Syllabus

Title
5365 Applied Microeconomics
Instructors
Biliana Yontcheva, Ph.D.
Contact details
biliana.yontcheva@wu.ac.at
Type
PI
Weekly hours
2
Language of instruction
Englisch
Registration
02/10/14 to 02/23/14
Registration via LPIS
Notes to the course
Subject(s) Bachelor Programs
Applied Microeconomics
Applied Microeconomics
Dates
Day Date Time Room
Thursday 03/06/14 10:00 AM - 12:00 PM D4.0.022
Thursday 03/13/14 10:00 AM - 12:00 PM D4.0.022
Thursday 03/20/14 10:00 AM - 12:00 PM D4.0.022
Thursday 03/27/14 10:00 AM - 12:00 PM D4.0.022
Thursday 04/03/14 10:00 AM - 12:00 PM D4.0.022
Thursday 05/08/14 10:00 AM - 12:00 PM D4.0.022
Thursday 05/15/14 10:00 AM - 12:00 PM D4.0.022
Thursday 05/22/14 10:00 AM - 12:00 PM D4.0.022
Thursday 06/05/14 10:00 AM - 12:00 PM D4.0.022
Thursday 06/12/14 10:00 AM - 12:00 PM D4.0.022
Wednesday 06/18/14 10:00 AM - 12:00 PM TC.5.15
Thursday 06/26/14 10:00 AM - 12:00 PM D4.0.022

On this page:

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Contents
The course consists of 12 units, each 2 hours long. It is subdivided into four thematic blocks. The first block is used to revise the basics of supply and demand. With regard to supply, the focus is on production costs and profit maximization. Demand, on the other hand, is related to consumer behaviour and utility maximization. The concept of market equilibrium is clarified under the assumption of perfect competition. The second block aims to broaden the students’ understanding of the topic by introducing markets with imperfect competition (monopoly, oligopoly, cartels and pricing with market power). Different aspects of strategic behaviour (quantity and price competition, game theory) are examined in the penultimate block. The course concludes with a discussion of market failure due to asymmetric information, externalities and public goods.
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Learning outcomes

Having graduated this course, the students should be able to:

  • Express their opinions with regard to the main topics addressed by microeconomic theory and apply this theory to practical examples;
  • Differentiate between different market forms (perfect competition, monopoly, monopolistic competition and oligopoly) and derive the optimal price and output decisions depending on the market structure;
  • Analyse strategic behaviour in different market situations and evaluate how firm and social outcomes vary with differing market forms;
  • Recognize situations which give rise to market failure and make suggestions with regard to its aversion.

This lecture also requires from the students to develop the following abilities:

  • To apply theoretical concepts to practical examples;
  • To use analytical methods for the solution of diverse problem sets (e.g. finding the optimal decision for a given stakeholder using mathematical derivations);
  • To present and explain complex theoretical concepts.
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Teaching/learning method(s)

The course aims to achieve the aforementioned outcomes through:

  • Interactive presentations (both from the lecturer and the students themselves);
  • Discussions of the topics covered;
  • Solutions of problem sets with numerical examples.
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Assessment
The final grade will be formed taking into account the results of the student in the mid-term and end-term exam (approximately 90% of the grade) and their performance in class, solving homework sets and discussing the subject matter (10%).
Last edited: 2014-01-14



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