This course provides a comprehensive introduction to foundational concepts in microeconomic theory. The focus is on building a strong theoretical and mathematical understanding of consumer and producer behavior, essential for advanced study and applications in economics.

The first half of the class covers consumer theory, introducing preferences, utility, and optimization. Students will gain an in-depth understanding of primal and dual approaches, including key mathematical concepts and results such as Shephard’s Lemma and the Slutsky equation. A mathematical analysis of consumer surplus will also be provided.

The second half of the class focuses on producer theory, beginning with cost minimization and production functions. The analysis proceeds to the profit maximization problem and concludes with surplus analysis.

Throughout the course, emphasis is placed on formal notation, mathematical tools, and solving technical exercises to build a robust technical toolbox for microeconomic modeling.

Upon completion of the course, students are able to:
• describe the character of microeconomics as a science of choice,
• explain the basic modeling (assumptions, methods) of consumer and firm
behavior,
• apply the models to analyze and predict consumption and production
decisions,
• 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. Students will solve three problem sets, which will be graded.

• 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: charles.louis-sidois@wu.ac.at