ADVANCED MICROECONOMICS 1 - 2021/2
Module code: ECOM062
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.
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This module covers advanced microeconomic concepts which form part of the core knowledge that should enable a student to pursue doctoral research in this area. The material focuses on consumption theory, production theory and general equilibrium in pure exchange. The treatment is rigorous and emphasis is given to economic applications.
PASCOA Mario (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 7
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
Indicative content includes:
- Production and input demand: profit maximization, cost minimization, cost function, substitution and output effects, monopsony, industry equilibrium.
- Consumption: utility maximization, price offer curves, expenditure function, substitution and income effects, consumer surplus, compensating and equivalent variations.
- General equilibrium in a pure exchange economy: definition, four efficiency theorems, existence of equilibrium.
|Assessment type||Unit of assessment||Weighting|
|Coursework||COURSEWORK (2 PROBLEM SETS)||30|
|Examination||FINAL EXAMINATION (2 HOURS)||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate their analytical skills and theoretical intuition.
Thus, the summative assessment for this module consists of a coursework assignment, typically submitted in week 8, checking students’ progress in two directions: logical argumentation and intuitive approach to new issues, followed by a final examination where the progress along these two directions is further assessed.
Throughout the module, students’ ability to approach a new question and to make deductive arguments will be checked and comments will be made on their progress.
Throughout the module, in class and following formal coursework submission, students’ answers to exercises will be commented on and guidelines for improvement will be provided.
- Provide students with advanced knowledge of production theory, consumer theory, general equilibrium theory and welfare economics
|001||Understand and critically discuss articles in economic theory with a production theory, consumer theory, general equilibrium or welfare economics component||CK|
|002||Learn how to apply economic theory within their own research||CPT|
|003||Develop mastery in consumer and producer theory||K|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 117
Lecture Hours: 22
Tutorial Hours: 11
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
- to develop students’ independent research skills, by training them to do critical analysis in microeconomics.
The learning and teaching methods include:
- The study of papers in scientific journals and working through a series of problem sets, to ensure concepts and methods are mastered.
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 for ADVANCED MICROECONOMICS 1 : http://aspire.surrey.ac.uk/modules/ecom062
Programmes this module appears in
|Economics MRes||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.