Microeconomics(ECON196)
| Course Code | Course Name | Semester | Theory | Practice | Lab | Credit | ECTS |
|---|---|---|---|---|---|---|---|
| ECON196 | Microeconomics | 3 | 3 | 0 | 0 | 3 | 4 |
| Prerequisites | ECON191 |
| Admission Requirements | ECON191 |
| Language of Instruction | French |
| Course Type | Compulsory |
| Course Level | Bachelor Degree |
| Course Instructor(s) | Mustafa ULUS mulus@gsu.edu.tr (Email) |
| Assistant | |
| Objective | The aim of this course is to examine the behavior of consumers and firms - which constitute the basis of microeconomic analysis - and the production and distribution processes of societies. The decision-making mechanisms of consumers and firms, their interactions with each other and their consequences will be explained at a basic level. The most important targeted outcome of the course is to contribute to the conceptual thinking skills of the students with an economic perspective against many different problems that they will encounter in individual decisions, business and policy applications. |
| Content |
Consumer theory: Constraints, consumer preferences, consumers' optimal choice, demand, consumer surplus Producer Theory: Short and long run firm behavior, cost minimization and profit maximization, short and long run market equilibrium. |
| Course Learning Outcomes |
Students who are successful in the course are expected to acquire the following skills: 1. Understand consumer constraints and preferences 2. Analyze the optimal choice of the consumer and the effects of changes in economic conditions 3. To analyze short and long term production decisions of the firm 4. Define the producer's costs accurately and understand the effects of changing costs on firm production and market equilibrium |
| Teaching and Learning Methods | Formal lectures, economic applications and problem sessions. |
| References |
Thomas Nechyba , Microeconomics: An Intuitive Approach with Calculus, South-Western /Cengage Learning, 2011. (A Parts) Murat Yıldızoğlu, “Introduction à la microéconomie“, libre accès sur: http://www.yildizoglu.fr/livremicro/livre-micro.pdf Varian, Hal R., "Introduction à la microéconomie", De Boeck Université (2015) Fikret Şenses “İktisada (farklı bir) giriş”, İletişim Yayınları (2018) |
Theory Topics
| Week | Weekly Contents |
|---|---|
| 1 | Introduction |
| 2 | Consumers' budget constraints |
| 3 | Consumer preferences and indifference curves |
| 4 | Different types of preferences |
| 5 | Optimal choice of consumers |
| 6 | Income and substitution effects |
| 7 | Problem session |
| 8 | Midterm examination |
| 9 | Demand functions, consumer surplus and deadweight loss |
| 10 | Introduction to producer theory: Single input - single output model |
| 11 | Cost minimization and profit maximization |
| 12 | Production Decisions in the Short and Long Run: Impact of economic changes |
| 13 | Competitive market equilibrium |
| 14 | Firm entry and exit, differences between short and long term equilibrium |
Practice Topics
| Week | Weekly Contents |
|---|
Contribution to Overall Grade
| Number | Contribution | |
|---|---|---|
| Contribution of in-term studies to overall grade | 1 | 40 |
| Contribution of final exam to overall grade | 1 | 60 |
| Toplam | 2 | 100 |
In-Term Studies
| Number | Contribution | |
|---|---|---|
| Assignments | 0 | 0 |
| Presentation | 0 | 0 |
| Midterm Examinations (including preparation) | 1 | 40 |
| Project | 0 | 0 |
| Laboratory | 0 | 0 |
| Other Applications | 0 | 0 |
| Quiz | 0 | 0 |
| Term Paper/ Project | 0 | 0 |
| Portfolio Study | 0 | 0 |
| Reports | 0 | 0 |
| Learning Diary | 0 | 0 |
| Thesis/ Project | 0 | 0 |
| Seminar | 0 | 0 |
| Other | 0 | 0 |
| Toplam | 1 | 40 |
| No | Program Learning Outcomes | Contribution | ||||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | ||
| 1 | The acquisition of high-level knowledge of the functions of production management and marketing, management, accounting and finance; the skill of using this knowledge. | |||||
| 2 | The acquisition of basic conceptual knowledge about scientific fields related to professional life, such as law, economics, sociology, psychology, social psychology and quantitative methods. | X | ||||
| 3 | The ability to work effectively in a team; the ability to pass on knowledge to other members of the team. | |||||
| 4 | The competence to use his/her knowledge on the field, to analyze and interpret the data obtained, to identify the problems encountered, to provide appropriate solutions and scientifically defend these solution suggestions when necessary. | X | ||||
| 5 | The competence to determine the aims and objectives of the company or institution in which he/she is employed by taking into account the needs, the competitive dynamics of the market and by calculating the risks incurred; the ability to engage in entrepreneurship and establish and manage a business. | |||||
| 6 | Awareness of constantly updating his/her professional knowledge and skills; the ability to adapt to change and innovation; the competence to evaluate critically the information he/she has acquired. | |||||
| 7 | Basic knowledge of information and communication technologies required for professional life; the ability to use core office programs at an advanced level; expertise in data processing and report writing in the IT environment. | |||||
| 8 | Ability to follow current information in his/her field in both English and French and to communicate in writing and verbally with stakeholders in both languages. | |||||
| 9 | The ability to conduct researches and studies taking into account the market, dynamics of competition, organizational and global factors and scientific methods; contribute to projects, take responsibility in projects, display competence to make innovative and effective decisions. | |||||
| 10 | Ability to develop strategies, find creative solutions to management problems by building relations with other areas of the social sciences and take the responsibility of these decisions. | X | ||||
| 11 | Consciousness of taking into account ethical values, when making decisions and being involved in business life. | |||||
| 12 | Awareness of the impact of practices related to his/her field on the global and social dimensions (universality of social rights, social justice, cultural values, environmental problems, sustainability, etc.) and their legal consequences. | |||||
| Activities | Number | Period | Total Workload |
|---|---|---|---|
| Class Hours | 14 | 3 | 42 |
| Working Hours out of Class | 14 | 2 | 28 |
| Assignments | 0 | 0 | 0 |
| Presentation | 0 | 0 | 0 |
| Midterm Examinations (including preparation) | 1 | 15 | 15 |
| Project | 0 | 0 | 0 |
| Laboratory | 0 | 0 | 0 |
| Other Applications | 0 | 0 | 0 |
| Final Examinations (including preparation) | 1 | 15 | 15 |
| Quiz | 0 | 0 | 0 |
| Term Paper/ Project | 0 | 0 | 0 |
| Portfolio Study | 0 | 0 | 0 |
| Reports | 0 | 0 | 0 |
| Learning Diary | 0 | 0 | 0 |
| Thesis/ Project | 0 | 0 | 0 |
| Seminar | 0 | 0 | 0 |
| Other | 0 | 0 | 0 |
| Total Workload | 100 | ||
| Total Workload / 25 | 4,00 | ||
| Credits ECTS | 4 | ||