COURSE SYLLABUS©
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COURSE DETAILS
TERM:
COURSE TITLE:
PREREQUISITES:
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LAB FEE:
TEXTBOOK /
REQUIRED READING
MATERIALS:
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ECON 2020/ add section
Principles of Microeconomics (Semester, WI)
WRIT 2000
25
None
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List particularly every title requiring a bookstore order. For help choosing a
textbook, including receiving gratis academic inspection copies, contact the
librarian Benjamin Fasching-Gray at benjamin.fasching-gray@webster.ac.at .
If there is a standard textbook for your course (info in your contract), please
enter that title. If you would like to change this textbook, you must get the
approval from your department head.
COURSE DESCRIPTION
Studies institutions and process of market specialization and exchange, pricing and output, competition
and monopoly, government regulation, current economic problems, and international economic
developments.
COURSE OBJECTIVES / LEARNING OUTCOMES
Outcome
Students learn about introductory economics
terms and concepts.
Students learn about the production
possibilities frontier.
Expectation
Students will learn about such things as
scarcity, marginal analysis, opportunity cost,
the difference between macroeconomics and
microeconomics, and the ceteris paribus
assumption.
Students will learn what a production
possibilities frontier is, and how it can be
useful in understanding economic trade-offs,
as well as keys to economic growth.
Palais Wenkheim, Praterstrasse 23, 1020 Vienna, Austria - www.webster.ac.at
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Students learn how supply and demand works
together to determine prices and output.
Students learn the basics of production and
cost theory.
Students learn about profit maximization
under different economic environments.
Students will learn the difference between
supply and demand, factors that influence
both supply and demand, and how the two
work together to determine market prices and
quantities observed.
Students will learn how market forces may be
prevented from working perfectly due to price
controls, externalities, or the presence of
public goods.
Students will also learn how to apply their
knowledge of supply and demand of products
to the supply and demand for labor.
Students will learn production theory and be
introduced to concepts such as total, average,
and marginal product, as well as the law of
diminishing returns and returns to scale.
Students will learn cost theory and be
introduced to concepts such as total, average,
and marginal cost, as well as short run versus
long run costs, and economies of scale.
Students will also learn how production and
cost are interrelated.
Students will learn the golden rule of profit
maximization, as well as the various
characteristics that identify the 4 major
market structures: perfect competition,
monopoly, monopolistic competition, and
oligopoly.
Students will learn how pricing, production
levels, and profits differ across these various
economic environments.
Students will also learn how the concept of
elasticity can impact a firm’s profit maximizing
decision-making with respect to pricing.
Palais Wenkheim, Praterstrasse 23, 1020 Vienna, Austria - www.webster.ac.at
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GRADE BREAKDOWN
(Note: instructors can determine the components of evaluations, below is just an example).
GRADING SCALE:
MIDTERM EXAM:
FINAL EXAM:
QUIZZES/ASSIGNMENTS:
CLASS PROJECT:
PARTCIPATION:
A: 93-100, A-: 90-92, B+: 87-89, B: 83-86, B-: 80-82, C+: 77-79,
C: 73-76, C-: 70-72, D+: 67-69, D: 63-66, F: <63
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COURSE POLICIES / ADDITIONAL INFORMATION
List policies that are specific to your course, such as your policy on acceptance of and/or penalties for late
work, an explanation of how you enforce the attendance policy (for example, whether lateness counts as a
partial absence, or points taken off for each absence or partial absence, etc.), elucidation of what
constitutes cheating, etc. or, use this section for any additional information that pertains to your course.
WEEKLY SCHEDULE
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For semester courses only:
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Week 10 (enter date/s)
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No classes are held during this week
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Palais Wenkheim, Praterstrasse 23, 1020 Vienna, Austria - www.webster.ac.at
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UNIVERSITY POLICIES
Students are required to inform themselves of WUV academic policies. A full list of these policies is available on the WUV website:
http://webster.ac.at/academic-policies
Academic Honesty & Cheating:
The University is committed to high standards of academic honesty. Students will be held responsible for violations of these standards.
A special Honor Code that the Vienna Student Council has developed applies to students and faculty. Any student found cheating on
any part of the course work (homework assignment, term paper, quiz, exam, etc.) will automatically be given an “F” for the course.
Any student found to be helping another student to cheat will likewise be given an “F” for the course. In each case, the student will
also be put on disciplinary probation for the remainder of her or his stay at Webster. If the student is found to have engaged in
cheating a second time, s/he will be automatically expelled from the University. Faculty members are held responsible for upholding
and enforcing the Honor Code.
Academic Work:
Students are required to save digital or hard-copy files of any and all materials they use for any assignment in any WUV course. Upon
the instructor's request they have to provide complete text documentation for any sources they have used. In every case, should the
assignment or project be shared outside the academic department, the student's name and all identifying information about that
student will be redacted from the assignment or project.
Contact Hours:
Graduate courses are only offered in an 8- week term format and meet 1-time per week for 4 hours. Graduate Mid-term and final
exams sessions are scheduled in 2-hour block sessions in addition to weekly class meeting times (36 total contact hours). Please see
the Graduate Course Schedule/Timetable on the website for specific exam dates/times: http://webster.ac.at/graduate-courseofferings-and-schedules
Undergraduate courses are offered either in term format, which meets for two 2-hour sessions per week for 8 consecutive weeks (32
contact hours), or a 15-week semester format, which meets for two 1.5 – hour sessions for 8 consecutive weeks followed by a break
week (no classes are held) and then for another 7 consecutive weeks. The total number of contact hours for undergraduate semester
courses is thus 45.
Attendance:
Students are expected to attend all class sessions of this course. In the case of unavoidable absence, the student must contact the instructor
and provide written documentation. The student is subject to appropriate academic penalty for incomplete or unacceptable makeup work,
or for excessive or unexcused absences.
Excused absences—based on submitted documentation—must not exceed:
 Four class sessions when the course meets twice a week;
 Two class sessions when the course meets only once a week.
Should the number of excused absences be higher, it is the student's responsibility to withdraw from the course.
In the case of unexcused absences, amounting to:
 Four class sessions when the course meets twice a week;
 Two class sessions when the course meets only once a week;
the instructor must lower the student's grade by one letter grade and inform the student of the action.
Should the number of unexcused absences be higher, the instructor must assign the grade of F and inform the student of the action.
Note: In the case of a mixture of excused and unexcused absences, the instructor’s response must be based on the dominant category.
Student Conduct:
Since every student is entitled to full participation in class or exams without interruption, disruption of class by inconsiderate behavior
is not acceptable. Students are expected to treat the instructor and other students with dignity and respect, especially in cases where
a diversity of opinion arises. Students who engage in disruptive behavior are subject to disciplinary action, including removal from the
course. All and any use of a cell phone is strictly prohibited during class. Students using a cell phone may be sent out of the classroom,
which may result in an unexcused absence. If a calculator is needed in any class, the student must bring a calculator—and not a cell
phone. It is up to the individual instructor to rule on the use of laptops or I-pads. Instructors have the right to prohibit students’ use of
such electronic devices.
Palais Wenkheim, Praterstrasse 23, 1020 Vienna, Austria - www.webster.ac.at
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