Course detail

Mathematical Economics

Not applicable.

Learning outcomes of the course unit

Not applicable.

Prerequisites

Knowledge of the fundamentals of mathematical analysis and linear algebra.

Co-requisites

Not applicable.

Recommended optional programme components

Not applicable.

Recommended or required reading

1. I. Mezník, Úvod do matematická ekonomie pro ekonomy,FP VUT, CERM,s.r.o., Brno 2011 (CS)
A.C. Chiang, Fundamental Methods of Mathematical Economics, McGraw-Hill Inc., New York, 1984 (CS)
J.U. Koch and L.A. Ostrosky, Introduction to Mathematical Economics, McGraw-Hill Inc., Singapore, 1994 (CS)
C.J. McKenna and R. Rees, Economics: A Mathematical Introduction, Oxford University Press Inc., New York, 1992 (CS)

Planned learning activities and teaching methods

Not applicable.

Assesment methods and criteria linked to learning outcomes

Conditions for obtaining the credit: active participation in seminars in which attendance is compulsory, and the passing of the interim semestral test with a result of A-E. The credit is an essential condition for taking the exam.
The exam consists of a written and an oral part. The written part is the main component, and it lasts for 2 hours. The oral part is used to refine the classification and it usually does not exceed 10 minutes. As part of the oral part, students can be asked further questions and they have the right to be given preparation time. Also, students can ask for additional questions in order to improve their overall grade.
Assignment of the written part of the exam:
1. A decision-making task concerning economic function (10 points)
2. Definition, formulation of properties, or interpretation of an economic quantity (20 points)
3. Calculation task (30 points)
4. Calculation task (40 points)
A calculator is recommended for the exam. However, also a good estimate of values can also be used in the calculations. The evaluation of the written part of the exam is based on the sum of points received from tasks 1-4, together with the fulfilment of the following conditions: The following conditions need to be fulfilled for the total mark A, B, C, D, E: (a) earning at least 11 points as a sum of the evaluation of tasks 1 and 2, (b) earning at least 10 points in task 3, (c) earning at least 10 points in task 4, then: A excellent 90 – 100, B very good 80 – 89, C good 70 – 79, D satisfactory 60 – 69, E sufficient 50 – 59, F insufficient 40 - 49 due to the failure to meet one of the conditions (a), (b), (c).
The overall evaluation is a combined result of the written and oral parts. If students do not agree with a result carrying a classification of B, C, D or E, they can refuse the grade, but they must do so immediately before the closure of classification by the examiner. In this case, they are given a grade of F and can retake the exam the next semester, if they still have this option available to them.

• Checking of study results via an oral or written test, or both
• Other requirements for students - e.g. seminar projects, presentations, attendance, etc.

Language of instruction

Czech

Work placements

Not applicable.

Course curriculum

The course builds on groundwork laid by microeconomics and macroeconomics subjects, and has, with regard to them, a synthetising role with the use of mathematics, with potential application in subsequent computerisation. The focus is on the mathematical modelling of basic economic patterns. The subject content concerns the analysis of supply and demand, income, costs and profits, elasticity, production, utility and national income.

Course curriculum
1. Basic principles of economic analysis
2. Modelling of economic processes I
3. Modelling of economic processes II
4. Supply and demand
5. Market equilibrium
6. Income, costs, profit
7. Elasticity
8. Production
9. Optimisation
10. Usefulness
11. National income
12. Models of national economy
13. Other mathematical economics tasks

Aims

Not applicable.

Classification of course in study plans

• Programme RRTES_P Master's

specialization RRES , 1. year of study, winter semester, 6 credits, compulsory
specialization RRTS , 1. year of study, winter semester, 6 credits, compulsory

Type of course unit

Lecture

26 hours, optionally

Teacher / Lecturer

Exercise

26 hours, compulsory

Teacher / Lecturer