Syllabus

Title
6004 Foundations in Microeconomics
Instructors
Dr. Tingmingke Lu
Contact details
tingmingke.lu@wu.ac.at
Type
PI
Weekly hours
2
Language of instruction
Englisch
Registration
02/27/23 to 03/05/23
Registration via LPIS
Notes to the course
Subject(s) Bachelor Programs
Foundations in Microeconomics
Dates
Day Date Time Room
Monday 03/13/23 02:00 PM - 04:00 PM TC.1.01 OeNB
Monday 03/20/23 02:00 PM - 04:00 PM TC.1.01 OeNB
Monday 03/27/23 02:00 PM - 04:00 PM TC.1.01 OeNB
Monday 04/17/23 02:00 PM - 04:00 PM TC.1.01 OeNB
Monday 04/24/23 02:00 PM - 04:00 PM TC.1.01 OeNB
Monday 05/08/23 02:00 PM - 04:00 PM TC.1.01 OeNB
Monday 05/15/23 02:00 PM - 04:00 PM TC.1.01 OeNB
Monday 05/22/23 02:00 PM - 04:00 PM TC.1.01 OeNB
Monday 06/05/23 02:00 PM - 04:00 PM TC.1.01 OeNB
Monday 06/12/23 02:00 PM - 04:00 PM TC.1.01 OeNB
Monday 06/19/23 08:00 AM - 10:00 AM TC.0.10 Audimax
Friday 06/30/23 08:00 AM - 10:00 AM TC.0.10 Audimax

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

Attendance is mandatory on specified dates.  Absence not exceeding two units in total is accepted.

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Teaching/learning method(s)

Interactive lecture with exercises solved in class.

The content of the course will be covered in 8 learning modules. Each learning module contains lecture casts 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 1.25 points can be gained for each MC question.

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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 50%. Remaining 10% of points can be gained 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!

Active classroom participation can influence the grade positively.

 

 

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Prerequisites for participation and waiting lists

None

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Readings

Please log in with your WU account to use all functionalities of read!t. For off-campus access to our licensed electronic resources, remember to activate your VPN connection connection. In case you encounter any technical problems or have questions regarding read!t, please feel free to contact the library at readinglists@wu.ac.at.

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Recommended previous knowledge and skills

Students should have basic knowledge in calculus.

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Availability of lecturer(s)

Office hour: by appointment

Last edited: 2023-01-18



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