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.

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).

There will be two take-home exams solved in groups, each with a weight of 20% and a written final exam, with a weight of 60%. Additional 10% of bonus points can be gained by active participation, i.e. by answering questions raised during the course or contributing to the discussion thoughtfully.

Grading scheme:

100% - 90% = excellent (1)
 89% -  80% = good (2)
 79% -  70% = satisfactory (3)
 69% -  60% = sufficient (4)
           <59% = deficient (5)

Positive final exam (50% in the final exam) is a pre-condition for a positive grade!

None

Students should have basic knowledge in calculus.

There are no specific office hours. Please contact the lecturer personally after the class or by e-mail.

ulrich.berger@wu.ac.at