Syllabus

Title
0288 Microeconomics
Instructors
Univ.Prof. Alexander Mürmann, Ph.D.
Contact details
alexander.muermann@wu.ac.at
Type
PI
Weekly hours
2
Language of instruction
Englisch
Registration
09/02/24 to 09/20/24
Registration via LPIS
Notes to the course
Subject(s) Master Programs
Microeconomics
Dates
Day Date Time Room
Wednesday 10/02/24 09:00 AM - 12:00 PM TC.0.01
Monday 10/07/24 02:00 PM - 05:00 PM TC.2.01
Wednesday 10/09/24 01:00 PM - 04:00 PM TC.2.01
Monday 10/14/24 02:00 PM - 05:00 PM TC.2.01
Tuesday 10/15/24 03:00 PM - 05:00 PM TC.0.02
Wednesday 10/16/24 10:00 AM - 12:00 PM TC.0.04
Monday 10/21/24 02:00 PM - 05:00 PM TC.2.01
Wednesday 10/23/24 10:00 AM - 01:00 PM TC.2.01
Monday 10/28/24 02:00 PM - 05:00 PM TC.2.01
Wednesday 10/30/24 10:00 AM - 01:00 PM TC.2.01
Monday 11/04/24 02:00 PM - 05:00 PM TC.2.01
Tuesday 11/05/24 08:30 AM - 11:00 AM TC.0.02
Wednesday 11/06/24 02:00 PM - 04:00 PM TC.0.02

On this page:

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Contents
  • Consumer Theory
    • Consumption set, preference relations, utility representation, expenditure minimization
  • Equilibrium Analysis
    • Pareto efficiency, exchange equilibrium, existence and properties of equilibria
  • Choice under Uncertainty and Markets for Uncertainty
    • Expected utility theory, individual choices under uncertainty, markets for uncertainty

       

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Learning outcomes

After completing this course the student will have the ability to:

  • describe the behaviour of individual economic agents (consumers and firms) and the aggregation of their actions in an institutional framework;
  • assess economic activity, market outcomes and their efficiency in an equilibrium framework.

After completing this course the student will also have the ability to:

  • analyze and judge economic arguments effectively;
  • structure information into a coherent economic argument;
  • recognize the complexity of economic systems.

Moreover, after completing this course the student will have the ability to:

  • analyze microeconomic models;
  • formulate hypotheses on the basis of observations;
  • use microeconomic theory to explain features of economic activity and outcomes.
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Attendance requirements

Students have to attend at least 80% of lectures - exams excluded.

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Teaching/learning method(s)
This class is mainly taught as lectures combined with examples that help students to consolidate their knowledge and understanding.Each student is expected to have read the relevant lecture notes and have worked on the examples before the corresponding lecture. This leaves sufficient room for discussion which is essential for processing the content of this course. Each student is also expected to be present during the class; this includes being on time when the lecture starts.
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Assessment
  • 20% clicker questions during class
  • 40% written midterm exam
  • 40% written final exam

Further information about the assessment will be provided by the lecturer including bonus % for active participation in class and the possibility of a retake exam.

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Readings

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Recommended previous knowledge and skills

Successful completion of

  • Mathematics I and Mathematics II
  • Probability
  • Optimization

Students should have basic knowledge in

  • undergraduate microeconomics, i.e. preferences, demand, supply, equilibrium, monopoly
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Availability of lecturer(s)
alexander.muermann@wu.ac.at
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Other
Course Readings Students will be provided with a set of slides that cover all the material of the course. The slides are available as pdf-file and are only for the students’ own use. Slides can be downloaded from the course website. Case StudiesCase studies, if used, can be downloaded from the course website.
Last edited: 2024-10-03



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