Microeconomics I
mulus@gsu.edu.tr
Content
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 analyzed at a basic level.
Course Content
Microeconomics 1 will focus mainly on consumer theory. The last part of the course will be an introduction to producer theory. The economic conditions, preferences and optimal choices of consumers will be discussed and then the effects of changes in economic conditions will be discussed. Thus, it will be possible to derive demand functions and understand their properties. In the producer theory section, after discussing the short-run production process and the profit maximization problem, the long-run producer theory will be introduced. The firm's cost minimization and profit maximization problems will be discussed and short-run and long-run supply curves will be derived.
Course Learning Outcomes
On the completion of the course students are expected to:
1. Analyze the consumer behavior and derive the demand relations
2. Analyze the firm behavior at the competitive markets
3. Use short and long term analysis of supply
4.Analyze the market equilibrium.
Teaching and Learning Methods
Formal lecture and recitation
References
Thomas Necyhba, Cengage Learning, Microeconomics: An Intuitive Approach with Calculus
Pierre Picard, Montchrestien, Eléments de micro-économie
Weekly Contents
| Week | Weekly Contents |
|---|---|
| 1 | Introduction of the course. Math reminder |
| 2 | Economic conditions of the consumer - budget constraints |
| 3 | Preferences and indifference curves |
| 4 | Different types of preferences |
| 5 | Recitation |
| 6 | Optimal choice of the consumer |
| 7 | Change in economic conditions, substitution and income effects |
| 8 | Demand + recitation |
| 9 | Midterm exam |
| 10 | Consumer surplus and deadweight loss |
| 11 | Introduction to the theory of production: short-run production model - single input single output |
| 12 | Production with multiple inputs, cost minimization and profit maximization, duality |
| 13 | Short- and long- run production decisions |
| 14 | Synthesis |
Assessment System
| Activities | Number | Contribution |
|---|---|---|
| Contribution of in-term studies to overall grade | 2 | 50 |
| Contribution of final exam to overall grade | 1 | 50 |
| Total | 3 | 100 |
| Activities | Number | Contribution |
|---|---|---|
| Assignments | 1 | 10 |
| 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 |
| Total | 2 | 50 |
Relation of Proficiency
| No | Program Learning Outcomes | Contribution | ||||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | ||
| 1 | Demonstrate a basic knowledge of different economic theories and main discussions driving current theoretical approaches | X | ||||
| 2 | Demonstrate ability to use basic qualitative and quantitative methods to asses different economic questions of applied fields | |||||
| 3 | Show a sound understanding of current economic discussions and problems | X | ||||
| 4 | Have an effective and clear communication in written and oral formats in different public and professional contexts. | |||||
| 5 | Demonstrate basic knowledge of the world economic history and a sound knowledge of the Turkish economic history | |||||
| 7 | Demonstrate knowledge of standard quantitative techniques and empirical models used in economics | |||||
| 8 | Show ability to apply basic economic theory to an applied topic | |||||
| 9 | Show a basic understanding of analytical methods, both theory- and model-based | X | ||||
| 10 | Show ability to use economic concepts to discuss current economic issues | X | ||||
| 11 | Reason logically and work analytically | |||||
| 12 | Show awareness on social aspects of the economics in different applied and theoretical fields | |||||
| 13 | Identify appropriate economic models to analyse problems | |||||
| 16 | Show understanding of basic statistical and econometric concepts and ability to apply basic concepts to own empirical work | |||||
| 17 | Demonstrate a sound knowledge of the current economic issues in Turkey and a general knowledge of the issues in the world economy | |||||
ECTS
| Activities | Number | Period | Total Workload |
|---|---|---|---|
| Class Hours | 14 | 3 | 42 |
| Working Hours out of Class | 14 | 3 | 42 |
| Assignments | 1 | 12 | 12 |
| Midterm Examinations (including preparation) | 1 | 20 | 20 |
| Final Examinations (including preparation) | 1 | 25 | 25 |
| Total Workload | 141 | ||
| Total Workload / 25 | 5.64 | ||
| Credits ECTS | 6 | ||