607.135 (22W) ECON 1: Microeconomics

Wintersemester 2022/23

Registration deadline has expired.

First course session
05.10.2022 10:00 - 11:30 V.1.07 On Campus
... no further dates known

Overview

Due to the COVID-19 pandemic, it may be necessary to make changes to courses and examinations at short notice (e.g. cancellation of attendance-based courses and switching to online examinations).

For further information regarding teaching on campus, please visit: https://www.aau.at/en/corona.
Lecturer
Course title german ECON 1: Microeconomics
Type Lecture - Course (continuous assessment course )
Course model Attendance-based course
Hours per Week 3.0
ECTS credits 6.0
Registrations 18 (24 max.)
Organisational unit
Language of instruction English
Course begins on 05.10.2022
eLearning Go to Moodle course

Time and place

Please note that the currently displayed dates may be subject to change due to COVID-19 measures.
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Course Information

Intended learning outcomes

To familiarize participants with fundamental concepts of microeconomics.

Teaching methodology

This course consists of two parts, a lecture and a tutorial part. To prepare for class(es), please check out recommended readings and provided lecture slides.

In the lecture fundamental concepts of microeconomic theory are presented, in the tutorial part you will solve and review problems that are related to the theory presented. All tutorials are identical in structure.

For the tutorial part, you will have to prepare take home problem sets and participate in short quizzes at the end of tutorial sessions. In addition, there is a final exam for the tutorial part at the end of term.

All sessions on Tuesday and Wednesdays are identical in structure and content. Nevertheless, you have to register for one specific tutorial.

For the tutorial sessions, the lecture content is divided into 10 blocks (cf. “Lehrinhalte”).

Problem sets:


  • Problem sets will be made available via learning platform Moodle.
  • Until 8 p.m. the day before a morning tutorial or 12 a.m. the same day of an afternoon tutorial, in AAU’s student portal ZEUS, tick boxes of answers that you accurately prepared.
  • Please upload your answers – one file with all answers - via Moodle prior to the start of the related session. Please name the document as follows:
     “CourseNo_name_PSNo“ (e.g., “607.135_Smith_PS1”)
  • During the tutorial sessions, you will be randomly asked to present and explain answers that you marked: You should be able to explain your answer fully. You may be deducted up to 5 penalty points if you are absent without advance notice, or, if the instructor evaluates your presentation as insufficient.
  • A maximum of 20 credits can be earned from solving exercises of the problem sets.

Quizzes: 

For the final 15 minutes of each tutorial, you will participate in a mini quiz via Moodle. It consists of two questions, a multiple-choice and an open question. You can earn up to 2 credits for each quiz, i.e. you can reach a further 20 credits at maximum.

Tutorial exam:

The final exam of the tutorial part will take place at the beginning of February. The maximum score of the exam is 20 credits.


 There is a possibility to receive bonus credits for especially active participation during tutorial classes.

Course content

  • Preliminary discussion, Administrative matters, Principles
  • Supply and demand; elasticities
  • Consumer behavior
  • Individual demand and market demand
  • Production and Production costs
  • Profit maximization and competition
  • Analysis of competitive markets
  • Market power – Monopoly
  • Monopolistic competition & Oligopoly
  • Game Theory
  • Markets with asymmetric information and auctions

(Reading) schedule for tutorial sessions: 


  1. Basics: Markets and Prices; Supply and Demand [P+R 2017], Ch. 1+2
  2. Supply and Demand; Elasticities [P+R 2017], Ch. 2
  3. Consumer Behaviour [P+R 2017], Ch. 3
  4. Individual demand and market demand [P+R 2017], Ch. 4
  5. Production [P+R 2017], Ch. 6
  6. Production cost [P+R 2017], Ch. 7
  7. Profit maximization and competitive supply [P+R 2017], Ch. 8
  8. Market power – Monopoly; General Equilibrium [P+R 2017], Ch. 10+16.2
  9. Game Theory [LBS 2008], Ch. 1-4 or [G 2008], Ch. 1.1+Ch. 2.1
  10. Markets with asymmetric information and auctions, [P+R 2017], Ch. 17+13.8

Curricular registration requirements

  • Further administrative details will be announced during the 1st session (both lecture and tutorial). 
  • Please note that the course description misses a few dates for tutorial sessions because of public holidays. Alternative dates will be agreed on during the first session.

Literature

Main text book:

Pindyck, R. and Rubinfeld, D. (2017). Microeconomics. Pearson Prentice Hall.  [P+R 2009] The e-book is available in the library.

