EKE14 Microeconomics

University College Prague – University of International Relations and Institute of Hospitality Management and Economics, Ltd.
winter 2016
Extent and Intensity
2/2. 5 credit(s). Type of Completion: zk (examination).
Teacher(s)
doc. Ing. Martin Petříček, Ph.D. (lecturer)
doc. Ing. Martin Petříček, Ph.D. (seminar tutor)
Guaranteed by
doc. Ing. Martin Petříček, Ph.D.
Katedra ekonomie a ekonomiky – University College Prague – University of International Relations and Institute of Hospitality Management and Economics, Ltd.
Course Enrolment Limitations
The course is only offered to the students of the study fields the course is directly associated with.
fields of study / plans the course is directly associated with
Course objectives
Course objectives
The EKE14-00-MIC course introduces basic economic categories and relationships among them to the students. It explains the most important principles of economic behavior of particular entities, and functioning of the market mechanism in perfect and imperfect competition.
The market theory of production factors is also an important part of the course.
The students will be using an analytical approach when solving both theoretical and practical problems related to economic processes in microeconomics.
The EKE14-00-MIC course is a theoretical basis for the follow-up Macroeconomics EK013 course and for applied economics in Enterprise economics EKE003.
The follow up course on the master’s level is EKE114 Microeconomics.

Objectives:;
Overview of the economic system, functioning of the market mechanism under the perfect and imperfect competition conditions.

Competence:
After passing the course the student should be able to analyze the basic economic processes within the economic system at the economic entity level, in particular market situations. This should contribute towards his social competences.

Skills:
Passing the course should help the student feel comfortable in the real economic world at the level of economic entities and the student should upon passing be able to solve basic economic tasks. This skill should be a basis for successful performance in the management positions at operational or middle management levels. The ability to analyze the behavior of the economic entities forming the market supply and demand is the key. After the relevant course seminars the student should be able to contribute to discussing theoretical problems and their application in the real economic life.
Syllabus
  • Outline:
  • 1. What is economy? Economic system.
  • 2. Basic economic problems and the ways of solving them. Consumption, goods.
  • 3. Market mechanism, demand, supply.
  • 4. Market equilibrium in perfect competition, elasticity.
  • 5. Consumer behavior in perfect competition, cardinal utility theory, demand curve derivation.
  • 6. Decision making of a firm under perfect competition, cost and revenue analysis.
  • 7. Firm balance in perfect competition, supply curve derivation.
  • 8. Firm in the imperfect competition.
  • 9. Monopoly, types of monopoly, origin and functioning.
  • 10. Balance of monopoly and the state intervention.
  • 11. Oligopoly and monopoly competition.
  • 12. Production factor markets, production factor supply and demand, price origin.
  • 13. Labor production factor.
Literature
    required literature
  • MANKIW, Gregory N. Principles of economics. 1999th ed. Praha: Grada Publishing, 1999. ISBN 80-7169-891-1. info
    recommended literature
  • • Libby Rittenberg and Timothy Tregarthen, Principles of Microeconomics, 2009, ISBN 13: 978-0-9820430-3-5, http://www.flatworldknowledge.com/printed-book/2147
  • SAMUELSON, Paul A. and William D. NORDHAUS. Economics. 2007th ed. Praha: NS Svoboda, 2007. ISBN 978-80-205-0590-3. info
  • FRANK, H. R. and B. S. BERNANKE. Ekonomie. 2002nd ed. Praha: Grada Publishing, 2002. ISBN 80-247-0471-4. info
  • HOLMAN, Robert. Mikroekonomie. 2007th ed. Praha: C.H.Beck, 2007. ISBN 978-80-7179-862-0. info
Teaching methods
Requirements:
The student will write one midterm test during the semester and one final test. To pass this tests it is necessary to get at least 60 % altogether. The subject is finished by passing the oral exam.
Assessment methods
Evaluation methods:
Course content: Presence study / Combined study (hours)
Lectures - 26/15
Seminars - 26/0
Individual study - 78/115
Total - 130/130


Requirement for passing: Presence study / Combined study (weight in %)
Written test - 0/30
Oral exam - 100/70
Total - 100/100
Special conditions and details - min. 80% presence in seminars (pres.)

Further comments
In exceptional cases a student may finish the course at other times than the examination period The course is taught every semester.
The course runs every week.
Language of instruction
English
Further comments (probably available only in Czech)
Information on completion of the course: z | zk | klicovy_predmet
The course can also be completed outside the examination period.
The course is taught: every week.
The course is also listed under the following terms winter 2011, winter 2012, winter 2013, winter 2014, winter 2015, winter 2017, winter 2018, winter 2019, winter 2020, winter 2021, winter 2022, winter 2023, winter 2024.
  • Enrolment Statistics (winter 2016, recent)
  • Permalink: https://is.ucp.cz/course/ucp/winter2016/EKE14