Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


The main objective is to master the microeconomic approach to understanding economic phenomena, and to be able to apply the most widely used tools of microeconomics to solving economic decision problems.
The most important learning objectives are the analysis of competitive markets, basic pricing, decision analysis of firms under uncertainty, welfare analysis of policy interventions in markets, understanding and ameliorating problems with public goods and externalities.

Credits: 6

Schedule: 08.09.2020 - 22.10.2020

Teacher in charge (valid 01.08.2020-31.07.2022): Marko Terviö

Teacher in charge (applies in this implementation): Marko Terviö

Contact information for the course (applies in this implementation):

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English


  • Valid 01.08.2020-31.07.2022:

    Microeconomics studies the economy at the level of individual markets/industries and from the point of view of consumers, firms, and governments.
    The central content in this course is the demand-supply framework and its various extensions and applications, the basics of the theory of consumer, monopoly and pricing with market power, theory of public goods and externalities.

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    Final grade is based on exam (50%) and homework exercises (50%). In order to pass the course the student must obtain at least 50% of the possible total points for the homework exercises.

    Autumn 2020:

    Exam: 50%
    Exercises: 50%

  • Applies in this implementation:

    Fall 2020: Exam will count for 50% and homework for 50%. This is because the exam can be done remotely. 

  • Valid 01.08.2020-31.07.2022:

    Lectures 24 hours, review sessions 10 hours, exam 3 hours, and self-study including homework 123 hours.


Study Material
  • Valid 01.08.2020-31.07.2022:

    Material released at the course web page.

    Textbook by Hal Varian: "Intermediate Microeconomics: A Modern Approach" (9th international student edition)


Substitutes for Courses
  • Valid 01.08.2020-31.07.2022:

    Similar course approved by the instructor.

  • Valid 01.08.2020-31.07.2022:

    Principles of economics (31A00110, ECON-A2100, or equivalent).

SDG: Sustainable Development Goals

    8 Decent Work and Economic Growth

    9 Industry, Innovation and Infrastructure