FOUNDATIONS OF MICROECONOMICS - 2018/9

Module code: ECOM056

Module Overview

Microeconomic theory is essential to the economist's toolkit. As a result, studying and understanding it is one of the key elements in the professional training of an economist.

Module provider

Economics

Module Leader

NURMIKKO-METSOLA S Dr (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 7

JACs code: L120

Module cap (Maximum number of students): N/A

Module Availability

Semester 1

Prerequisites / Co-requisites

None

Module content


Consumer choice.
Comparative statics and the Slutsky equation.
Intertemporal consumer choice.
Technology, profit maximisation and cost minimisation.
Game theory and applications
Perfect competition, monopoly and oligopoly models.
General equilibrium.

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test Class test (60 minutes) 30
Examination Exam (2 hours) 70

Alternative Assessment

n/a

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of microeconomics.

Thus the summative assessment for this module consists of:


1-hour class test: exercise questions
2-hour final examination: essay and exercise questions.


Formative assessment and feedback

Students will receive verbal feedback during lectures through direct questioning.

After the class test, the test questions, solutions, and main feedback will be discussed in class. Each student will receive their own script with comments on their performance in the exercise questions and solutions will be posted in SurreyLearn. All this feedback will help students to judge their own performance and prepare for the final exam. In addition, students will be encouraged to attend office hours to receive further individual verbal feedback.

Module aims

  • provide an in-depth understanding of core principles of microeconomics
  • enable students to understand contemporary issues in consumer and firm behaviour

Learning outcomes

Attributes Developed
001 Systematically understand the fundamental ideas and techniques of microeconomics at an intermediate level. KCT
002 Systematically understand microeconomic models and problems expressed in standard mathematical terms, and be able to solve and interpret problems based on such models KCT
003 Use microeconomic concepts and methods to analyse and critically discuss and interpret real-world microeconomic phenomena and to assess issues of microeconomic policy KCT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Overall student workload

Independent Study Hours: 121

Lecture Hours: 20

Tutorial Hours: 9

Methods of Teaching / Learning

The learning and teaching strategy is designed to:


enhance written and verbal presentation skills as well as problem-solving and analytical skills
develop and understanding of and intuition for microeconomic theory, such as decision-making of consumers and firms
enhance skills in applying mathematical methods to microeconomic theory


The learning and teaching methods include:


2 hour lecture per week x 11 weeks
1 hour feedback session per week x 10 weeks

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list

Reading list for FOUNDATIONS OF MICROECONOMICS : http://aspire.surrey.ac.uk/modules/ecom056

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Economics MA 1 Compulsory A weighted aggregate mark of 50% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2018/9 academic year.