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Course info
KEM / MIKR
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Course description
Department/Unit / Abbreviation
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KEM
/
MIKR
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Academic Year
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2023/2024
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Academic Year
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2023/2024
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Title
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Microeconomics 2
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Form of course completion
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Pre-Exam Credit
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Form of course completion
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Pre-Exam Credit
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Accredited / Credits
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Yes,
6
Cred.
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Type of completion
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-
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Type of completion
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-
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Time requirements
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Lecture
2
[Hours/Week]
Seminar
2
[Hours/Week]
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Course credit prior to examination
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No
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Course credit prior to examination
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No
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Automatic acceptance of credit before examination
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Yes in the case of a previous evaluation 4 nebo nic.
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Included in study average
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NO
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Language of instruction
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Czech
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Occ/max
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|
|
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Automatic acceptance of credit before examination
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Yes in the case of a previous evaluation 4 nebo nic.
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Summer semester
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161 / -
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0 / -
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0 / -
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Included in study average
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NO
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Winter semester
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0 / -
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0 / -
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0 / -
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Repeated registration
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NO
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Repeated registration
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NO
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Timetable
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Yes
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Semester taught
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Winter + Summer
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Semester taught
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Winter + Summer
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Minimum (B + C) students
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15
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Optional course |
Yes
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Optional course
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Yes
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Language of instruction
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Czech
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Internship duration
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0
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No. of hours of on-premise lessons |
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Evaluation scale |
S|N |
Periodicity |
každý rok
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Periodicita upřesnění |
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Fundamental theoretical course |
Yes
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Fundamental course |
No
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Fundamental theoretical course |
Yes
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Evaluation scale |
S|N |
Substituted course
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KEM/MIKR2
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Preclusive courses
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N/A
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Prerequisite courses
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N/A
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Informally recommended courses
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N/A
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Courses depending on this Course
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KEM/SZEK, KEM/SZEKN
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Histogram of students' grades over the years:
Graphic PNG
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XLS
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Course objectives:
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The aim of this course is to: familiarize students with basic knowledge of market mechanism functioning and behavior of individual market subjects - consumers, firms and state (from the microeconomic point of view); explain real economic phenomena and processes at the level of partial markets
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Requirements on student
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Credit prerequisites:
Completion of the credit tests in summary at least 60%.
Credit test dates will be announced in class.
The course is completed with credit.
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Content
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Mathematical introduction - progression of a function, optimization, Lagrange fce, equilibrium problem.
The theory of the consumer
1. Budget constraints - set of consumption options, budget constraints, substitution in exchange, change of constraints, ad valorem tax and benefits, relative prices (numeraire), quantity discount and surcharge, multiple constraints (time, consumption).
2. Preferences - rationality of the consumer, preference relations, axioms, indifference curves, extreme types of IC, saturation, marginal rate of substitution, correctly behaving IC, lexicographic preferences, discrete goods.
3. Utility - its measurement, utility function, undesirable and neutral goods, marginal utility, marginal rate of substitution, the elasticity of substitution, types of utility functions, perfect substitutes, perfect complements (Leontief), Cobb-Douglas function, CES function.
4. Consumer optimization - objective function and constraints, Lagrange multiplier, internal and corner optimization solutions, derivation of the demand function for individual types of utility functions, comparative statics, Engel curve and income elasticity of demand, supply price curve, price elasticity of demand, cross elasticity, manifested preference.
5. Substitution and income effect - Slutsky and Hicks substitution and income effect (numerically and graphically), Slutsky equation, Giffen goods.
6. Demand and duality - dual optimum solution, Marshall demand, Hicks (compensated) demand, indirect utility function, expenditure function, Sheppard's lemma, Roy's identity and relations in dual optimization, Slutsky equation, link to substitution and income effect, market demand.
7. Consumer surplus - reservation price, consumer surplus, compensating and equivalent variations.
8. Risk decision-making - risk and uncertainty, fair bet, expected benefit, budget and risk preference, optimization, risk aversion, risk preference, insurance principle, Bayes theorem, conditional probability.
Theory of the firm
9. Technology - production functions in the short and long run, isoquants, marginal product, marginal rate of technical substitution, returns to scale, the elasticity of substitution, types of production functions - Cobb Douglas, Leontief, perfect substitutes, CES.
