MATHEMATICS
Bachelor	TR-NQF-HE: Level 6	QF-EHEA: First Cycle	EQF-LLL: Level 6

Course Introduction and Application Information

Course Code	Course Name	Semester	Theoretical	Practical	Credit	ECTS
ECO2211	Microeconomics	Spring	3	0	3	8

This catalog is for information purposes. Course status is determined by the relevant department at the beginning of semester.

Basic information

Language of instruction:	English
Type of course:	Departmental Elective
Course Level:	Bachelor’s Degree (First Cycle)
Mode of Delivery:	Hybrid
Course Coordinator :	Assoc. Prof. KAAN İRFAN ÖĞÜT
Course Lecturer(s):	Assoc. Prof. ÇAĞLAR YURTSEVEN Assoc. Prof. BÜLENT ANIL Prof. Dr. NECİP ÇAKIR
Recommended Optional Program Components:	None
Course Objectives:	This course will explore both the economic characteristics and behaviors of individual economic units, focusing especially on consumer behavior.

Learning Outcomes

The students who have succeeded in this course;
1. Market Structures and Intorduction Optimisation
2. Consumer Choice and Rationality
3. Demand and Optimal Choice
4. Income, Substitution Effects and Revealed Prefeence
5. Intertemporal Choice and Uncertainty
6. Equilibrium, Technoılogy and Profit Maximization
7. Supply, Cost and Profits in Competitive Markets
8. Ordinary Monopoly and Price Discrimintion
9. Oligopolistic Markets and Monopolistic Competition
10.Game Theory

Course Content

Introduction
Supply and Demand
The theory of consumer choice
Individual and Market Demand
Using Consumer Choice Theory
Exchange, Efficiency and Prices
Production
The Costs of Production
Profit Maximization in Perfectly Competitive Market
Using the Competitive Model
Monopoly
Product Pricing with Monopoly Power
Monopolistic Competition and Oligopoly
Imperfect Information
Public Goods and Externalities

Weekly Detailed Course Contents

Week	Subject	Related Preparation
1)	Market & Budget Constraint: Optimization & Equilibrium, Demand & Supply Curves, Pareto Efficiency, Budget Constraint and Budget Set
2)	Preferences & Utility: Assumptions on Preferences, Indifference Curves, MRS, Cardinal & Ordinal Utility, Marginal Utility & MRS
3)	Revealed Preference & Slutsky Equation: Idea of Revealed Preference, WARP, SARP, Substitution Effect, Income Effect, Total Change in Demand, Compensated Demand Curves
4)	Revealed Preference & Slutsky Equation: Idea of Revealed Preference, WARP, SARP, Substitution Effect, Income Effect, Total Change in Demand, Compensated Demand Curves
5)	Intertemporal Choice & Asset Markets: Budget Constraint and Preferences, Slutsky Equation & Intertemporal Choice, Present Value, Rates of Return, Adjustment for Differences, Assets
6)	Uncertainty: Contingent Consumption, Utility Functions and Probabilities, Expected Utility, Risk Aversion and Risk Spreading, Role of Stock Market
7)	Risky Assets & Consumer Surplus: Mean Variance Utility, Measuring Risk, Equilibrium with Risky Assets, Demand for Discrete Goods, Construcitong Utility from Demand, Interpretations of Consumer Surplus, Compensating and Equilibrating variation, Producer’s Surplus
8)	Market Demand & Equilibrium: Inverse Demand Functions, Demand for Discrete Goods, Elasticity, Demand & Marginal Revenue, Income Elasticity, Market Equilibrium, Inverse Demand, Supply Curves, Comperative Statics, Pareto Efficiency
9)	Technology and Profit Maximization: Inputs & Outputs, Technological Constraints, Fixed Proportions, Cobb-Douglas, TRS, Diminishing MP, Profits, Fixed & Variable Factors, Profit Maximization, Returns to Scale
10)	Cost Minimization & Cost CUrves: Cost Minimization, Returns to Scale & Cost Function, SR & LR Costs, Fixed and Quasi Fixed Costs, AC, MC & VC, LR Costs, LRMC
11)	Firm Supply & Industry Supply: Pure Competition & Firm Supply, Inverse Supply Function, LR Supply Curve, LR Constant AC, SR Industry Supply, SR & LR Industry Equilibrium, Zero Profits, Fixed Factors & Economic Rent
12)	Monopoly and Monopoly Behaviour: Linear Demand Curve, Mark up Pricing, Inefficiency of Monopoly, Natural Monopoly, Price Discrimination
13)	Monopolistic Competition and Factor Markets: Monopolistic Competition, Location Model, Product Differentiation, Monopoly in Output Market, Monopsony
14)	Oligopoly, Game Theory & Exchange: Strategy Choice, Quantity and Price Leadership, Cournot Equilibrium, Collusion, Payoff Matrix & Nash Equilibrium, Mixed Strategies and Repeated Games, Prisoners Dilemma , edgeworth’s Box, trade and Pareto Efficent Allocations, Walras’ Law, Equilibrium & Efficiency

Sources

Course Notes / Textbooks:	Varian, Hal, Intermediate Microeconomics, W. W. Norton & Company, 7th edition, 2006
References:	Yok

Evaluation System

Semester Requirements	Number of Activities	Level of Contribution
Midterms	4	% 60
Final	2	% 40
Total		% 100
PERCENTAGE OF SEMESTER WORK		% 60
PERCENTAGE OF FINAL WORK		% 40
Total		% 100

ECTS / Workload Table

Activities	Number of Activities	Duration (Hours)	Workload
Course Hours	14	3	42
Study Hours Out of Class	14	11	154
Midterms	2	4	8
Final	1	4	4
Total Workload			208

Contribution of Learning Outcomes to Programme Outcomes

No Effect	1 Lowest	2 Low	3 Average	4 High	5 Highest

	Program Outcomes	Level of Contribution
1)	To have a grasp of basic mathematics, applied mathematics and theories and applications in Mathematics
2)	To be able to understand and assess mathematical proofs and construct appropriate proofs of their own and also define and analyze problems and to find solutions based on scientific methods,
3)	To be able to apply mathematics in real life with interdisciplinary approach and to discover their potentials,
4)	To be able to acquire necessary information and to make modeling in any field that mathematics is used and to improve herself/himself,
5)	To be able to tell theoretical and technical information easily to both experts in detail and non-experts in basic and comprehensible way,
6)	To be familiar with computer programs used in the fields of mathematics and to be able to use at least one of them effectively at the European Computer Driving Licence Advanced Level,
7)	To be able to behave in accordance with social, scientific and ethical values in each step of the projects involved and to be able to introduce and apply projects in terms of civic engagement,
8)	To be able to evaluate all processes effectively and to have enough awareness about quality management by being conscious and having intellectual background in the universal sense,
9)	By having a way of abstract thinking, to be able to connect concrete events and to transfer solutions, to be able to design experiments, collect data, and analyze results by scientific methods and to interfere,
10)	To be able to continue lifelong learning by renewing the knowledge, the abilities and the competencies which have been developed during the program, and being conscious about lifelong learning,
11)	To be able to adapt and transfer the knowledge gained in the areas of mathematics ; such as algebra, analysis, number theory, mathematical logic, geometry and topology to the level of secondary school,
12)	To be able to conduct a research either as an individual or as a team member, and to be effective in each related step of the project, to take role in the decision process, to plan and manage the project by using time effectively.