| Kontakt: |
| lukas.brunninger@wu.ac.at |
| Inhalte der LV: |
This course introduces some key approaches that economists use to analyse and understand the behavior of consumers, firms and governments, both from a theoretical and an applied perspective. The course is divided into three thematic blocks. The first block focuses on reviewing and reinforcing the content of basic courses during the introductory phase of studies (economic actors, consumer behavior, forms and decisions of enterprises, competitive markets). The second block is dedicated to analyzing the behavior of economic actors in markets with imperfect competition (monopoly, oligopoly, cartels, pricing with market power, game theory). In the third block, microeconomic models are applied to analyze entrepreneurial strategies (including product differentiation, price discrimination, bundling and tying, ...) as well as to discuss current developments (such as the information revolution and digitalization, ecological transformation of the economy, energy transition, ...).
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| Lernergebnisse (Learning Outcomes): |
As a crucial subfield of economics, microeconomics examines the decisions of individual economic agents (households, businesses, government, etc.) and their implications for society within an institutional context. Upon completion of this course, students will be able to: - Understand and critically reflect on core areas of microeconomic theory (including key concepts of game theory) and apply them to practical issues.
- Apply acquired mathematical skills to solve concrete problems using formal models of microeconomics.
- Differentiate between various market structures (competition, monopoly, monopsony, oligopoly), derive corresponding entrepreneurial pricing and quantity decisions, and determine welfare effects.
- Evaluate and critically compare entrepreneurial strategies (including price discrimination and bundling, product differentiation, mergers and collaborations, advertising, research and development) depending on different market situations.
- Recognize various causes of market failure and develop corrective measures.
Acquiring these knowledge and skills provides students with a sufficient foundation for advanced (micro-)economically oriented courses. Additionally, this course promotes the following skills among students: - The ability to apply theoretical concepts to practical issues.
- Structuring analytical problem statements and developing solutions.
- Utilizing basic mathematical tools for deriving optimal courses of action.
- Teamwork and ability to engage in discourse.
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| Regelung zur Anwesenheit: |
Applied Microeconomics is a lecture with interactive elements (VUE), therefore attendance is necessary. Three lectures can be missed without excuse. Further absenteeism will lead to deregistration. |
| Lehr-/Lerndesign: |
Lecture with interactive elements |
| Leistung(en) für eine Beurteilung: |
Microeconomics is a lecture with interactive elements (VUE), therefore the garde must be composed of at least two components. - Solving exercise sheets in groups (15%)
- Multiple-choice questions (15%)
- Written final exam (70%)
You can take the exams in the next two examination weeks. Please consider any overlaps with stays abroad and choose a course for which you can also be present at the final exam. Grading scale: 100% - 90% = Very Good 89% - 80% = Good 79% - 70% = Satisfactory 69% - 60% = Sufficient <60% = Fail A positive final test result (minimum 50% = 35 points) is a prerequisite for a positive assessment! |
| Teilnahmevoraussetzung(en): |
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, any absence 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. |
