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 primary objective of the course is to introduce the micro theory and its application to economic analysis.

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	1,4,5,7	1, 2, 3	A, C
Analyze current economic issues and problems	1,5,7,10	1, 2, 3	A, C
The principles of supply and demand and price determination.	4,5,7	1, 2, 3	A, C
Identify different theories of consumer choice,	1,4,5,7	1, 2, 3	A, C
Describe the theory of firm behavior and possible alternatives in different market structure	1,4,5,7,10,15,16	1, 2, 3	A, C

Course Flow

Week
Topics

1	Scope and Method of Economics
2	The Economic Problem: Scarcity and Choices
3	Demand, Supply, and Market Equilibrium
4	Application of Demand and Supply
5	Elasticity
6	Consumer Behavior and Preferences
7	Production: Firm Behavior
8	Short Run: Cost and Production Decision
9	Long Run: Cost and Production Decision
10	Input Markets
11	Monopoly
12	Oligopoly
13	Monopolistic Competition
14	Review

Recommended Sources

TextbookK.E. Case&R.C Fair, S.M.&Oster, Principles of Economics, Pearson. 2012 Additional ResourcesDaily newspapers (print or online) or weekly magazines such as Economist and Capital

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		60
Contribution of In-Term Studies to Overall Grade		40
	Total	100
Course Category

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	1	20	20
Quizzes (attendance, presentation, etc.)	0	0	0
Assignments	5	4	20
Final Examination	1	20	20
Total Work Load			150
Total Work Load / 25 (s)			6
ECTS Credit of the Course			6

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