114-0509/01 – Managerial Economics (MANE)

Gurantor departmentDepartment of EconomicsCredits6
Subject guarantorIng. Tomáš Wroblowský, Ph.D.Subject version guarantorIng. Tomáš Wroblowský, Ph.D.
Study levelundergraduate or graduateRequirementCompulsory
Year3Semesterwinter
Study languageEnglish
Year of introduction2009/2010Year of cancellation
Intended for the facultiesEKFIntended for study typesBachelor
Instruction secured by
LoginNameTuitorTeacher giving lectures
BAD0012 Ing. Ondřej Badura
GRE0018 Ing. Jiří Gregor, Ph.D.
LOK02 Ing. Aleš Lokaj, Ph.D.
WRO25 Ing. Tomáš Wroblowský, Ph.D.
Extent of instruction for forms of study
Form of studyWay of compl.Extent
Full-time Credit and Examination 2+2

Subject aims expressed by acquired skills and competences

The aim of the course is the ability of study – participants to apply general economic theory, mainly microeconomics, to business and managerial decision processes. The course creates platform for purposeful interconnection between traditional economic theory and the theory of decision making. In some sense the course of managerial economics represents the bridge between relatively abstract theoretical background of rational decision making and managerial practice. The emphasis is selectively laid on those microeconomic topics that are the most helpful to realistic interpretation of economic environment surrounding the firm. The natural focus of the course is represented by the theory of the firm. There are overlaps to management, marketing, psychology, macroeconomics, institutional economics, sociology.

Teaching methods

Lectures
Individual consultations

Summary

I. Market Structure Analysis and the Position of the Firm • Structural Analysis of Industries • Perfect Competition and Monopoly • Monopolistic Competition and Oligopoly • Typology of Competition (market, nonmarket etc.) • Competition Strategies of Firms II. The Firm – its Production, Costs and Profit • Production Function • The Optimal Combination of Inputs • Types of Costs (short run, long run) • Relative Costs of Competitors • Return and Profit • Profit – maximizing Employment of Variable Inputs (Labour, capital, natural resources) • Case studies • Break – Even Analysis, Shut – Down Analysis • Alternative Models of Firm Behaviour III. Demand Analysis • Industry and Firm Demand Curve • Theory of Consumer Behaviour - Consumer Equilibrium • Price and Pricing Practices - Price Discrimination • Game Theory - Types of Game Theories • Touches (contacts) to Marketing IV. Government Intervention in the Market Economy • Government Intervention in the Czech Republic and EU countries - Typical Features and Comparison • Impact of Tax System • Government and Trade Unions on the Labour Market • State Ownership and Privatization • Regulatory Responses to Structure Failures and Financial Crisis (2008, 2009) • State Ownership and Privatization • The Impact of Different Government Types on Economic Policy (one – party gov., minority gov., coalition gov.) V. International Context of Decision – Making in the Firm • Conditions of Trade barriers, Political Events, etc.) • Globalization and its Projections Towards Firms • The In – flow of Foreign Capital (Investments) • Economic Integration (mainly EU) • Monetary Integration - Rate of Exchange (mainly EU) - Interest rate VI. Decision Making in the Environment of Uncertainty • Risk and Uncertainty • Risk and Probability • Risk in Economic Analysis - Indifference Curves • Asymmetric Information • Selected Topics from Economics of Information and from Theory of Information VII. Forecasting in the Firm • Types of Economic Forecasts • Factors Affecting Economic Variables • The Main (Typical) Forecasting Methods • Problem of Accuracy of Economic Forecasts VIII. Institutional Environment of the Firm • Formal and Informal Institutions • Institutional Framework of the Firm – Decision • Law Affecting the Firm - Regulatory Environment of the Firm - The Enforcement of the Law - Antitrust Acts - “Regulator – capture” Theory • Externalitites and their Solution • “Share – holding” and “stake – holding” • Socially Accountable Firms

Compulsory literature:

Png I., Lehman D.: Managerial Economics. 3rd edition. Oxford. Blackwell Publishing 2007, ISBN 9781405160476

Recommended literature:

Wilkinson, N.: Managerial Economics: a Problem-Solving Approach. Cambridge. University Press 2005. ISBN: 0-521-52625-6.

Way of continuous check of knowledge in the course of semester

E-learning

Další požadavky na studenta

study recommended literature

Prerequisities

Subject has no prerequisities.

