ECON4230 – Microeconomic Theory

Schedule, syllabus and examination date

Course content

  • Production and consumer theory based on duality theory
  • Some partial equilibrium analysis
  • General equilibrium analysis including main welfare theorems
  • Some theory for decisions under uncertainty

Learning outcome

Knowledge outcome
The students are expected to be familiar with the basic results in production and consumer theory, and learn how these results can be derived using duality theory. They should also know the result that a general equilibrium exists, and understand the intuition underlying the main welfare theorems both in general and partial equilibrium analysis. Finally, they will be exposed to the theory of uncertainty, including the axioms of the expected utility theorem.

The students must be able to do basic microeconomic analysis based on techniques from duality theory, including deriving the main results in production and consumer theory. They should be able to do welfare economics without use of marginal conditions. In the theory of uncertainty they should understand the concept of risk aversion as well as the difference between risk and uncertainty.


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Formal prerequisite knowledge

Bachelors degree in Economics, or equivalent.

Recommended previous knowledge

ECON2200 – Matematikk 1/Mikro 1 (MM1) (discontinued), ECON3610 – Samfunnsøkonomisk lønnsomhet og økonomisk politikk (discontinued) and ECON3120 – Mathematics 2: Calculus and Linear Algebra / ECON4120 – Mathematics 2: Calculus and Linear Algebra, or equivalent.

Students that do not have the recommended background, can be allowed to take the course, provided that they have a good background in mathematics.

Overlapping courses


Lectures: 2 hours per week througout the semester.

Seminar: 2 hours per week through parts of the semester.

There might occur weeks exempt from teaching.


A 3-hour written school exam.

Examination support material

No examination support material is allowed.

Language of examination

The problem set will be given in English. Answers can be given in Norwegian, Swedish, Danish or in English. See § 5.4 in Regulations governing studies and examinations at the University of Oslo.

Grading scale

Grades are awarded on a scale from A to F, where A is the best grade and F is a fail. Read more about the grading system.

Explanations and appeals

Resit an examination

The Department of Economics has passed following resolution for ECON-courses: It will no longer be possible for candidates to register for an exam in a lower level course after having passed exams in intermediate and advanced level courses in the same subject area (also where there are no pre-requisites that apply to the intermediate course). Further information can be found here.

Students who might wish to retake the exam later, are not guaranteed that the course is ever repeated with a similar reading list, nor that the exam arrangement will be the same.

Withdrawal from an examination

It is possible to take the exam up to 3 times. If you withdraw from the exam after the deadline or during the exam, this will be counted as an examination attempt.

Special examination arrangements

Application form, deadline and requirements for special examination arrangements.

Facts about this course

Autumn 2011

Exam will be arranged November 23, at 09:00 a.m.

Teaching language