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: 14.09.2021 - 28.10.2021

Teacher in charge (valid for whole curriculum period):

Teacher in charge (applies in this implementation): Marko Terviö, Eero Mäenpää

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

CEFR level (valid for whole curriculum period):

Language of instruction and studies (applies in this implementation):

Teaching language: English. Languages of study attainment: English


  • valid for whole curriculum period:

    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 for whole curriculum period:

    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.

  • valid for whole curriculum period:

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


Study Material
  • valid for whole curriculum period:

    Material released at the course web page.

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


Substitutes for Courses
SDG: Sustainable Development Goals

    8 Decent Work and Economic Growth

    9 Industry, Innovation and Infrastructure


Further Information
  • valid for whole curriculum period:

    Quota for exchange students is 10 students. If the quota is binding then students will be prioritized based on their principles of economics course (or equivalent). Exchange students should contact the instructor at the end of the first lecture.

    Teaching Period:
    2020-2021 Autumn I
    2021-2022 Autumn I

    Course Homepage:

    Registration for Courses: In the academic year 2021-2022, registration for courses will take place on Sisu ( instead of WebOodi.