ECONOMICS OF THE FIRM - 2021/2
Module code: ECO2050
In light of the Covid-19 pandemic the University has revised its courses to incorporate the ‘Hybrid Learning Experience’ in a departure from previous academic years and previously published information. The University has changed the delivery (and in some cases the content) of its programmes. Further information on the general principles of hybrid learning can be found at: Hybrid learning experience | University of Surrey.
We have updated key module information regarding the pattern of assessment and overall student workload to inform student module choices. We are currently working on bringing remaining published information up to date to reflect current practice during the academic year 2021/22.
This means that some information within the programme and module catalogue will be subject to change. Current students are invited to contact their Programme Leader or Academic Hive with any questions relating to the information available.
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.
VITIELLO Francesco (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 5
JACs code: L100
Module cap (Maximum number of students): N/A
Overall student workload
Workshop Hours: 12
Independent Learning Hours: 98
Guided Learning: 22
Captured Content: 18
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|
|Online Scheduled Summative Class Test||ONLINE (OPEN BOOK) TEST WITHIN 24HR WINDOW (TIMED)||40|
|Examination Online||ONLINE (OPEN BOOK) EXAM WITHIN 24HR WINDOW (TIMED)||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
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.
Upon accessing the reading list, please search for the module using the module code: 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 2021/2 academic year.