FOUNDATIONS OF MICROECONOMICS - 2021/2
Module code: ECOM056
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.
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.
Module provider
Economics
Module Leader
NURMIKKO-METSOLA Sanna (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 7
JACs code: L120
Module cap (Maximum number of students): N/A
Overall student workload
Independent Learning Hours: 81
Lecture Hours: 22
Tutorial Hours: 10
Guided Learning: 5
Captured Content: 32
Module Availability
Semester 1
Prerequisites / Co-requisites
None
Module content
- 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 |
|---|---|---|
| Online Scheduled Summative Class Test | Class test (60 minutes) | 30 |
| Examination Online | Exam (2 hours) | 70 |
Alternative Assessment
n/a
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
- A final examination
Formative assessment and feedback
Students will receive verbal feedback during lectures and tutorials through direct questioning. After the class test, the test questions, solutions, and main feedback will be discussed in class. The solutions will also be posted on SurreyLearn. This 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 an in-depth understanding of core principles of microeconomics
- enable students to understand contemporary issues in consumer and firm behaviour
Learning outcomes
| Attributes Developed | ||
|---|---|---|
| 001 | Systematically understand the fundamental ideas and techniques of microeconomics at an intermediate level. | KCT |
| 002 | Systematically 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 critically discuss and interpret real-world microeconomic phenomena and to assess issues of microeconomic policy | KCT |
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:
- enhance written and verbal presentation skills as well as problem-solving and analytical skills
- develop and understanding of and intuition for microeconomic theory, such as decision-making of consumers and firms
- enhance skills in applying mathematical methods to microeconomic theory
The learning and teaching methods include:
- 2 hour lecture per week x 11 weeks
- 1 hour tutorial session per week x 10 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: ECOM056
Programmes this module appears in
| Programme | Semester | Classification | Qualifying conditions |
|---|---|---|---|
| Economics MA | 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 2021/2 academic year.