Co-requisities

Subject has no co-requisities.

Subject syllabus:

Theory of consumer‘s behaviour (theory of demand, elasticities and their practical implications) Theory of firm‘s behaviour (costs, economies of scale and economies of scope) Market structures (decision making in different market structures, games theory) Imperfect and asymmetric information (risk and uncertainty, decision making process with imperfect information, moral hazard and adverse selection) Firm in macro environment (interaction between firms and central authorities, public choice theory)

Conditions for subject completion

Full-time form (validity from: 2009/2010 Winter semester, validity until: 2017/2018 Winter semester)
Task nameType of taskMax. number of points
(act. for subtasks)
Min. number of points
Exercises evaluation and Examination Credit and Examination 100  51
        Exercises evaluation Credit  
        Examination Examination  
Mandatory attendence parzicipation: not specified

Show history

Occurrence in study plans

Academic yearProgrammeField of studySpec.FormStudy language Tut. centreYearWSType of duty
2019/2020 (B6202) Economic Policy and Administration (6202R010) Finance P English Ostrava 3 Compulsory study plan
2019/2020 (B6208) Economics and Management (6208R174) European Business Studies P English Ostrava 1 Compulsory study plan
2019/2020 (B0412A050006) Finance P English Ostrava 3 Compulsory study plan
2018/2019 (B6208) Economics and Management (6208R174) European Business Studies P English Ostrava 1 Compulsory study plan
2018/2019 (B6202) Economic Policy and Administration (6202R010) Finance P English Ostrava 3 Compulsory study plan
2017/2018 (B6208) Economics and Management (6208R174) European Business Studies P English Ostrava 1 Compulsory study plan
2017/2018 (B6202) Economic Policy and Administration (6202R010) Finance P English Ostrava 3 Compulsory study plan
2016/2017 (B6208) Economics and Management (6208R174) European Business Studies P English Ostrava 1 Compulsory study plan
2016/2017 (B6202) Economic Policy and Administration (6202R010) Finance P English Ostrava 3 Compulsory study plan
2015/2016 (B6202) Economic Policy and Administration (6202R010) Finance P English Ostrava 3 Compulsory study plan
2014/2015 (B6208) Economics and Management (6208R174) European Business Studies P Czech Ostrava 1 Compulsory study plan
2014/2015 (B6202) Economic Policy and Administration (6202R010) Finance (01) Finance P Czech Ostrava 3 Compulsory study plan
2013/2014 (B6202) Economic Policy and Administration (6202R010) Finance (01) Finance P Czech Ostrava 3 Compulsory study plan
2013/2014 (B6208) Economics and Management (6208R174) European Business Studies P Czech Ostrava 1 Compulsory study plan
2012/2013 (B6208) Economics and Management (6208R174) European Business Studies P Czech Ostrava 1 Compulsory study plan
2012/2013 (B6202) Economic Policy and Administration (6202R010) Finance (01) Finance P Czech Ostrava 3 Compulsory study plan
2011/2012 (B6202) Economic Policy and Administration (6202R010) Finance (01) Finance P Czech Ostrava 3 Compulsory study plan
2011/2012 (B6208) Economics and Management (6208R174) European Business Studies P Czech Ostrava 1 Compulsory study plan
2010/2011 (B6208) Economics and Management (6208R174) European Business Studies P Czech Ostrava 1 Compulsory study plan
2009/2010 (B6208) Economics and Management (6208R174) European Business Studies P Czech Ostrava 1 Compulsory study plan

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner
Incoming students - bachelor study 2019/2020 Full-time English Choice-compulsory 163 - International Office stu. block
Incoming students - bachelor study 2018/2019 Full-time English Choice-compulsory 163 - International Office stu. block
Incoming Students 2017/2018 Full-time English Choice-compulsory 163 - International Office stu. block
Incoming Students 2016/2017 Full-time English Choice-compulsory 163 - International Office stu. block
Incoming Students 2015/2016 Full-time English Choice-compulsory 163 - International Office stu. block
Incoming Students 2014/2015 Full-time Czech Choice-compulsory 163 - International Office stu. block
Incoming students 2013/2014 Full-time Czech Choice-compulsory 163 - International Office stu. block
Incoming Students 2012/2013 Full-time Czech Choice-compulsory 163 - International Office stu. block