MICROECONOMICS - 2021/2

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

Economics

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

Module Availability

Semester 1

Prerequisites / Co-requisites

None

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

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 assessments for this module consist of:

• An in-semester test designed to check students' understanding of the material covered in the first part of the module.


• A final examination designed to check students' overall understanding of modern microeconomic theory.

Formative assessment and feedback

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

Before each assessment, students will be given a list of sample questions, similar in their complexity, to the questions of the assessment itself, and will be encouraged to ask questions.

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

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

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECOM020

Programmes this module appears in

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.