ECONOMICS OF THE FIRM - 2017/8

Module code: ECO2050

Module provider

Economics

Module Leader

FLORES SANDOVAL M Dr (Economics)

Number of Credits

15

ECT Credits

7.5

Framework

FHEQ Level 5

JACs code

L100

Module cap (Maximum number of students)

N/A

Module Availability

Semester 2

Overall student workload

Lecture Hours: 20

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test CLASS TEST (1 HOUR 15 MINUTES) 40
Examination 2 HOUR EXAMINATION 60

Alternative Assessment

Not applicable

Prerequisites / Co-requisites

None

Module overview

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.

Module aims

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.

Learning outcomes

Attributes Developed
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

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

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

Assessment Strategy

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

Reading list for ECONOMICS OF THE FIRM : http://aspire.surrey.ac.uk/modules/eco2050

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Business Economics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Liberal Arts and Sciences BA (Hons)/BSc (Hons) 2 Optional A weighted aggregate mark of 40% 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 2017/8 academic year.