731127 Basics of microeconomics


Type
Lecture
Semester hours
2
Lecturer (assistant)
Kniepert, Martin , Hochwallner, Clemens
Organisation
Offered in
Wintersemester 2021/22
Languages of instruction
Deutsch

Content

1. The lecture and its position the study program UBRM
2. What is Economics all about? And Microeconomics?
3. Scarcity, opportunity cost, division of labour and comparative advantage
4. The market: Supply and demand, price determination, equilibrium, consumer and producer rent
5. Elasticity, functional forms
6. Forms of state intervention: Price administration, tariffs, levies, subsidies, welfare analysis
7. Theory of the household: Utility functions, optimal consumption, income- and substitution effects
8. Theory of the firm: Production functions, factor substitution, economies of scale, cost function, factor demand
9. Markets: Polypolistic and monopolistic price determination, welfare analysis
10. Market failure and policy options in case of external effects and public goods

Objective (expected results of study and acquired competences)

The participants will be familiarised with basic features of microeconomic theory. They are thus strengthened in their analysis and reasoning ability with respect to economic and especially environmental economic issues.
This lecture is part of the Studieneingangs- and -orientierungsphase (STEOP) of the study program Management of Environment and Bio Resources (UBRM). It is suitable for this purpose as questions of the use of resources have been the defining subject of economic science since its inception. Thus, students are fundamentally supported in the validation of their study choice. Dealing with microeconomics offers numerous occasions during this very lecture to get a clear analytical approach to resource questions, as it is doing so later over the whole study program.
You can find more details like the schedule or information about exams on the course-page in BOKUonline.