The course introduces some key approaches that economists use to analyze and understand the behavior of consumers and firms from a theoretical perspective. The lectures cover consumer and firm decisions as well as market failures due to externalities and public goods.

Upon completion of the course, students are able to: 

• describe the character of microeconomics as a science of choice
• apprehend microeconomics as a way of looking at the world, rather than as a collection of unrelated models
• explain the basic modeling (assumptions, methods) of consumer and firm behavior in the neoclassical framework
• apply the models to analyze and predict consumption and production decisions
• reflect upon the extension of the neoclassical approach by the means of behavioral economics
• review how market failures can emerge from externalities in production and consumption and how they can be overcome
• critically evaluate and study contemporary microeconomic models and theories

Attendance is mandatory, absence not exceeding two units is tolerated.

The lectures will present and explain economic theories and models including their mathematical structure. Students are expected to prepare by studying the respective chapter of the textbook for each meeting (see section Unit details below). Students will be assigned to present examples and cases (in groups of 2 to 3) that complement the lecture content. These assignments are part of the grading.

• Problem sets:  25 points
• Midterm exam: 30 points
• Final exam: 45 points

Grading scheme:

Registration via LPIS.

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Undergraduate Microeconomics

Appointment requests by email: gerlinde.fellner@wu.ac.at