Kursthemen
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Annotation of the Course:
This course provides a framework for understanding of business decisions and personal choices of consumers. Analysis of the countless decisions made by business managers, consumers, workers and investor is a crucial factor for understanding how economy operates. Demand analysis is a starting point for grasping the theory of business firm. Business decision about production, costs and factors of production as well as particular market structures (perfect and imperfect competition) will be discussed too. The course will be rounded off with an outline of input markets issues.
Prerequisities:
presentation of seminar paper, written test
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Das, Satya P. (2007). Microeconomics for Business. New Delhi, India: Sage Publications. 371 pgs. ISBN 978-0-7619-3592-6.
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Pindyck, Robert S. & Daniel L. Rubinfeld. (2013). Microeconomics. 8th Ed. Upper Saddle River, NJ, USA: Prentice Hall. 771 pgs. ISBN 978-0-13-285712-3.
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Varian, Hal R. (2010). Intermediate Microeconomics: A Modern Approach. 8th Ed. New Yor, N.Y., USA: W. W. Norton & Company. 802 pgs. ISBN 978-0-393-93424-3.
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Introduction to microeconomic theory including the key concepts and core theories at the level of Bachelor studies.
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1.1 Consumer's equilibrium
1.2 Consumer's preferences
1.2.1 Presumptions for applying consumer's preferences (axioms)
1.2.2 Utility function
1.2.3 Cardinal utility theory
1.2.4 Ordinal utility theory
1.2.5 Specific examples of preferences
1.3 Budgetary possibilities of the consumer
1.4 Consumer's equilibrium (optimum)
1.4.1 Change in disposable income
1.4.2 A change in the price of the goods A
1.5 Individual demand
1.5.1 Deriving demand based on utility maximization
1.5.2 Deriving demand based on expenditure minimization
1.5.3 Deriving demand based on maximization of consumer surplus
1.6 Demand elasticity
1.6.1 Price elasticity of demand
1.6.2 Income elasticity of demand
1.6.3 Cross elasticity of demand
1.7 Deriving a market demand curve
1.8 Consumer's preferences under conditions of risk
1.8.1 The only risky situation
1.8.2 Two risky situations
1.8.3 Insurance
1.9 Efficiency in consumption -
2.1 Short-run production function
2.1.1 A technological change between two short runs
2.2 Short-run cost curves
2.2.1 Technological change between two short runs
2.2.2 Increase in wage rates (labour price) in the short run
2.3 Long-run production function
2.3.1 Isoquant
2.3.2 Returns to scale
2.3.3 Isocost
2.3.4 An increase in the total costs of the firm in the long run
2.3.5 Increase in wage rates (labour price) in the long run
2.4 Long-run cost curves
2.5 Production efficiency
2.5.1 The first allocation rule
2.5.2 The second allocation rule
2.5.3 The third allocation rule
2.5.4 Prices of production factors
2.6 Production and consumption efficiency -
3.1 Perfectly competitive market structure
3.1.1 Firm in the environment of perfect competition in the short run
3.1.2 Firm in the environment of perfect competition in the long run
3.2 Imperfectly competitive market structures
3.2.1 A monopoly firm
3.2.2 Oligopoly market structure
3.2.3 Monopolistic competition
3.3 Alternative objectives of the enterprise
3.3.1 Managerial theories of the firm
3.3.2 Behavioural theories of the firm
3.3.3 Game theory
3.3.4 Cooperative and non-cooperative games
3.3.5 Symmetrical and asymmetrical games
3.3.6 Zero and non-zero sum games
3.3.7 Simultaneous and sequential games
3.3.8 Repeated and non-repeated games
3.3.9 Games with perfect, complete and incomplete information
3.4 Competitive efficiency
3.4.1 Production and consumption efficiency -
4.1 Labour Market
4.1.1 Demand for Labour
4.1.2 The supply of labour
4.1.3 Bilateral monopoly on the labour market
4.2 Capital market
4.2.1 Supply of and demand for capital
4.2.2 Investment decision-making by individuals -
5.1 Externalities
5.1.1 Negative externalities
5.1.2 Positive externalities
5.1.3 Methods for solving externalities
5.2 Public goods
5.2.1 Comparing the market demand for public and private goods
5.2.2 Optimum quantity of provided public goods
5.3 Asymmetrical information
5.3.1 Moral hazard
5.3.2 Adverse selection