FOUNDATIONS OF MICROECONOMICS - 2021/2
Module code: ECOM056
In light of the Covid-19 pandemic, and in a departure from previous academic years and previously published information, the University has had to change the delivery (and in some cases the content) of its programmes, together with certain University services and facilities for the academic year 2020/21.
These changes include the implementation of a hybrid teaching approach during 2020/21. Detailed information on all changes is available at: https://www.surrey.ac.uk/coronavirus/course-changes. This webpage sets out information relating to general University changes, and will also direct you to consider additional specific information relating to your chosen programme.
Prior to registering online, you must read this general information and all relevant additional programme specific information. By completing online registration, you acknowledge that you have read such content, and accept all such changes.
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
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 |
|---|---|---|
| School-timetabled exam/test | Class test (60 minutes) | 30 |
| Examination | 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:
- 1-hour class test: exercise questions
- 2-hour final examination: essay and exercise questions.
Formative assessment and feedback
Students will receive verbal feedback during lectures through direct questioning.
After the class test, the test questions, solutions, and main feedback 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 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
Overall student workload
Independent Study Hours: 121
Lecture Hours: 20
Tutorial Hours: 9
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 feedback 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
Reading list for FOUNDATIONS OF MICROECONOMICS : http://aspire.surrey.ac.uk/modules/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.