Microeconomıcs II
mulus@gsu.edu.tr
Content
Objective
The aim of the course is to develop students' conceptual thinking skills related to economic analysis so that they can approach the issues and problems related to business life, economic policies and individual decision-making that they will encounter at different stages of their lives from a well-grounded perspective.
Course Content
ECON 215 is a continuation of ECON 108 Microeconomics 1 course and will continue to cover some of the basic topics of microeconomics. Topics will include producer theory, long-run production decisions, partial market equilibrium, general equilibrium and welfare theorems, choice under risk and uncertainty.
Course Learning Outcomes
Students who are successful in the course are expected to acquire the following skills:
1. Analyze short and long run production decisions of the firm
2. Define the producer's costs accurately and understand the effects of changing costs on the firms' production and market equilibrium
3. Understand the meaning of general equilibrium
4. Understand the importance and implications of the first welfare theorem for microeconomic analysis.
5. To analyze consumers' attitudes towards risk and their choices under uncertainty.
Teaching and Learning Methods
Formal lectures, economic applications and problem sessions.
References
Microeconomics: An Intuitive Approach by Thomas Nechyba, South-Western /Cengage Learning, 2011
Fikret Şenses, "İktisada (Farklı Bir) Giriş", İletişim Yayınları, 2018
Weekly Contents
| Week | Weekly Contents |
|---|---|
| 1 | Introduction - Short-run producer model: A reminder of the single input single output model |
| 2 | Multiple input production model |
| 3 | Cost minimization and profit maximization: Duality in the producer theory |
| 4 | Short and long term production decisions: Effects of changes in economic conditions |
| 5 | Competitive market equilibrium |
| 6 | Firm entry and exit and short-long run equilibrium difference |
| 7 | Problem session |
| 8 | Midterm exam |
| 9 | Equilibrium welfare analysis: The invisible hand and the First Welfare Theorem |
| 10 | General equilibrium Edgeworth Box and the producer model |
| 11 | Efficiency in general equilibrium: First and Second Welfare Theorems |
| 12 | Choice under uncertainty: Different attitudes towards risk, risk aversion and insurance |
| 13 | Expected utility and choice in the presence of risk |
| 14 | Synthesis |
Assessment System
| Activities | Number | Contribution |
|---|---|---|
| Contribution of in-term studies to overall grade | 1 | 40 |
| Contribution of final exam to overall grade | 1 | 60 |
| Total | 2 | 100 |
| Activities | 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 |
| Total | 1 | 40 |
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 | |||||
| 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 | |||||
| 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 | |||||
| 11 | Reason logically and work analytically | X | ||||
| 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 | 0 | 0 | 0 |
| Presentation | 0 | 0 | 0 |
| Midterm Examinations (including preparation) | 1 | 16 | 16 |
| Project | 0 | 0 | 0 |
| Laboratory | 0 | 0 | 0 |
| Other Applications | 0 | 0 | 0 |
| Final Examinations (including preparation) | 1 | 20 | 20 |
| 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 |
| Make-up | 0 | 0 | 0 |
| Total Workload | 120 | ||
| Total Workload / 25 | 4.80 | ||
| Credits ECTS | 5 | ||