Principles of Microeconomics

Course Code:

ECON 111

Course Period:

Autumn

Course Type:

Core

P:

3

Application:

0

Credits:

3

ECTS:

7

Course Language:

İngilizce

Course Objectives:

The objective of the course is to introduce the micro theory and its application to economic analysis. The course will begin by emphasizing scarcity as the essence of the economic problem; enumerate the fundamental tasks facing an economic system and the role of the price system in accomplishing these tasks. This will be followed by a discussion of the concept of opportunity cost and the production possibility frontier. Marginal cost and marginal benefit will be highlighted as the basis of efficient resource allocation, clearing the way for the standard topics in introductory microeconomics such as the laws of supply and demand, elasticity of demand and supply, theory of the consumer, theories of production and cost. The last part of the course will analyse the short-run profit maximizing behaviour of the perfectly competitive firm and monopoly as contrasting types of market structures and investigate their welfare implications.

Course Content:

The course will begin by emphasizing scarcity as the essence of the economic problem; enumerate the fundamental tasks facing an economic system and the role of the price system in accomplishing these tasks. This will be followed by a discussion of the concept of opportunity cost and the production possibility frontier. Marginal cost and marginal benefit will be highlighted as the basis of efficient resource allocation, clearing the way for the standard topics in introductory microeconomics such as the laws of supply and demand, elasticity of demand and supply, theory of the consumer, theories of production and cost. The last part of the course will analyze the short-run profit maximizing behavior of the perfectly competitive firm and monopoly as contrasting types of market structures and investigate their welfare implications.

Course Methodology:

1: Lecture, 2: Question-Answer, 3: Discussion, 12: Case Study

Course Evaluation Methods:

A: Testing, B: Experiment, C: Homework, Q: Quiz

Vertical Tabs

Course Learning Outcomes

Learning Outcomes	Program Learning Outcomes	Teaching Methods	Assessment Methods
Develop an understanding of basic economic concepts	1.2	1, 2, 3	A, C
Analyze current economic issues and problems	1.2	1, 2, 3	A, C
The principles of supply and demand and price determination.	1.2	1, 2, 3	A, C
Understand the basic of consumers' choice.	1.2	1, 2, 3	A, C
Describe the firm behavior in different market structure.	1.2	1, 2, 3	A, C

Course Flow

Week	Topics	Study Materials
1	The Scope and Method of Economics	Chapter 1
2	The Economic Problem: Scarcity and Choice	Chapter 2
3	Demand, Supply, and Market Equilibrium	Chapter 3
4	Demand, Supply, and Market Equilibrium	Chapter 3
5	Demand, Supply, and Application	Chapter 4
6	Elasticity	Chapter 5
7	Elasticity	Chapter 5
8	Household Behaviour and Consumer Choice	Chapter 6
9	Midterm Exam
10	The Production Process: The Behaviour of Profit Maximizing Firms	Chapter 7
11	Short-Run Costs and Output Decisions	Chapter 8
12	Long-Run Costs and Output Decisions	Chapter 9
13	Monopoly and Antitrust Policy	Chapter 13
14	Final Review

Recommended Sources

Textbook		Case, K.E. Fair, R.C., and Oster, S.M., Principles of Economics, 12th edition, Prentice Hall, 2017.
Additional Resources		Mankiw, G.N., Principles of Economics, the Dryden Press, 1998. Bade, R. and Parkin, M., Foundations of Microeconomics, Addison Wesley, 2002. Ertek, T., Mikroekonomiye Giriş, 6. Baskı, Beta Yayınevi, 2016.

Material Sharing

Documents		Lectures notes
Assignments
Exams

Assessment

IN-TERM STUDIES	NUMBER	PERCENTAGE
Mid-terms	1	40
Quizzes (attendance, presentation, etc.)	0	0
Assignments	5	60
	Total	100
Contribution of Final Examination to Overall Grade		50
Contribution of In-Term Studies to Overall Grade		50
	Total	100

Course’s Contribution to Program

No	Program Learning Outcomes	Contribution
		1	2	3	4	5
1	Students can keep themselves informed and analyze the current economic development in Turkey and in the world from an international political economy perspective paying a particular attention to the interaction of the Turkish economy with the global economy.				X
2	Being aware of the development and accumulation of economic thought, students can master qualitative and quantitative knowledge and methods to test various economic theories that can be applied to the analysis of the current economic problems.					X
3	Students can use statistical and econometric analyses by learning how to use information technologies that have validity and widespread use in the field of economics.			X
4	By learning how to learn in the field of economics, students can research and work individually or as a team using the Turkish and English academic resources.				X
5	Being aware of the ethical values, students know the individual, social and ecological dimensions of the concept of social responsibility and can prove that they understand the active citizenship duty that falls upon them within this framework.
6	Students can clearly express, present and share their knowledge, the outcomes of their studies, their ideas and comments to people in their field or other disciplines/units using the necessary data, in national and international academic and professional environments, in Turkish or English.			X
7	Students can show that understanding the universality of social rights and the concepts of social justice, which form the basis of the modern societies, and the importance of scientific perspective, which is necessary to the social development and global competitiveness.					X

ECTS

Activities	Quantity	Duration (Hour)	Total Workload (Hour)
Course Duration (Including the Exam Week: 15 x total course hours)	15	3	45
Hours for off-the-classroom study (Pre-study, practice)	15	3	45
Mid-terms	2	20	40
Quizzes (attendance, presentation, etc.)	0	0	0
Assignments	5	4	20
Final Examination	1	20	20
Total Work Load			170
Total Work Load / 25 (s)			6.8
ECTS Credit of the Course			7

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