Syllabus

Title
5651 Foundations in Microeconomics
Instructors
Univ.Prof. Dr.Dr. Ulrich Berger
Contact details
e-mail: ulrich.berger@wu.ac.at; phone: +43 1 31336 4562; e-mail: francisca.bremberger@wu.ac.at
Type
PI
Weekly hours
2
Language of instruction
Englisch
Registration
02/23/21 to 02/25/21
Registration via LPIS
Notes to the course
Subject(s) Bachelor Programs
Foundations in Microeconomics
Dates
Day Date Time Room
Monday 03/08/21 10:00 AM - 12:00 PM Online-Einheit
Monday 03/15/21 10:00 AM - 12:00 PM Online-Einheit
Monday 03/22/21 10:00 AM - 12:00 PM Online-Einheit
Monday 04/12/21 10:00 AM - 12:00 PM Online-Einheit
Monday 04/19/21 10:00 AM - 12:00 PM Online-Einheit
Monday 05/03/21 10:00 AM - 12:00 PM Online-Einheit
Monday 05/10/21 10:00 AM - 12:00 PM Online-Einheit
Monday 05/17/21 10:00 AM - 12:00 PM Online-Einheit
Monday 05/31/21 10:00 AM - 12:00 PM Online-Einheit
Monday 06/07/21 10:00 AM - 12:00 PM Online-Einheit
Monday 06/14/21 10:00 AM - 01:00 PM Online-Einheit
Tuesday 06/22/21 02:00 PM - 05:00 PM Online-Einheit

On this page:

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Contents

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.

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Learning outcomes

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.
  • 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

All sessions will be held online this semester, and together with LV 5464. We therefore switch the time slot to Monday 10-12h, but there will be no mandatory attendance. If you cannot attend the lecture in Teams, you can watch the lecturecasts provided on Learn.

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Teaching/learning method(s)

The content of the course will be covered in 8 learning modules. Each learning module contains audio slides from the specific topic, the hint to the related chapters in the online version of the book “Microeconomics” by Pindyck and Rubinfeld, and a Multiple Choice question. A maximum of 1 bonus point can be gained for each MC question, replacing bonus points for active classroom participation.

In addition to the online learning modules we offer one Teams meeting per week, where we discuss the audio slides from the learning module of the week. The Teams meeting is Monday from 10am to 12am. You can use this link to join the Team “Micro SS2021” in Teams:

https://teams.microsoft.com/l/team/19%3aff75f5b1a475411582db05b3882478be%40thread.tacv2/conversations?groupId=3950ff4c-dedc-486c-a604-13e7e90ad41e&tenantId=0504f721-d451-402b-b884-381428559e39

The link to the weekly meeting can be found in the channel General. We will record the meetings and offer it as lecturecast on the Learn page, so that you can watch it afterwards in case you cannot attend the meeting.

We will offer three Q&A sessions, one before each Take-Home Exam and one for exam preparation. Dates and time slots can be found in the syllabus.

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Assessment

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 online multiple choice questions raised at the end of each "Modul" (learning subsection).

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!

 

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Prerequisites for participation and waiting lists

None

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Readings
1 Author: Pindyck, R.S., Rubinfeld, D.L.
Title:

Microeconomics

Publisher: Pearson
Edition: 9
Year: 2017
Content relevant for class examination: Yes
Recommendation: Reference literature
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Recommended previous knowledge and skills

Students should have basic knowledge in calculus.

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Availability of lecturer(s)

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

ulrich.berger@wu.ac.at

Last edited: 2021-05-18



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