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CZECH TECHNICAL UNIVERSITY IN PRAGUE
STUDY PLANS
2023/2024

Engineering economics

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Code Completion Credits Range Language
2383066 Z 3 2P+1C+0L Czech
Garant předmětu:
Jan Lhota
Lecturer:
Jan Lhota
Tutor:
Jan Lhota
Supervisor:
Department of Management and Economics
Synopsis:

Abstract: The subject of engineering economics is to teach students theories of behavior of economic subjects, summarized under the terms of consumers and producers and their interaction on the market. It is a prerequisite for understanding the broader links between economic categories that they encounter as business managers. The students will be briefly informed about the laws of the national economy and national economic aggregates. They will understand the principles of applied microeconomic patterns in business management information and their presentation.

Requirements:

Verification of study results: continuous written work, team work - semestral work, attendance

Syllabus of lectures:

1.Introduction to microeconomics, consumer theory

2.Theory of utility, expression of consumer utility

3.Optimal consumer situation, derivation of demand function

4.Price elasticity of demand

5.Cost theory

6.Income and profit theory, profit maximization, production theory and producer behavior

7.Production function

8.The formation of macroeconomics

9.Economic aggregates and their importance

10.Functioning of the national economy

11.Establishment of the system of national accounts

12.Functions of the company information system

13.Presentation of management information

Syllabus of tutorials:

1.Models in economics, model variables, model equations,

2.Function of utility, its expression, relation between total and marginal utility

3.Optimization of usefulness - equivalent calculation methods

4.Calculation of point elasticity of demand function, mathematical derivation of demand function

5.Linear and nonlinear cost models and their optimization, analysis, evaluation

6.The production function and the meaning of the calculations performed with the production function

7.Combination of cost-benefit functions and their analysis

8.Profit maximization and factors of production theory

9.Modeling of market situations by cost-benefit models

10.Survey of economic aggregates - basic calculations

11.Importance of balancing for economics

12.Creation of the first balance-balance sheet and its managerial importance

13.Origin of the second balance sheet of the income statement - two forms of balance equation

Study Objective:

The aim of the course Engineering Economics is to teach students theories of economic subjects, summarized under the terms of consumers and producers and their interaction in the market. It is a prerequisite for understanding the broader links between economic categories that they encounter as business managers. The students will be briefly informed about the laws of the national economy and national economic aggregates. They will understand the principles of applied microeconomic patterns in business management information and their presentation. The explanation uses the apparatus of mathematics common at technical universities.

Study materials:

Basic literature

SAMUELSON,P.A., NORDHAUS, W.D., Ekonomie, 19.vyd. Praha: Svoboda 2013, 715.s ISBN 978-80-205-0629-0.

MACÍK, K. Mikroekonomie. Vyd. 3., přeprac. Praha: Nakladatelství ČVUT, 2007, 202 s. ISBN 978-80-01-03806-2.

VYSUŠIL, J. Národní účty a meziodvětvové vztahy. Praha: Academia, 2002.128s ISBN 800-200-1010-6.

MRKOSOVÁ, Jitka. Účetnictví 202X: učebnice pro SŠ a VOŠ. Brno: Edika, 2020. Daně a účetnictví (Edika). ISBN 978-80-266-1514-9.

Recommended reading:

BLANK, Leland T. a Anthony J. TARQUIN. Engineering economy. Eighth edition. New York: McGraw-Hill Education, 2017. ISBN 978-0-07-352343-9.

SLOMAN, John a Elizabeth JONES. Essential economics for business. Fourth edition. Harlow, England: Pearson, 2014. ISBN 978-1-292-00080-0

MOSS, David A. A concise guide to macroeconomics: what managers, executives, and students need to know. Second edition. Boston, Masschusetts: Harvard Business Review Press, [2014].

PERLOFF, Jeffrey M. Microeconomics. 8th edition. New York, NY: Pearson, [2018]. ISBN 978-0134519531.

AGRAWAL, Ajay, Joshua GANS a Avi GOLDFARB. Prediction machines: the simple economics of artificial intelligence. Boston, Massachusetts: Harvard Business Review Press, [2018]. ISBN 9781633695672.

PESCH, Heinrich Rupert J. EDERER. Ethics and the national economy. Norfolk, VA: IHS Press, 2004. ISBN 978-0971828650.

Note:
Time-table for winter semester 2023/2024:
06:00–08:0008:00–10:0010:00–12:0012:00–14:0014:00–16:0016:00–18:0018:00–20:0020:00–22:0022:00–24:00
Mon
Tue
Wed
Thu
roomKN:B-234
Lhota J.
08:00–09:45
(lecture parallel1)
Karlovo nám.
Konzultační místnost U12138
roomKN:B-234
Lhota J.
09:45–10:30
(lecture parallel1
parallel nr.101)

Karlovo nám.
Konzultační místnost U12138
Fri
Time-table for summer semester 2023/2024:
Time-table is not available yet
The course is a part of the following study plans:
Data valid to 2024-07-15
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