FOUNDATIONS OF MICROECONOMICS - 2021/2

Module code: ECOM056

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

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.