ECON4230 – Microeconomic Theory
Schedule, syllabus and examination date
- 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
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.
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.
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
It is recommended to request an explanation of your grade before you decide to appeal.
The deadline to request an explanation is one week after the grade is published. For oral and practical examinations, the deadline is immediately after you have received your grade.
The explanation should normally be given within two weeks after you have asked for it. The examiner decides whether the explanation is to be given in writing or verbally.
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.