ECOMG310 Microeconomics 1, 5 cr
Code 
ECOMG310 
Validity 
01.01.2017 

Name 
Microeconomics 1 
Abbreviation 
Micro 1 
Scope  5 cr 


Type  Advanced studies 
Type  Course 




Grading  General scale 
 
 no 


Can be taken more than once  no 
Unit 
Master's Programme in Economics 

Teachers
Description
Target group 
Master’s Programme in Economics (General Track). Open to all. 
Timing 
First autumn term 
Learning outcomes 
After the course, the student should
 Be familiar with the basics of consumer and firm decision making as well as the notion of economic equilibrium
 Be able to interpret economic behaviour using the decision theoretic framework and the equilibrium machiner

Completion methods 
The course consists of lectures (24 hours) and exercises either in separate sessions or integrated into the lectures. The lectures and exercise sessions are not mandatory. There is a written final exam and four internet quizzes based on the homework assignments. The homework assignments consist of mostly theoretical exercises. 
Prerequisites 
Knowledge of the basic concepts of microeconomic theory. 
Recommended optional studies 
Knowledge of basic analysis is certainly an advantage. 
Contents 
The course provides a cohesive picture of the core concepts and technical tools of classical microeconomics, in particular decision theory and the notion of a price mechanism. Emphasis will be on the implications and applications of the theory. Attention will be paid to the welfare consequences of rational choice and economic equilibrium. The areas of investigation include rational choice and its axioms, the theory of the firm, and aggregate demand and supply. The objective is to construct a notion of general economic equilibrium under which the welfare properties of the price mechanism can be evaluated. 
Study materials and literature 
Jehle and Reny: Advanced Microeconomic Theory (3rd ed.) Chapters 1–5. 
Assessment practices and criteria 
The grade on a scale from 0 (fail) to 5 is based on the sum of points earned in the final exam and from the homework assignments and potential classroom activities. The points are scaled such that the maximum number of points is 100, of which 60 come from the final exam and 40 from the homework assignments and other activities. To pass the course, the student must earn at least 50 points in total and at least 30 points from the final exam. 

Current and future instruction
Future examinations
No examinations in WebOodi 