Syllabus

Title
6029 Applied Microeconomics
Instructors
Gergely Hajdu, Ph.D.
Contact details
gergely.hajdu@wu.ac.at
Type
PI
Weekly hours
2
Language of instruction
Englisch
Registration
02/05/20 to 02/27/20
Registration via LPIS
Notes to the course
Subject(s) Bachelor Programs
Applied Microeconomics
Dates
Day Date Time Room
Monday 03/02/20 09:00 AM - 11:00 AM TC.5.13
Monday 03/09/20 09:00 AM - 11:00 AM TC.5.13
Monday 03/16/20 09:00 AM - 11:00 AM TC.5.13
Monday 03/23/20 09:00 AM - 11:00 AM TC.5.13
Monday 03/30/20 09:00 AM - 11:00 AM TC.5.13
Monday 04/20/20 09:00 AM - 11:00 AM TC.5.13
Monday 05/04/20 09:00 AM - 11:00 AM Online-Einheit
Monday 05/11/20 09:00 AM - 11:00 AM Online-Einheit
Monday 05/18/20 09:00 AM - 11:00 AM Online-Einheit
Monday 05/25/20 09:00 AM - 11:00 AM Online-Einheit
Monday 06/08/20 09:00 AM - 11:00 AM Online-Einheit
Monday 06/15/20 09:00 AM - 11:00 AM Online-Einheit

On this page:

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Contents

The course 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 behavior 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 behavior (quantity and price competition, game theory) are examined in the penultimate block.
  • The course concludes with a discussion of behavioral economics.
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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

attendance required, max. 2 absences

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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

A student's grade in this course will be a weighted average of his/her performance on the MC Questions, Assignment solutions and the Final exams.

The weights are as follows:

  • MC Questions: 10%;
  • Assignments: 30%;
  • Final Exam: 60%.
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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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Readings
1 Author: Pindyck R.& Rubinfeld D.
Title:

Microeconomics

You can read the 9th edition of the textbook by clicking here. (Unfortunately, it only works so far using the WU wifi network.)

Publisher: Pearson Education
Edition: Seventh (older editions are also acceptable)
Year: 2009
Content relevant for class examination: Yes
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Recommended previous knowledge and skills

The course presumes that students have a thorough knowledge of elementary algebra, such as solving linear equations, rearranging algebraic expressions and depicting functions.

(In case you need some help, check out this site.)

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Availability of lecturer(s)

In case you send me an e-mail, please, always write "Micro2020" in the subject. 

Office hour: by appointment, please send an e-mail to gergely.hajdu@wu.ac.at

 

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Other

You can read the 9th edition of the textbook by clicking here. (Unfortunately, it only works so far using the WU wifi network.)

Students are advised to take a look at the relevant chapters in the textbook before attending the lectures. By
doing so, the students will benefit most from what is taught in class.

Referenced from the 9th(!) edition, the Chapters we plan to cover are the following:

  • Block 1: Ch.2.1   - 2.4.   (p.43  -62  ); Ch.3.1  - 3.5.  (p.89 -122); Ch.6. - Ch.8. (p.209-327 [only skim-through])
  • Block 2: Ch.10.1 - 10.6  (p.369-401); Ch.11.1-11.5. (p.413-443)
  • Block 3: Ch.12.              (p.465-496)
  • Block 4: Ch.13.1 - 13.7. (p.501-530)
Last edited: 2020-06-03



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