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Lecturer(s)
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Sein Yee Yee, Ing. Ph.D.
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Gyamfi Solomon, Ing. Ph.D.
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Course content
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Theory of utility, rationality and optimum of the consumer in the condition of certainty, uncertainty and risk. Microeconomic analysis of the demand at the final production market. Production function and costs of the firm in short-run and long-run period. Theory of perfect competition. Theory of imperfect competition, price strategy and price discrimination. Microeconomic analysis of the monopoly. Models of oligopoly and game theory. Microeconomic analysis of monopolistic competition. Alternative theory of the firm. The general model of price formation on the production factors markets. Microeconomic analysis of the labor market in conditions of perfect and imperfect competition. General equilibrium.
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Learning activities and teaching methods
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Monologic (reading, lecture, briefing), Dialogic (discussion, interview, brainstorming), Work with text (with textbook, with book), Methods of individual activities
- Home preparation for classes
- 26 hours per semester
- Contact teaching
- 52 hours per semester
- Preparation for a partial test
- 10 hours per semester
- Preparation for a final test
- 16 hours per semester
- Preparation for a credit (assessment)
- 26 hours per semester
- Preparation for an exam
- 20 hours per semester
- Home preparation for classes
- 39 hours per semester
- Contact teaching
- 14 hours per semester
- Preparation for a final test
- 26 hours per semester
- Preparation for a credit (assessment)
- 26 hours per semester
- Preparation for an exam
- 18 hours per semester
- Data/material collection
- 13 hours per semester
- Participation in classes
- 14 hours per semester
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Learning outcomes
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Student who has successfully completed the course can: explain the consumer rationality axioms based on standard (neoclassical) microeconomic theory and characterize the economic behavior of consumers in terms of certainty, uncertainty and risk, analyze consumer demand with regard to effects of changes in the prices of goods and consumer income, clarify and compare the production functions and costs in the short- and long-run period in relation to the optimal size of the firm, analyze the behavior of firms in different market structures and in the context of the neoclassical theory of the firm, define the pricing strategies of firms including forms of price discrimination and explain alternative theories of target behavior of firms, analyze the neoclassical approach to the formation of prices on production factor markets, explain the principles of forming individual demand for labor depending on alternative assumptions about the competitive nature of the labor market and the final production market, describe and clarify the general equilibrium model. A student who has successfully completed the course proves: graphically and mathematically solve the issues of achieving consumer optimum based on alternative assumptions about consumer preferences in terms of certainty, uncertainty and risk, graphically illustrate and mathematically express the short-term and long-term production and cost functions and propose the optimal size of the firm, graphically represent and mathematically determine the condition of the firm's equilibrium in the environment of alternative models in the markets of final production and in the markets of production factors, graphically illustrate and mathematically express and understandably interpret individual forms of price formation and price discrimination, apply and adequately select the tools of microeconomic analysis (indifferent analysis, isoproduct analysis, Hicks decomposition, elasticity, box scheme) for solving the economic issues. The student who has successfully completed the course is able to: make independent and responsible decisions in new or changing contexts or in an evolving environment, considering the wider social implications of decision-making, communicate their own professional opinions to experts and the general public in a comprehensible and convincing manner.
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Prerequisites
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Microeconomics I. -basic course.
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Assessment methods and criteria
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Written examination, Student performance assessment
The assignment is granted upon completion of the following conditions: passing final tests. The examination is written.
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Recommended literature
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MATHIS, S., KOSCIANSKI, J. Microeconomic Theory: an integrated approach.. Boston: Pearson Education., 2002.
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PARKIN, M. Economics.. 7th ed. Harlow: Pearson Education., 2008.
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PINDYCK, R. S., RUBINFELD, D. L. Microeconomics.. 8th ed. Boston: Pearson Education., 2015.
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PINDYCK, R. S., RUBINFELD, D. L. Microeconomics.. 9th ed. Boston: Pearson Education., 2018.
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