Microeconomics 2600-BM-MICRO
The course will cover the following topics:
1) Introduction – the principles of economics, how people make decisions, how people interact, how the economy works;
2) Demand, supply and market equilibrium – price and quantity settings, graphical and algebraic solutions;
3) Elasticity and its applications - price, income and cross elasticity of demand; elasticity vs. revenue;
4) Theory of consumer choice – preferences, utility function, budget constraints, consumer equilibrium (optimal choice of the amount of consumed goods);
5) Theory of consumer demand (for different goods);
6) Producer theory – isoquants and isocosts; production function, total production, average production, marginal production;
7) Costs of production – total cost, average cost, marginal cost; long-run cost vs. short-run cost;
8) Perfect competition model (assumptions, constrains, solving cases for competitive structure);
9) Monopoly (assumptions, constrains, solving cases for monopolistic market);
10) Monopolistic competition;
11) Oligopoly – basic models of duopoly;
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Term 2024Z:
The course will cover the following topics: |
Type of course
Course coordinators
Learning outcomes
After completion of the course, the student:
in terms of knowledge:
- correctly uses basic terminology within the field of legal sciences (K_W01).
- discusses the legislative process (K_W04).
- identifies challenges associated with law-making (K_W04).
- analyzes sources of law, court rulings, and legal regulations concerning business activity (K_W04).
- identifies basic principles of legal interpretation and the role of judicial and administrative rulings in shaping legal provisions (K_W04).
- summarizes the importance of economic policy in the state (K_W05).
in terms of skills:
- collaborates in a group to prepare an analysis of court rulings, legal texts, and scientific articles (K_U07).
- recognizes personal educational needs in the area of knowledge of economic law (K_U08).
in terms of social competences:
- evaluates the impact of legal regulations and case law on business activity (K_K01).
- takes the social responsibility and the interests of a wide range of stakeholders in business activities into account (K_K03).
- argues in favor of integrity and professionalism, recognizing their impact on the reputation of the profession and industry, as well as on building social trust (K_K05).
Assessment criteria
Attendance, active in-class participation and exam (written or oral)
Exam (written or oral), passing threshold: minimum 51%; active, merit-based participation in classes will be additionally awarded.
Bibliography
1. 1. Mankiw G.N., Taylor M. P., Microeconomics, 6th edition, 2023
or
2. Mankiw G. N., Principles of Economics, 6th edition, 2011 or later editions
3. Mankiw G.N., Taylor M.P., Economics, 2nd edition, 2011 or later editions
4. Pindyck R.S., Rubinfeld D., Microeconomics, Macmillan, 6th edition, 2005 or later editions
5. Varian H.R., Intermediate Microeconomics 8th Edition: A Modern Approach, 2009 or later editions
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Term 2024Z:
1. Mankiw G.N., Taylor M. P., Microeconomics, 6th edition, 2023 |
Additional information
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: