This course is the second half of the Microeconomics series. It covers advanced topics in microeconomic theory, including: Utility maximization problem of the consumer and the demand function, General Equilibrium (exchange and production), decision under uncertainty. 

After completing this course, students will have gained the analytical and methodological skills to understand and address more advanced microeconomic questions and problems. They will understand: 1) assumptions about consumer preferences and how they are reflected in the utility function 2) the formal derivation of a demand function 3) how different markets interact with each other in general equilibrium models; 2) the several ways in which the violation of the perfect market assumption (i.e., market failures) affects market outcomes; 3) how uncertainty plays into the model of economic behavior.

Attendance is mandatory, max. 2 absences without valid excuse. Attendance is also required for the online sessions.  Students absent during an assessment will receive the lowest possible grade for the assessment.

Lecture, discussions, and analytical/quantitative exercises of course topics. Some lectures will be taught online via Microsoft Teams. 

Assessment consists in:

- Problem sets (20% of the grade)

- Participation in class (10% of the grade)

- Final exam taking place in the last session (70% of the grade).

According to the curriculum.

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Good knowledge of Microeconomics I and Mathematics (Analysis) is required. 

daniela.rroshi@wu.ac.at