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721348S Advanced Microeconomics, 6 ECTS cr 
Code 721348S  Validity 01.08.2019 -
Name Advanced Microeconomics  Abbreviation Advanced Microe 
Scope6 ECTS cr   
TypeAdvanced Studies Discipline6311 Economics 
  Grading1 - 5, pass, fail 
Unit Oulu Business School 

Jaakko Simonen 

ECTS Credits 

6 credits

Language of instruction 



Period 3 (year 1)

Learning outcomes 

The student should learn rigorously the basic concepts and analytical tools of modern microeconomic theory. He/she should be able to apply those tools in the thesis work. Upon completing the required coursework the student is able to formulate and solve objective based optimization problems of households and firms. The student masters and knows how to interpret the general equilibrium results. The student is able to judge and interpret the role of uncertainty in decision making. He/she knows the basic theorems of welfare economics. The student is able to formulate and interpret the basic models of strategic behavior. Students are also able to express their ideas analytically and effectively in written form.


Constrained optimization problems of economic agents  (firms and customers), market analysis, general, general equilibrium analysis, duopoly competition models, game theory, decision making under uncertainty

Mode of delivery 

Face-to-face teaching

Learning activities and teaching methods 

36 lectures and 18 hours of exercises, preparing for the lectures, exercises mid-term exams

Target group 

The first year Master’s students

Prerequisites and co-requisites 

Intermediate micro and macroeconomics, mathematical economics.

Recommended or required reading 

Cowell, F. (2006): Microeconomics. Principles and Analysis;

Gravelle, H. & Rees, R. (2004): Microeconomics,

and required readings from a list of readings for the course. Active following of current topics e.g. from the Economist or Financial Times.

Assessment methods and criteria 

Written exam, term paper, exercises


The course utilizes a numerical grading scale 1-5. In the numerical scale zero stands for a fail.

Person responsible 

Jaakko Simonen

Working life cooperation 

Students learn relevant analytical and quantitative skills to analyse the operation of markets and relevant competitive situations for firms and their decision making.  The required short term paper enhances further their ability to write concisely about the functioning of markets.

Other information 

The number of students is limited.


Current and future instruction
Functions Name Type ECTS cr Teacher Schedule
registration period has not begun Advanced Microeconomics  Course  Jaakko Simonen  10.01.22 -25.02.22

Future examinations
No examinations in WebOodi