ADVANCED MICROECONOMICS 1 - 2019/0
Module code: ECOD002
This module covers advanced microeconomic concepts which form part of the core knowledge that a PhD student in economics should acquire in his/her first year of graduate studies. The material focuses on consumption theory, production theory and general equilibrium in pure exchange. The treatment is rigorous, at a doctoral level. Emphasis is given to economic applications.
PASCOA M Prof (Economics)
Number of Credits: 0
ECTS Credits: 0
Framework: FHEQ Level 8
JACs code: L120
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
Indicative content includes:
Production and input demand: profit maximization, cost minimization, cost function, substitution and output effects, monopsony, industry equilibrium.
Consumption: utility maximization, price offer curves, expenditure function, substitution and income effects, consumer surplus, compensating and equivalent variations.
General equilibrium in a pure exchange economy: definition, four efficiency theorems, existence of equilibrium.
|Assessment type||Unit of assessment||Weighting|
|Examination||3 HOUR FINAL EXAM||70|
|Coursework||COURSEWORK (PROBLEM SETS)||30|
The assessment strategy is designed to provide students with the opportunity to demonstrate their analytical skills and theoretical intuition.
Thus, the summative assessment for this module consists of 2 problem sets, typically submitted in weeks, 4 and 9, checking students’ progress in two directions: logical argumentation and intuitive approach to new issues - culminating in a final examination where the progress along these two directions is further assessed.
Throughout the module, students’ ability to approach a new question and to make deductive arguments will be checked and comments will be made on their progress.
Throughout the module, in class and following formal coursework submission, students’ answers to problem sets will be commented on and guidelines for improvement will be provided.
- Provide students with advanced knowledge of production theory, consumer theory, general equilibrium theory and welfare economics
|001||Understand and critically discuss articles in economic theory with a production theory, consumer theory, general equilibrium or welfare economics component||KC|
|002||Learn how to apply economic theory within their own research||CPT|
|003||Develop mastery in consumer and producer theory||K|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 117
Lecture Hours: 22
Tutorial Hours: 11
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
to develop students’ independent research skills, by training them to do critical analysis in microeconomics.
The learning and teaching methods include:
The study of papers in scientific journals and working through a series of problem sets, to ensure concepts and methods are mastered.
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 for ADVANCED MICROECONOMICS 1 : http://aspire.surrey.ac.uk/modules/ecod002
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 2019/0 academic year.