inline-defaultCreated with Sketch.
inline-defaultCreated with Sketch.
HomeUniversitiesProgramsStudents & Alumni
search
Students
Bachelors

PRINCIPLES OF MICROECONOMICS

University of Surrey
NA , United Kingdom
Visit Program Website
Students
Tuition Fee
Not Available
Start Date
Not Available
Medium of studying
Not Available
Duration
Not Available
Details
About Program
About University
Ambassadors
Gallery
Contact School
Details
Program Details
Degree
Bachelors
Major
Business Administration | Finance | Economics
Area of study
Business and Administration | Social Sciences
Course Language
English
About Program

Program Overview

Program Overview

The Principles of Microeconomics module is designed to build on the Introductory Economics module by extending the analyses of microeconomic concepts. This module provides a firm foundation for more advanced microeconomics and optional modules that apply microeconomic principles.


Module Details

Module Code

ECO1018


Module Provider

Economics


Module Leader

RICKMAN Neil (Economics)


Number of Credits

15


ECTS Credits

7.5


Framework

FHEQ Level 4


Module Cap

N/A


Student Workload

  • Independent Learning Hours: 68
  • Lecture Hours: 22
  • Tutorial Hours: 11
  • Guided Learning: 27
  • Captured Content: 22

Module Availability

Semester 2


Prerequisites / Co-requisites

None


Module Content

Indicative content includes:


  • Costs functions and production functions
  • Market structure
  • Labour supply and labour demand
  • Risk
  • Welfare economics, market failure and government failure

Assessment Pattern

Assessment Type Unit of Assessment Weighting
Online Scheduled Summative Class Test CLASS TEST 1 Online Test (30 min) 10
Online Scheduled Summative Class Test CLASS TEST 2 Online Test (30 min) 20
Examination FINAL EXAM (120 MIN) 70

Alternative Assessment

Not applicable


Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of basic Microeconomic principles. The summative assessment for this module consists of two coursework tests and a final exam, which cover the whole module and involve a mixture of written answers, MCQs, simple mathematics, and an ability to discuss both abstract problems and applications of the material covered in the module.


Module Aims

  • Build on the Introductory Economics module by showing how firms can be analysed and how the models of perfectly competitive product and labour markets are altered when their key assumptions change.
  • Introduce the concept of Pareto optimality and discuss both market and government failure in the context of environmental policy.
  • Apply the concept of constrained optimization to an individual's labour supply decision.
  • Introduce the idea of risk and study how this affects individuals' decisions, in the presence and absence of full information.
  • Demonstrate the link between the Mathematics for Economics module and microeconomic analysis.
  • Introduce the use of published research, policy reports and news media to help assess microeconomic analysis.

Learning Outcomes

Attributes Developed
001 Understand the linkage between production functions and cost functions, be able to draw both and to work with simple mathematical examples. KC
002 Understand how market structure affects a firm's demand curve and how this, along with production conditions affect profit maximising output, using both diagrams and maths. KC
003 Understand the role played by substitution and income effects in an individual's labour supply decision, and the role played by market conditions in the overall labour market equilibrium. KC
004 Appreciate the concepts of risk aversion, risk neutrality, and risk loving; understand how these link to utility functions, and be able to analyse simple market outcomes where risk is present. KC
005 Understand Pareto optimality and how this relates to perfect competition and market failure. KC
006 Apply basic mathematical concepts to basic microeconomic models. KCT
007 Appreciate the role that economic research can play in helping to evaluate problems in microeconomics. KCPT

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 skills in microeconomic analysis, and develop an appreciation of the role for maths, diagrams, written description and research findings in economics. The learning and teaching methods include:


  • In person lectures
  • In person tutorials

Programmes this Module Appears In

Programme Semester Classification Qualifying Conditions
Business Economics and Data Analytics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics and Finance BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics and Mathematics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Financial Mathematics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Politics and Economics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
See More