ADVANCED MICROECONOMICS 1 - 2023/4

Module Overview

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. It is an analytical module, focusing on theory but illustrating it with several applications.

Module provider

Economics

Module Leader

PASCOA Mario (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:

• 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 pattern

Alternative Assessment

Not Applicable.

Assessment Strategy

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 an intermediate class test, 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.

Formative assessment:

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.

Feedback:

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. The intermediate class test provides an opportunity for students to learn from the feedback and prepare to the final exam.

Module aims

• Provide students with advanced knowledge of production theory, consumer theory, general equilibrium theory and welfare economics

Learning outcomes

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 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

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECOM062

Other information

This module incorporates some of the University’s five pillars of learning as follows:

Resourcefulness and resilience:

Students in this module will develop their analytical skills and economic intuition not just by being exposed in lectures and readings to very rigorous approaches to the content topics but also by (i) practising demanding exercises and (ii) performing tests (or practising with tests given in previous years).

The contents of this module are intended to provide a very useful resource that will be used in other modules and when working on a doctoral dissertation. Consumer theory, producer theory and general equilibrium theory are key prerequisites for modules and research in macroeconomics and in applied microeconomics.

Global capabilities:

This module will prepare students to follow advanced topics modules, read articles with a high analytical approach and engage in research that requires a sound microeconomics theory background. These are all essential ingredients for a globally accepted profile as a researcher in economics. 

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 2023/4 academic year.