Additional textbooks useful with regard to course content about game theory: 

Gibbons, R. (1992). A Primer in Game Theory. Pearson. [G 2008]

Lleyton-Brown, K. and Shoham, Y. (2008). Essentials of Game theory. Morgan & Claypool Publishers. [LBS 2008]

Examination information

Im Fall von online durchgeführten Prüfungen sind die Standards zu beachten, die die technischen Geräte der Studierenden erfüllen müssen, um an diesen Prüfungen teilnehmen zu können.

Examination methodology

Lecture and tutorial part are evaluated separately.

To pass Microeconomics, course participants have to pass both the lecture and the tutorial part. For the lecture, there will be a multiple-choice exam, consisting of 16 questions with max. 64 credits in total; for the tutorial part, there are problem sets (with max. total of 20 credits), mini-quizzes ( with max. total of 20 credits) and final tutorial exam (with max. total of 20 credits).

Pass mark for the lecture exam is 44 credits. Pass mark for the tutorial is 30 credits and additionally requires that for you have scored at least 8 credits in each component (problem sets, quizzes, final tutorial exam). Cf. grading tables below.

Both lecture and tutorial part account for 50% of the final grade.

The lecture’s final exam will take place online on campus. There is ONE possibility of re-take. 

For the tutorial part’s components there are no possibilities of re-take or compensatory measures, i.e. there is also no re-take for the tutorial part’s exam !


Examination topic(s)

Lecture and tutorial content.

Assessment criteria / Standards of assessment for examinations

The grading scheme for the lecture is the following: 

Credits
Grade
59 - 64
  Sehr gut (A)
54 – 58
  Gut (B)
49 – 53      
  Befriedigend (C)
44 – 48
  Genügend (D)
00 – 43    
   Nicht genügend (E)

The grading scheme for the tutorial part is the following:

CreditsGrade
53– 60
Sehr gut (A)
46– 52
Gut(B)
38– 45
Befriedigend(C)
30– 37
Genügend(D)
00– 29
Nicht genügend (E)

In case of failing one or both parts of the course (lecture or tutorial part), the entire course must be retaken. (This is required by law!)

Grading scheme

Grade / Grade grading scheme

Position in the curriculum

  • Bachelor's degree programme Business Administration (SKZ: 518, Version: 18W.1)
    • Subject: Volkswirtschaftslehre (Compulsory subject)
      • 3.2 Volkswirtschaftslehre II: Mikroökonomik ( 0.0h VC / 6.0 ECTS)
        • 607.135 ECON 1: Microeconomics (3.0h VC / 6.0 ECTS)
          Absolvierung im 2., 3., 4., 5. Semester empfohlen
  • Bachelor's degree programme Applied Business Administration (SKZ: 518, Version: 14W.3)
    • Subject: Grundlagen der Volkswirtschaftslehre (Compulsory subject)
      • §9(1) Mikroökonomik ( 3.0h VC / 6.0 ECTS)
        • 607.135 ECON 1: Microeconomics (3.0h VC / 6.0 ECTS)
  • Masterstudium Information and Communications Engineering (ICE) (SKZ: 488, Version: 22W.1)
    • Subject: Management and Economics: Basic Courses (Compulsory elective)
      • 3.3b Wahl von Lehrveranstaltungen aus den Pflichtfächern „Principles of Business“ und/oder „Principles of Economics“ aus dem Bachelorstudium „International Business and Economics (IBEC)“ ( 0.0h XX / 8.0 ECTS)
        • 607.135 ECON 1: Microeconomics (3.0h VC / 6.0 ECTS)
  • Bachelor's degree programme International Business and Economics (SKZ: 516, Version: 19W.1)
    • Subject: Principles of Economics (Compulsory subject)
      • 2.2 ECON 1: Microeconomics ( 0.0h VC / 6.0 ECTS)
        • 607.135 ECON 1: Microeconomics (3.0h VC / 6.0 ECTS)
          Absolvierung im 1., 2., 3. Semester empfohlen

Equivalent courses for counting the examination attempts

Wintersemester 2023/24
  • 607.135 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
  • 607.136 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
  • 607.137 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
Wintersemester 2022/23
  • 607.136 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
  • 607.137 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
Wintersemester 2021/22
  • 607.135 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
  • 607.136 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
  • 607.137 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
Wintersemester 2020/21
  • 607.135 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
  • 607.136 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
Wintersemester 2019/20
  • 607.135 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
  • 607.136 VC ECON 1: Microeconomics (3.0h / 6.0ECTS)
Sommersemester 2019
  • 607.135 VC Microeconomics (3.0h / 6.0ECTS)
Wintersemester 2018/19
  • 607.135 VC Microeconomics (3.0h / 6.0ECTS)
Wintersemester 2004/05
  • 607.137 VO Grundlagen der Makroökonomik / Repetitorium (2.0h / 3.0ECTS)