MGT 621 – Microeconomics


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This course presents a first introduction to microeconomic theory and its applications. It lays the foundation for more advanced courses. The main objectives of the course are:

·       to provide a calculus-based introduction to models for the rational behavior of individual units of an economy and their interactions;

·       to give students an appreciation of how economic models can be used to develop an understanding of real-life phenomena;

·       to enable students to address a simple microeconomic problem by structuring it as a formal model, the analysis of which yields useful predictions and insights.

Topics to be covered include the theory of choice, the theory of the firm, partial and general equilibrium, market failure, regulation, and welfare economics.


<Current Syllabus (Version: February 12, 2019)> 



Contact Details



Prof. Thomas A. Weber

Operations, Economics and Strategy (OES)


Phone: +41 (0)21 693 01 41

Fax: +41 (0)21 693 00 20


Office Hour: Tue 17h – 18h


Administrative Assistance

Ms. Ilona Ball                                                                                                          


Phone: +41 (0)21 693 00 39

E-Mail :



Course Materials (requires authentication)


<Complete Set of Course Notes (Version: February 12, 2019)>

<Course Project (Due: April 1, 2019)>

1: Theory of Choice
2: Demand Theory

3: Choice under Uncertainty

4: Theory of the Firm

5: Market Power
6: Oligopoly
7: Externalities and Regulation
8: General Equilibrium
9: Markets and Intermediaries



Current Problem Sets & Solutions

·       Problem Set 1 (Due: Wed, Feb 13)    Solutions

·       Problem Set 2 (Due: Fri, Feb 15)    Solutions

·       Problem Set 3 (Due: Mon, Feb 18)    Solutions

·       Problem Set 4 (Due: Wed, Feb 20)    Solutions

·       Problem Set 5 (Due: Fri, Feb 22)    Solutions



Exams & Solutions

·       Final Exam (2018)    Solutions

·       Final Exam (2017)    Solutions

·       Final Exam (2016)    Solutions


Useful Links & Resources


A.    General Resources

·     EPFL Library × information about the library and useful starting point to find electronic resources available at EPFL

·     Nebis Catalogue × here you can check EPFL’s and other Swiss libraries’ holdings, and order books to the circulation desk

·     Inomics × index of Economics conferences (quite comprehensive, but still incomplete)

·     JSTOR × download top journal papers in Business, Economics, Statistics; most recent years not available

·     Social Science Citation Index × useful to forward-search references to key papers that you identify: after searching the paper, go to its full record, click on the number next to “Times Cited”, then on the following page click on “Total”; the citation index sometimes also contains direct links to databases with pdf-copies of the papers

·     Social Science Research Network × large repository of current working papers in the social sciences


B.    Microeconomics Resources

·       Weber, T.A. (2012) “Price Theory in Economics,” in: Özer, Ö., Phillips, R. (Eds.) Oxford Handbook of Pricing Management, Oxford University Press, pp. 281—339.

·       Wikipedia: Microeconomics