N_MiE Microeconomics

University of Finance and Administration
Winter 2025
Extent and Intensity
2/1/0. 6 credit(s). Type of Completion: zk (examination).
Teacher(s)
doc. Ing. Klára Čermáková, Ph.D. (seminar tutor)
Guaranteed by
doc. Ing. Klára Čermáková, Ph.D.
Department of Economics and Management – Departments – University of Finance and Administration
Contact Person: Bc. Kateřina Konupková
Timetable of Seminar Groups
N_MiE/cEKFPH: each even Tuesday 14:00–14:44 S26, each even Tuesday 14:45–15:30 S26, K. Čermáková
N_MiE/cEKKV: each odd Thursday 14:00–14:44 KV205, each odd Thursday 14:45–15:30 KV205, except Thu 20. 11. ; and Thu 18. 12. 15:45–17:15 KV205, K. Čermáková
N_MiE/pEKFPH: Tue 12:15–12:59 S26, Tue 13:00–13:45 S26, except Tue 7. 10. ; and Tue 14. 10. 15:45–17:15 S22, K. Čermáková
N_MiE/pEKKV: each odd Thursday 10:30–11:14 KV205, each odd Thursday 11:15–12:00 KV205, each odd Thursday 12:15–12:59 KV205, each odd Thursday 13:00–13:45 KV205, except Thu 20. 11. ; and Thu 6. 11. 15:45–17:15 KV205, Thu 4. 12. 15:45–17:15 KV205, K. Čermáková
N_MiE/vEKPH: Fri 3. 10. 17:30–19:00 S11, 19:15–20:45 S11, Sat 18. 10. 14:00–15:30 E225, 15:45–17:15 E225, Sat 22. 11. 14:00–15:30 E225, 15:45–17:15 E225, Fri 5. 12. 17:30–19:00 S11, 19:15–20:45 S11, K. Čermáková
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. Ekonomie. 18. aktual. vydání. Praha: NS Svoboda, 2019. ISBN 80-205-0590-3.
  • MANKIW, Gregory, TAYLOR, Mark, ASHWIN, Andrew. Business Economics, 2024. ISBN: 978-1473791312.
  • MANKIW, N. Gregory. Zásady ekonomie. Praha: Grada, 1999. ISBN 978-80-7169-891-3.
Teaching methods
Lectures and seminars on the full-time form of the study, and consultations on the combined form of the study.
Brainstorming, Group discussion, Key studies development, Blended learning.
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.: Ekonomie pro bakaláře.
Assessment methods
Activity in seminars: 30%, continuous evaluation during classes
Final written test: 70%
Final test is open to students who achieved minimum of 50% points (15 points) in seminars.
Language of instruction
Czech
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.
  • Enrolment Statistics (recent)
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