Course syllabus MI2 - Microeconomics II (FBE - WS 2020/2021)

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Course code: MI2
Course title in language of instruction: Mikroekonomie II
Course title in Czech: Microeconomics II
Course title in English: Microeconomics II
Mode of completion and number of credits: Exam (6 credits)
(1 ECTS credit = 28 hours of workload)
Mode of delivery/Timetabled classes: full-time, 2/2 (hours of lectures per week / hours of seminars per week)
part-time, 16/0 (lectures per period / seminars per period)
Language of instruction: Czech
Level of course: master continuing
Semester: WS 2020/2021
Name of lecturer: doc. Ing. Petr Rozmahel, Ph.D. (supervisor)
Prerequisites: Final Bachelor Exam
Aims of the course:
The course provides a standard overview of microeconomic theory corresponding to intermediate courses. The course is primarily focused on extension of the consumer and firm theory in particular market settings. The course also aims at market efficiency and market failures. A particular attention is paid to theory applications.
Course contents:
1.Consumer choice (allowance 8/10)
a.Cardinalistic and ordinalistic theory of utility, definition of utility, individual and market demand.
b.Elasticity of demand, decomposition of optimum changes into individual effects.
c.Expanding consumer theory, decision making between consumption and leisure time, decision making between present and future consumption.

2.Theory of the firm (allowance 12/12)
a.Production functions, incomes, costs and profit of the company.
b.Optimal production level, production balance of the company.
c.Firm in a perfectly competitive environment, market equilibrum.
d.Firm in imperfectly competitive environment, behavior of oligopoly, monopoly and monopolistic competition. Possibilities of discrimination and strategic behavior.

3.Exchange and market equilibrium (allowance 2/2)
a.Formation of market price and market equilibrium, state interference in market equilibrium.
b.Production possibilities frontier, advantages and benefits of exchange.

4.Factor markets (allowance 4/4)
a.Labor market, labor market equilibrium, equilibrium wage, minimum wage and other state interventions.
b.The behavior of the company in the labor market in a perfectly and imperfectly competitive environment, discrimination in the labor market.
c.Capital market, the role of interest rate.

5.General equilibrium, market failures (allowance 2/0)
a.General equilibrium, Pareto concept of efficiency.
b.Market failures: externalities, public goods, asymmetric information - implications for allocation and remedies.

Learning outcomes and competences:
Generic competences:
-Ability to analyse and synthesize
-Ability to solve problems
-Professional knowledge
-Science and research skills
-Skilled at utilizing and processing information

Specific competences:
-Student can decide about appropriate approach to microeconomic modelling of economic reality
-Student can describe and expain the neo-classicalmicroeconomic model of consumer decision-making
-Student is able to explain behaviour of perfectly and imperfectly competitive market in neo-classical a alternative views
-Student knows to model the consumer behavior in different market situations
-Student knows to derive the consequences in firm behaviour to market preformance
-Student understands the principles of general equilibrium approach

Type of course unit: required
Year of study: Not applicable - the subject could be chosen at anytime during the course of the programme.
Work placement: There is no compulsory work placement in the course unit.
Recommended study modules: -
Learning activities and study load (hours of study load):
Type of teaching methodDaily attendanceCombined form
Direct teaching
     lecture28 h0 h
     practice28 h0 h
     consultation0 h16 h
     preparation for exam70 h152 h
     preparation for regular assessment12 h0 h
     preparation for regular testing30 h0 h
Total168 h168 h
Assessment methods:
The course is finalized with the exam consisting of written and optionally oral part. The written part has the character of test and short supplementary questions. The condition for passing the exam is to obtain at least 50% of possible points. The final grade is given by the sum of points from the credit and the written part of the exam. A student who obtains 50% or more points in the written part has a right to apply for an oral examination.
The student may take the final exam if he / she has passed the preliminary tests. To pass the test the student must obtain at least 50% points from two written papers, which are written during the semester mainly from the content of exercises. At the same time it is necessary to obtain at least 40% of possible points from each individual written work. In case of failure it is possible to pass the preliminary test in a comprehensive correction term, from which it is necessary to get at least 50% points.
Recommended reading:
TypeAuthorTitlePublished inPublisherYearISBN
RQHOLMAN, R.Mikroekonomie: středně pokročilý kurzV PrazeC.H. Beck2007978-80-7179-862-0
RQVARIAN, H R.Intermediate microeconomics: a modern approachNew YorkW.W. Norton & Co.978-0-393-93424-3
REŠEVELA, M. -- MELICHAROVÁ, A.Mikroekonomie II: (středně pokročilý kurz)BrnoMendelova univerzita v Brně2011978-80-7375-565-2
RESOUKUPOVÁ, J. -- HOŘEJŠÍ, B. -- MACÁKOVÁ, L.Mikroekonomie (5. aktualizované vydání)PrahaManagement Press2010978-80-7261-218-5


Last modification made by Ing. Jiří Gruber on 11/05/2019.

Type of output: