INTERMEDIATE MICROECONOMICS 2 - 2017/8

Module code: ECO2051

Module provider

Economics

Module Leader

BLOW LE Ms (Economics)

Number of Credits

15

ECT Credits

7.5

Framework

FHEQ Level 5

JACs code

L120

Module cap (Maximum number of students)

N/A

Module Availability

Semester 2

Overall student workload

Independent Study Hours: 123

Lecture Hours: 20

Tutorial Hours: 5

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test CLASS TEST - MULTIPLE CHOICE QUESTIONS - 45 MINUTES 25%
Examination EXAM - 2HOURS - MULTIPLE CHOICE AND ESSAY QUESTIONS 75%

Alternative Assessment

Not applicable

Prerequisites / Co-requisites

None

Module overview

The first semester module on Intermediate Microeconomics focuses primarily on the behaviour of perfect markets. This module considers a number of cases which break these perfect conditions. These cases include uncertainty, consumption and production externalities and asymmetric information. This module examines how agents behave in these settings and how methods of consumer choice are applied to these cases.

Module aims

promote an understanding of how agents behave when markets are limited or non-existent. 

To investigate a number of deviations from the perfectively competitive case.

Learning outcomes

Attributes Developed
Understand the implications of different types of market failure for standard microeconomic analysis KP
Be able to solve mathematical problems under these conditions CT
Be able to graphically and intuitively explain the theory they learn. KCT
Be able to apply the techniques they learn to unfamiliar situations. KCT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:


Uncertainty
Welfare
Externalities
Public goods
Intertemporal choice
Behaviour under uncertainty
Asymmetric information
Auction theory

Methods of Teaching / Learning

The learning and teaching strategy is designed to:


enhance skills in applying techniques of consumer choice to different situations such as choice under uncertainty or choice of a social planner,
enhance understanding and intuition of microeconomic theory
enhance skills in applying mathematical methods to microeconomic theory


The learning and teaching methods include:


2 hour lecture per week x 11 weeks
1 hour feeback session per week x 5 weeks

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate:

their understanding of intermediate microeconomics, and how these economic (theoretical) frameworks allow to explain important issues such as welfare, externalities, public goods and imperfect information

Thus, the summative assessment for this module consists of:


One coursework tests (25% of the final mark) held in the class and a final exam (75% of the final mark
The coursework test consists of multiple choice questions (usually held in week 7 or week 8).
Final exam of two hours, which consists of both multiple choice questions and essay questions, with topics covering all 11 weeks.
The multiple choice test allows students to demonstrate their further understanding of microeconomics, ability to correctly describe concepts and solve mathematical problems.
The essay questions allow students to show their verbal and analytical skills to explain and discuss microeconomic theory.


Formative assessment and feedback

Students receive verbal feedback during lectures and tutorials. They have fortnightly feedback sessions. For these, students are being provided with a set of exercises relating to the lecture material which they solve independently or in teams. In the feedback sessions, they receive feedback on their answers, and guidance on how these answers could be improved. For both courseworks and the exam, sample questions are made available for students so that they can familiarise themselves with the setup.

Reading list

Reading list for INTERMEDIATE MICROECONOMICS 2 : http://aspire.surrey.ac.uk/modules/eco2051

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.