taking an electronic test to which he/she will be invited in December.
Students with ISP or students not assigned to any seminar group (usually students who repeat the course) pass electronic tests in the difficult variant.
The exam is oral. Students will explain concepts contained in the Bachelor's state exam.
Language of instruction
Czech
Further comments (probably available only in Czech)
The course can also be completed outside the examination period.
Information on the extent and intensity of the course: 16 hodin KS/semestr.
Teacher's information
Petr Mach, PhD teaches microeconomics and macroeconomics in English, and Lobbying and Monetary theory and policy in Czech. Between 2014-17 Petr Mach served as a member of the European Parliament.
The course is also listed under the following terms Winter 2007, Summer 2008, Winter 2014, Winter 2015, Winter 2016, Winter 2017, Winter 2018, Winter 2019, Winter 2020, Winter 2022.
  • Enrolment Statistics (Winter 2021, recent)
  • Permalink: https://is.vsfs.cz/course/vsfs/winter2021/B_MiE