ECONOMICS OF THE FIRM - 2020/1
Module code: ECO2050
In light of the Covid-19 pandemic, and in a departure from previous academic years and previously published information, the University has had to change the delivery (and in some cases the content) of its programmes, together with certain University services and facilities for the academic year 2020/21.
These changes include the implementation of a hybrid teaching approach during 2020/21. Detailed information on all changes is available at: https://www.surrey.ac.uk/coronavirus/course-changes. This webpage sets out information relating to general University changes, and will also direct you to consider additional specific information relating to your chosen programme.
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This module is mainly aimed at providing an introductory course on the theory of the firm, with special emphasis on the industrial organisation aspect. Students will find that this course complements the topics covered by the Intermediate Microeconomic course, and will serve as a starting base for the Industrial Organisation in the third year.
SIMS Peter (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 5
JACs code: L100
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
Indicative content includes:
- The neo-classical theory of the firm
- Oligopoly, Monopoly and Monopolistic Competition
- The vertical and horizontal differentiation
- Advertising and marketing
- Strategic behaviour, entry and exit
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||CLASS TEST (1 HOUR 15 MINUTES)||40|
|Examination||2 HOUR EXAMINATION||60|
The assessment strategy is designed to provide students with the opportunity to demonstrate
Their understanding of the complex nature of the firm, both statically and dynamically.
Thus, the summative assessment for this module consists of:
- Class-test in the 6th week of technical and in-depth questions
- Final exam of two hours of written exams, which consists of questions covering all 11 weeks.
Formative assessment and feedback
Students receive verbal feedback during lectures (in which multiple questions and real-world examples of the use of economics are discussed). In addition to this, they receive guideline solutions to exam-test questions, prepared for them in the form of weekly problem sets.
Finally, after the mid-term test, written feedback is provided for all individual questions
- help students understand the economic analysis of firms and the nature of the firm.
- introduce students with economic framework that explains how firms organise and co-ordinate their activities
- show students how different market structures and government policies influence firms' decision-making processes.
|1||Explain the difference between perfect and imperfect competition.||KC|
|2||Explain why some firms use many plants while others produce many products.||KC|
|3||Explain the concepts of monopsony, bilateral monopoly and product differentiation.||KC|
|4||Explain how different types of oligopolistic markets work.||KC|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Lecture Hours: 20
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
Enhance students knowledge and understanding of basic Industrial Organisation concepts and to apply this knowledge to regulation policies and regulation advising.
The learning and teaching methods include:
- 2 hour lecture x 9 weeks
- 2 hour tutorial x 1 week
- 2 hour mid-term test x 1 week
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 ECONOMICS OF THE FIRM : http://aspire.surrey.ac.uk/modules/eco2050
Programmes this module appears in
|Business Economics BSc (Hons)||2||Compulsory||A weighted aggregate mark of 40% 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 2020/1 academic year.