BAHÇEŞEHİR UNIVERSITY BİLGİ PAKETİ / DERS KATALOĞU
| ECONOMICS AND FINANCE | |||||
| 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 | Fall | 3 | 0 | 3 | 8 |
Basic information
| Language of instruction: | English |
| Type of course: | Must Course |
| 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) | Build up a body of knowledge in mathematics and statistics, to use them, to understand how the mechanism of economy –both at micro and macro levels – works. | 4 |
| 2) | Understand the common as well as distinctive characters of the markets, industries, market regulations and policies. | 4 |
| 3) | Develop an awareness of different approaches to the economic events and why and how those approaches have been formed through the Economic History and understand the differences among those approaches by noticing at what extent they could explain the economic events. | 4 |
| 4) | Analyze the interventions of politics to the economics and vice versa. | 3 |
| 5) | Apply the economic analysis to everyday economic problems and evaluate the policy proposals for those problems by comparing opposite approaches. | 3 |
| 6) | Understand current and new economic events and how the new approaches to the economics are formed and evaluating. | 3 |
| 7) | Develop the communicative skills in order to explain the specific economic issues/events written, spoken and graphical form. | 4 |
| 8) | Know how to formulate the economics problems and issues and define the solutions in a well-formed written form, which includes the hypothesis, literature, methodology and results / empirical evidence. | 5 |
| 9) | Demonstrate the quantitative and qualitative capabilities and provide evidence for the hypotheses and economic arguments. | 4 |
| 10) | Understand the information and changes related to the economy by using a foreign language and communicate with colleagues. | 5 |