Syllabus
Registration via LPIS
| Day | Date | Time | Room |
|---|---|---|---|
| Wednesday | 03/06/19 | 12:30 PM - 02:30 PM | TC.0.01 ERSTE |
| Wednesday | 03/13/19 | 12:30 PM - 02:30 PM | TC.0.01 ERSTE |
| Wednesday | 03/20/19 | 12:30 PM - 02:30 PM | TC.0.01 ERSTE |
| Wednesday | 03/27/19 | 12:30 PM - 02:30 PM | TC.0.01 ERSTE |
| Wednesday | 04/03/19 | 12:30 PM - 02:30 PM | TC.0.01 ERSTE |
| Wednesday | 04/10/19 | 12:30 PM - 02:30 PM | TC.0.01 ERSTE |
| Wednesday | 05/08/19 | 12:30 PM - 02:30 PM | TC.0.01 ERSTE |
| Wednesday | 05/15/19 | 12:30 PM - 03:00 PM | TC.0.01 ERSTE |
| Wednesday | 05/22/19 | 12:30 PM - 02:30 PM | TC.0.01 ERSTE |
| Wednesday | 06/05/19 | 12:30 PM - 02:30 PM | TC.0.01 ERSTE |
| Wednesday | 06/12/19 | 12:30 PM - 02:30 PM | TC.0.01 ERSTE |
| Friday | 10/04/19 | 09:00 AM - 11:00 AM | D4.0.144 |
Foundations in Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. It provides a solid foundation for economic analysis and thinking. We start with an introduction to individual decision-making under scarcity, then turn to social interactions and game theory, continuing with an analysis of how institutions and power determine allocations. Next we take a closer look on how firms operate and study the implications of profit maximization. We continue with key concepts of competitive markets and perfect competition, and take a closer look at the labour market. Finally, we look at market phenomena like market equilibration, asset price bubbles, non-clearing markets, external effects and market failures.
After attending this course, students will be able to:
- use supply and demand diagrams to analyze the impact of overall changes in supply and demand on price and quantity.
- solve a consumer's utility maximization problem.
- understand the consumer's labor supply decision.
- analyze the behavior of firms in a perfectly competitive market in the short-run and the long-run.
- calculate producer and consumer surplus.
- analyze the interplay of supply and demand in markets.
- understand the limits of markets and the reasons for market failure.
Students need to attend at least 80% of the classes in order to pass the course successfully. Please inform the lecturer about your absence prior to the class (ulrich.berger@wu.ac.at).
- Lectures with material developed on the whiteboard and supported by slides
- Discussion of examples
There will be a written mid-term exam and a written final exam, each with a weight of 45%. The remaining 10% can be gained by active participation, i.e. by answering questions raised during the course or contributing to the discussion thoughtfully. A retake of one of the written exams will also be offered for those not reaching 50% in total.
There are no specific office hours. Please contact the lecturer personally after the class or by e-mail (preferred) or phone.
ulrich.berger@wu.ac.at
01/31336-4562
For this course we adopt the ressources provided by the CORE Project, an innovative project for teaching and learning economics. At the heart of it is a 1127-pages book titled THE ECONOMY (see Literature for details). The book covers more or less all of economics on an introductory level in 22 chapters, but we will only deal with about half of it, the microeconomics part.
The nice thing is, that there is no need for you to buy the book, since all the contents of the book are online, accompanied by additional material for registered users. Just have a look at https://core-econ.org/the-economy/
There is even an app which allows you to study and learn on your mobile, if you're so inclined!
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