Content (Syllabus outline)
1. Introduction
1.1 Microeconomics and managerial economics
1.2 Positive and normative approach to analysis
2. Business decision-making
2.1 Firm objective
2.2 Making business decisions in conditions of certainty
2.3 Making decisions in situations of uncertainty
2.4 The influence of competition and characteristics of the environment on decision-making
2.5 Special emphases of business decision-making in the bioeconomy - case analysis
3. Decision-making based on demand
3.1 Theory of consumer behaviour
3.2 Traditional theory of demand
3.3 Demand theory based on product characteristics
3.4 Demand estimation and forecasting
3.5 Characteristics of consumption behaviour in the food supply chain and other value chains in the bioeconomy
4. Production and costs.
4.1 Theory of production
4.2 Theory of costs
4.3 Costs for business decision-making: Distinguishing between accounting and economic aspects of costs
4.4 Cost estimation
5. Deciding on the volume of production
5.1 Accounting and economic profit
5.2 Short-run equilibrium in perfect competition
5.3 Short-run equilibrium in monopoly
5.4 Short-run equilibrium in a monopsony
5.5 Oligopoly models
5.6 Breakpoint
5.7 Contribution Analysis
6. Corporate pricing policy
6.1 Markup pricing
6.2 Pricing in existing markets
6.3 Pricing of new products
6.4 Competitive tenders and price quotation
7. Optimal company size
7.1 Long-term equilibrium of the company
7.2 Making decisions about investments
7.3 Vertical boundaries of the company
Prerequisites
Conditions for fulfilling study obligations:
- Regular work (performing current tasks in lectures and seminar exercises, publishing in the eClassroom).
- Written exam.