Module code: ECOM020

Module Overview

The module examines how consumers and firms behave in a formal framework with strict assumptions. This will demonstrate the art of formal modelling which requires simplifying a problem by identifying the key elements of an agent’s behaviour without trivialising the issue. Thinking in a structured framework and the importance of rigorous arguments will be highlighted.

Module provider


Module Leader

GARFAGNINI Umberto (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 7

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

Overall student workload

Independent Learning Hours: 121

Lecture Hours: 20

Tutorial Hours: 9

Module Availability

Semester 1

Prerequisites / Co-requisites


Module content

Indicative content includes:

  • The theory of consumer choice

  • Choice under uncertainty

  • Household consumption

  • Theory of the firm

  • General equilibrium and the fundamental welfare theorems

  • Asymmetric information – adverse selection

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test IN-SEMESTER TEST - 1 HOUR AND 15 MINUTES 25
Examination EXAMINATION - 2 HOURS 75

Alternative Assessment

Not applicable

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their skills in microeconomic analysis, their understanding of the appropriate techniques to use and their growing appreciation of the advantages and disadvantages of different approaches.

Thus, the summative assessment for this module consists of:

  • An in-semester test in Week 7 (1 hour and 15 minutes)

  • A final examination in Week 13-15 (two hours) consisting of a mix of compulsory and selected questions

Formative assessment and feedback

Students will receive verbal feedback during the lectures through direct interaction.

Before each coursework test, students will be given a list of sample questions, similar, in their complexity, to the questions at the test itself, and will be encouraged to ask questions. After the class test, each student will receive their own script back with comments and a written indicative marking scheme so that they can judge their own performance and prepare for the final exam.

Module aims

  • To provide students with a comprehensive understanding of advanced conceptual and mathematical tools in microeconomic theory
  • Enable students with the ability to critically evaluate current research
  • Understand and analyse complex issues in a systematic manner

Learning outcomes

Attributes Developed
001 Explain and discuss in a critical and systematic manner core principles in microeconomic theory K
002 Use key mathematical techniques common in microeconomic theory C
003 Apply the acquired knowledge to relevant and complex economic problems CT
004 Continue to advance their knowledge in order to tackle and solve new economic problems CPT
005 Export their knowledge to professional environments which involve complex economic decisions P

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

  • prepare the students for the study of economics and econometrics at FHEQ Level 7 (first week)

  • Familiarise students to approaches in standard microeconomic theory. 

  • Familiarise students with a systematic approach to the analysis of complex situations.

  • This will be achieved through lecture presentation supported by weekly tutorials to go over the previous week’s problem set.

The learning and teaching methods include:

  • readings using lecturers’ guidance

  • solving exercises

  • responding to questions in class in week 1

  • preparing and taking part in the test

  • 4.5 hours of lectures per week in week 1

  • 2 hours lectures x 11 weeks

  • 1 hour tutorials x 9 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

Upon accessing the reading list, please search for the module using the module code: ECOM020

Programmes this module appears in

Programme Semester Classification Qualifying conditions
International Economics, Finance and Development MSc 1 Compulsory A weighted aggregate mark of 50% is required to pass the module
Economics MSc 1 Compulsory A weighted aggregate mark of 50% is required to pass the module
Economics and Finance MSc 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 2020/1 academic year.