Module code: ECO2045

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. The module also serves as a foundation for subsequent study of microeconomic topics within the relevant degree programmes. The module uses some mathematical techniques (at the level of the Level 1 Mathematics for Economists and Level 2 Formal Methods modules) and graphical analysis.

Module provider


Module Leader

NURMIKKO-METSOLA Sanna (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 5

JACs code: L120

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

Module Availability

Semester 1

Prerequisites / Co-requisites


Module content

Indicative content includes:

  • 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
Examination EXAM - 2 HOURS 70

Alternative Assessment

Not applicable.

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:

  • A class test: multiple choice, essay and exercise questions.

  • Final exam of two hours: multiple choice, essay and exercise questions.

Formative assessment and feedback

Students will receive verbal feedback during lectures through direct questioning.

After the class tests, the test questions, solutions, and main feedback (including typical mistakes) 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 a firm understanding of some of the core principles of microeconomics.
  • help students to understand contemporary issues in consumer and firm behaviour.

Learning outcomes

Attributes Developed
001 Understand the fundamental ideas and techniques of microeconomics at an intermediate level. KCT
002 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 interpret real-world microeconomic phenomena and to assess issues of microeconomic policy. KCPT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Overall student workload

Independent Study Hours: 123

Lecture Hours: 22

Tutorial Hours: 5

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

  • enhance skills in analytical thinking, and in written presentation

  • appreciate the complexities of decision making, weighing theory and practice

The learning and teaching methods include:

  • 2 hour lectures/classes x 11 weeks (including in-class discussions)

  • 1 hour tutorial x 5 weeks

  • 123 hours of independent study

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


Programmes this module appears in

Programme Semester Classification Qualifying conditions
Business Economics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics and Finance BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Politics and Economics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Financial Mathematics BSc (Hons) 1 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 2021/2 academic year.