Applied microeconomics

Teaching results

Teaching results:
The aim of the course is to expand students' knowledge base in the field of microeconomic analysis of entities, their behavior in individual markets, in order to deepen theoretical knowledge about the operation of companies in real market conditions, which are affected by uncertainty and unpredictability of future market development. The course is aimed at expanding knowledge of microeconomics and their application to specific cases in the form of case studies of specific economic entities in selected countries or analysis of microeconomic data on economic development in specific cases.
After completing the course, students will have knowledge, skills and competencies in the following areas:
Knowledge:
- expanding knowledge of the functioning of the microeconomic market, estimating demand and supply functions,
- expanding knowledge of consumer decision-making in the case of special cases - special types of consumer functions, the impact of the substitution and pension effect on optimal consumer decision-making,
- expansion of knowledge about the production analysis of the company, the impact of technological progress on the optimal decision-making of the company, the relationship between the production function and the cost function.
- enhancing knowledge of general economic equilibrium and the creation of a balance in the market of factors of production,
- acquiring basic knowledge about the impact of externalities on the market balance.
Skills:
- identification of relevant factors influencing supply and demand and subsequent estimation of these functions for forecasting purposes.
- identification of consumer demand and determination of the impact of substitute goods and income on the size of demand.
- creating a structural model of the company and identifying the links between the trajectory of the company's development and its costs.
- identification of positive and negative externalities affecting the decision-making of companies and consumers.
Competences:
- ability to understand consumer and business behavior in real economic life,
- ability to analyze the behavior of the company in different types of market structures,
- ability to dissociate, on the basis of available empirical data, the economic well-being of selected economic entities in specific economies,
- the ability to analyze the decisions of real economic operators in different markets. ability to apply theoretical economic principles to real situations in life,
- the ability to use graphical supply and demand models to analyze the impact of overall changes in the market with regard to the quantity and price of goods and services.
- the ability to solve the problem of maximizing the usefulness of the consumer and the problem of the company with the minimization of costs and apply them to the conditions of real economic life.
- the ability to use economic instruments to analyze microeconomic economic policy.