ECONOMICS OF THE FIRM - 2017/8
Module code: ECO2050
FLORES SANDOVAL M Dr (Economics)
Number of Credits
FHEQ Level 5
Module cap (Maximum number of students)
Overall student workload
Lecture Hours: 20
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||CLASS TEST (1 HOUR 30 MINUTES)||40%|
|Examination||2 HOUR EXAMINATION||60%|
Prerequisites / Co-requisites
This module is mainly aimed at providing an introductory course on the theory of the firm, with special emphasis on the industrial organisation aspect. Students will find that this course complements the topics covered by the Intermediate Microeconomic course, and will serve as a starting base for the Industrial Organisation in the third year.
help students understand the economic analysis of firms and the nature of the firm.
introduce students with economic framework that explains how firms organise and co-ordinate their activities
show students how different market structures and government policies influence firms' decision-making processes.
|Explain the difference between perfect and imperfect competition.||KC|
|Explain why some firms use many plants while others produce many products.||KC|
|Explain the concepts of monopsony, bilateral monopoly and product differentiation.||KC|
|Explain how different types of oligopolistic markets work.||KC|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Indicative content includes:
The neo-classical theory of the firm
Oligopoly, Monopoly and Monopolistic Competition
The vertical and horizontal differentiation
Advertising and marketing
Strategic behaviour, entry and exit
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
Enhance students knowledge and understanding of basic Industrial Organisation concepts and to apply this knowledge to regulation policies and regulation advising.
The learning and teaching methods include:
2 hour lecture x 9 weeks
2 hour tutorial x 1 week
2 hour mid-term test x 1 week
The assessment strategy is designed to provide students with the opportunity to demonstrate
Their understanding of the complex nature of the firm, both statically and dynamically.
Thus, the summative assessment for this module consists of:
Class-test in the 6th week of technical and in-depth questions
Final exam of two hours of written exams, which consists of questions covering all 11 weeks.
Formative assessment and feedback
Students receive verbal feedback during lectures (in which multiple questions and real-world examples of the use of economics are discussed). In addition to this, they receive guideline solutions to exam-test questions, prepared for them in the form of weekly problem sets.
Finally, after the mid-term test, written feedback is provided for all individual questions
Reading list for ECONOMICS OF THE FIRM : http://aspire.surrey.ac.uk/modules/eco2050
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 2017/8 academic year.