Syllabus

Title
5943 Applied Microeconomics
Instructors
Dr. Maria Marchenko
Contact details
maria.marchenko@wu.ac.at
Type
PI
Weekly hours
2
Language of instruction
Englisch
Registration
01/30/19 to 02/25/19
Registration via LPIS
Notes to the course
Subject(s) Bachelor Programs
Applied Microeconomics
Dates
Day Date Time Room
Thursday 03/07/19 01:30 PM - 03:30 PM TC.5.13
Thursday 03/14/19 01:30 PM - 03:30 PM TC.5.13
Thursday 03/21/19 01:30 PM - 03:30 PM TC.5.13
Thursday 03/28/19 01:30 PM - 03:30 PM TC.5.13
Thursday 04/04/19 01:30 PM - 03:30 PM TC.5.13
Thursday 04/11/19 01:30 PM - 03:30 PM TC.5.13
Thursday 05/09/19 01:30 PM - 03:30 PM TC.5.13
Friday 05/10/19 11:00 AM - 01:00 PM TC.1.01 OeNB
Thursday 05/16/19 01:30 PM - 03:30 PM TC.5.13
Thursday 05/23/19 01:30 PM - 03:30 PM TC.5.13
Thursday 06/06/19 01:30 PM - 03:30 PM TC.5.13
Thursday 06/13/19 01:30 PM - 03:30 PM TC.5.13

On this page:

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Contents
The course consists of 10 units, each 2 hours long. It is subdivided into five 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 and third block aims to broaden the students’ understanding of the topic by introducing markets with imperfect competition (monopoly, oligopoly, cartels and pricing with market power, quantity and price competition). The basic game theory concepts 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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Attendance requirements

Applied Microeconomics is a course with continuous assessment (PI), therefore attendance is necessary. Two lectures can be missed without excuse, absence in further lectures has to be excused/ explained via email.

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Teaching/learning method(s)

The course aims to achieve the aforementioned outcomes through:

  • Interactive presentations from the lecturer, including discussion of the concepts by the students;
  • 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 final exam (each of these exams is worth 40% of the final grade). The remaining 20% are determined by four homework assignments, active participation might be rewarded with the additional bonus points (up to 5%).
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Prerequisites for participation and waiting lists

If you have a valid registration for the lecture, but will not participate, please deregister during the registration period of LPIS. Your place will be available for other students.

During the registration period, free places are filled according to the “first-come, first-served” principle. After the end of the registration period, the number of places is increased and students on the waiting list will be registered for the lecture based on their progress in their studies.

Attendance in the first session is necessary, absence without valid excuse will lead to deregistration! Any remaining places in the classes will be allocated to students attending the first session according to the waiting list. No places will be allocated by email or by phone.

Registration for the lecture cannot be guaranteed. Any student dropping out of the course who has already submitted a gradable task will receive a negative grade.
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Recommended previous knowledge and skills
  • STEOP
  • Necessary prior knowledge can be found in the microeconomics part of the script Stiassny et al., or in chapters 1-8 of the book Microeconomics from Pindyck and Rubinfeld
Last edited: 2018-11-22



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