Syllabus
Title
1653 Applied Microeconomics
Instructors
Dr. Charles Louis-Sidois
Type
VUE
Weekly hours
2
Language of instruction
Englisch
Registration
08/31/22 to 10/06/22
Registration via LPIS
Registration via LPIS
Notes to the course
Subject(s) Bachelor Programs
Dates
| Day | Date | Time | Room |
|---|---|---|---|
| Friday | 10/14/22 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 10/21/22 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 10/28/22 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 11/04/22 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 11/11/22 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 11/18/22 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 12/02/22 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 12/09/22 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 12/16/22 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 12/23/22 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 01/13/23 | 03:00 PM - 05:00 PM | TC.5.13 |
| Friday | 01/20/23 | 01:00 PM - 03:00 PM | TC.0.03 WIENER STÄDTISCHE |
The course is subdivided into four thematic blocks. The first block is used to revise the mathematical tools. The second block deals with the basics of supply and demand. With regard to supply, the focus is on production costs and profit maximization. Demand 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, monopsony, and pricing with market power). The third and last block is an introduction to game theory, with a discussion of several key economic applications such as oligopoly, public goods, and auctions.
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.
Applied Microeconomics is a lecture with interactive elements (VUE), therefore attendance is necessary. Three lectures can be missed without excuse, absence in further lectures has to be excused/ explained via email.
Attendance in the lecture room is mandatory.
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.
Assessment consists in:
- Problem set 1 (20% of the grade)
- Problem set 2 (20%)
- Participation (15%)
- Final exam taking place during the last session (45%).
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.
- 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: 2022-10-03
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