MGT 621 – Microeconomics


Course Page


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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: September 8, 2023)> 



Contact Details



Prof. Thomas A. Weber

Operations, Economics and Strategy (OES)


Phone: +41 21 693 0141

Fax: +41 21 693 0020




Administrative Assistance

Ms. Ilona Ball                                                                                                               


Phone: +41 21 693 0039

E-Mail :



Course Materials (requires authentication)


<Complete Set of Course Notes (Version: September 11, 2023)>

<Course Project (Due: October 30, 2023)>



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, Sep 13)    Solutions

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

·       Problem Set 3 (Due: Wed, Sep 20)    Solutions

·       Problem Set 4 (Due: Fri, Sep 22)    Solutions

·       Problem Set 5 (Due: Mon, Sep 25)    Solutions



Exams & Solutions

·       Final Exam (2021)    Solutions

·       Final Exam (2020)    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