FOUNDATIONS OF MICROECONOMICS - 2024/5

Module Overview

This module provides a foundation in microeconomic theory for students wishing to refresh and reinforce their knowledge in Microeconomics. The module is also suitable for students without previous background in Economics who wish to continue their Economics studies at higher levels or to change the direction of the careers towards Economics related job roles. It will introduce students to the core principles of microeconomics and draw upon applications and real world examples to illustrate the theoretical mechanisms at work. The methodological approach will include the use of mathematical tools in solving and analysing the theoretical models.

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

Module Availability

Semester 1

Prerequisites / Co-requisites

None

Module content

• Consumer choice


• Comparative statics and the Slutsky equation


• Technology, profit maximisation and cost minimisation 


• Game theory and applications


• Perfect competition, monopoly and oligopoly models

Assessment pattern

Alternative Assessment

NA

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of microeconomics and its applications as well as their ability to link real world examples into the theoretical frameworks.

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 students with an in-depth understanding of core principles of microeconomics
• Enable students to understand contemporary issues in consumer and firm behaviour
• Provide opportunities to students to develop skills to solve and analyse microeconomic models
• Provide students with real world examples and applications to show the theories and models at work

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is designed to

• develop an understanding of and intuition for microeconomic theory, such as decision-making of consumers and firms


• enhance skills in applying mathematical methods to microeconomic theory


• enhance written and verbal presentation skills as well as problem-solving and analytical skills

The learning and teaching methods include:

• Lectures which are recorded and disseminated as captured content


• Tutorials


• Guided learning 

The lectures will introduce the students to the theoretical frameworks and associated concepts. They also serve as opportunities for the students to participate in discussions around the workings of the models so as to develop a deeper understanding of the models at hand. The tutorials will provide the students with the opportunity to apply their acquired theoretical knowledge to solving and analysing the theoretical models.  Guided learning will consist of further exercises that the students can complete in order to prepare for the test and exam.

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

Other information

In line with the University's curriculum framework, the School of Economics is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability and Resourcefulness and Resilience. This module is designed to allow students to develop knowledge, skills, and capabilities in the following areas:

Resourcefulness and resilience

The students will develop the ability to identify, structure and solve problems that are specific to microeconomics as well as learn to analyse various contemporary issues through the lens of a microeconomist. The various forms of feedback will allow the students to identify their weaknesses and strengths in order to find the most effective strategies for learning microeconomics. 

Employability

Students will develop skills and knowledge that allow them to discuss and debate various microeconomic topics and that will allow them to perform basic tasks in an Economics related job role. The students will also obtain a solid basis in microeconomic theory which they can build on if they wish to continue their Economic studies further.  

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 2024/5 academic year.