10. Profit maximization - economic profit, production factors and costs, iso-profit curve. Profit maximization in the short and long term, comparative statics, demonstrated profitability.
11. Costs - isocost, cost minimization, demand for production factors, expansion path, costs as a function of production - total costs, average costs, marginal costs, the relationship between costs and the production function, costs in the short and long term.
12. Supply - market environment, types of competition (monopoly, oligopoly, perfect, monopolistic), individual and market demand (from the company's point of view), supply in the short and long term, producer surplus, industry supply.
General balance
13. General equilibrium - efficiency in production, Exchange, and market, Pareto efficiency, Edgewoth's Box diagram, PPF and UPF, product transformation, equilibrium price, and quantity determination, comparative statics (technological progress), Walras law.
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Activities
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Fields of study
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Guarantors and lecturers
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-
Guarantors:
Doc. Ing. Lukáš Pfeifer, Ph.D. ,
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Lecturer:
Prof. Ing. Jan Čadil, Ph.D. (100%),
JUDr. Ing. David Martinčík, Ph.D. (100%),
Doc. Ing. Lukáš Pfeifer, Ph.D. (100%),
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Tutorial lecturer:
JUDr. Ing. David Martinčík, Ph.D. (40%),
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Literature
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Basic:
VARIAN, H. R. Intermediate Microeconomics. W. W. Norton and Company, 2006. ISBN 0-393-92862-4.
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Basic:
Varian, Hal R. Intermediate Microeconomics with Calculus: a Modern Approach. W.W. Norton & Co., 2020. ISBN 9780393690019.
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Basic:
Soukup, Jindřich. Mikroekonomická analýza / Jindřich Soukup. Slaný : Melandrium, 2003. ISBN 80-86175-30-8.
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Basic:
Hořejší, Bronislava; Soukupová, Jana; Macáková, Libuše,; Soukup, Jindřich. Mikroekonomie. 6. aktualizované a doplněné vydání. 2018. ISBN 978-80-7261-538-4.
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Recommended:
Holman, Robert. Dějiny ekonomického myšlení. 4. vydání. 2017. ISBN 978-80-7400-641-8.
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Recommended:
Macáková, Libuše; Soukupová, Jana. Mikroekonomie repetitorium : středně pokročilý kurs. 2. vyd. Slaný : Melandrium, 1998. ISBN 80-86175-01-4.
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On-line library catalogues
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Time requirements
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All forms of study
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Activities
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Time requirements for activity [h]
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Graduate study programme term essay (40-50)
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50
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Preparation for comprehensive test (10-40)
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54
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Contact hours
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52
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Total
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156
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Prerequisites
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Knowledge - students are expected to possess the following knowledge before the course commences to finish it successfully: |
explain the basic microeconomic models |
describe the principles of partial markets' woriking |
explain fundamental microeconomic variables |
Knowledge of subject matter presented in course KEM/EK1. |
Skills - students are expected to possess the following skills before the course commences to finish it successfully: |
distinguish the basic microeconomic approaches according their assumptions |
interpret the values of microeconomic variables |
estimate the change in behavior of microeconomic subjects with respect to the the change of the parameter of the model |
Competences - students are expected to possess the following competences before the course commences to finish it successfully: |
N/A |
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Learning outcomes
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Knowledge - knowledge resulting from the course: |
explain the methodology of modern microeconomics |
explain intermediate microeconomic models |
explain in detail the principles of partial markets working |
describe advanced relationships between microeconomic variables |
Skills - skills resulting from the course: |
analyze intermediate microeconomic model from the points of view of their content and their form |
apply intermediate microeconomic theories to real situations |
distinguish and formulate basic conceptual framework of recent microeconomic approaches |
Competences - competences resulting from the course: |
N/A |
N/A |
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Assessment methods
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Knowledge - knowledge achieved by taking this course are verified by the following means: |
Test |
Skills - skills achieved by taking this course are verified by the following means: |
Skills demonstration during practicum |
Competences - competence achieved by taking this course are verified by the following means: |
Seminar work |
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Teaching methods
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Knowledge - the following training methods are used to achieve the required knowledge: |
Lecture |
One-to-One tutorial |
Self-study of literature |
Skills - the following training methods are used to achieve the required skills: |
Practicum |
Competences - the following training methods are used to achieve the required competences: |
Self-study of literature |
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