This course introduces some key approaches that economists use to analyse and understand the behavior of consumers, firms and governments, both from a theoretical and an applied perspective.

This course is subdivided into two thematic blocks.

The first block focuses on consumer theory and production theory, chapters 1-8 in Pindyck and Rubinfeld, 9th Global ed.

The second bloc focuses on the concept of market equilibrium under the assumption of perfect competition, chapter 9 in Pindyck and Rubinfeld, 9th global ed. and on issues of competition, chapters 10-13 in Pindyck and Rubinfeld, 9th Global ed.

Class attendance is compulsory. A maximum of 2 times absenteeism is tolerated without prior notice. Further absenteeism will lead to deregistration.

(a) Assignments: 20% (b) Mid-term exam: 40% (c) Final exam: 40%

A minimum of 40% must be achieved in each exam.

(Overall performance must be >=60% in order to pass.)

Grading scheme:

For those who fail in the final exam, there will be a retake one week later.

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, any absence 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.

bellak@wu.ac.at

phone: 00431313364505

Please note that the use of cellphones is not permitted during this course, unless mandated by the instructor.

Concerning homeworks: Homeworks have been uploaded as a pdf (handwritten or typed) into the respective sub-folder termed "Homework_1", "Homework_2" etc. in the subdirectory "File Storage".

Concerning exams: Please note that you may request a post-exam review within one week after the exam. After this period, the marks will be entered into LPIS and will be final.