| BUSINESS ADMINISTRATION | |||||
| Bachelor | TR-NQF-HE: Level 6 | QF-EHEA: First Cycle | EQF-LLL: Level 6 | ||
| Course Code | Course Name | Semester | Theoretical | Practical | Credit | ECTS |
| ECO2211 | Microeconomics | Fall | 3 | 0 | 3 | 8 |
| The course opens with the approval of the Department at the beginning of each semester |
| Language of instruction: | En |
| Type of course: | Must Course |
| Course Level: | Bachelor |
| Mode of Delivery: | Hybrid |
| Course Coordinator : | Assoc. Prof. KAAN İRFAN ÖĞÜT |
| Course Lecturer(s): |
Assoc. Prof. BÜLENT ANIL Prof. Dr. NECİP ÇAKIR Assoc. Prof. ÇAĞLAR YURTSEVEN |
| Course Objectives: | This course will explore both the economic characteristics and behaviors of individual economic units, focusing especially on consumer behavior. |
|
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 |
| 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 |
| 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 | ||
| Course Notes: | Varian, Hal, Intermediate Microeconomics, W. W. Norton & Company, 7th edition, 2006 |
| References: | Yok |
| Semester Requirements | Number of Activities | Level of Contribution |
| Attendance | % 0 | |
| Laboratory | % 0 | |
| Application | % 0 | |
| Field Work | % 0 | |
| Special Course Internship (Work Placement) | % 0 | |
| Quizzes | % 0 | |
| Homework Assignments | % 0 | |
| Presentation | % 0 | |
| Project | % 0 | |
| Seminar | % 0 | |
| Midterms | 4 | % 60 |
| Preliminary Jury | % 0 | |
| Final | 2 | % 40 |
| Paper Submission | % 0 | |
| Jury | % 0 | |
| Bütünleme | % 0 | |
| Total | % 100 | |
| PERCENTAGE OF SEMESTER WORK | % 60 | |
| PERCENTAGE OF FINAL WORK | % 40 | |
| Total | % 100 | |
| Activities | Number of Activities | Duration (Hours) | Workload |
| Course Hours | 14 | 3 | 42 |
| Laboratory | 0 | 0 | 0 |
| Application | 0 | 0 | 0 |
| Special Course Internship (Work Placement) | 0 | 0 | 0 |
| Field Work | 0 | 0 | 0 |
| Study Hours Out of Class | 14 | 11 | 154 |
| Presentations / Seminar | 0 | 0 | 0 |
| Project | 0 | 0 | 0 |
| Homework Assignments | 0 | 0 | 0 |
| Quizzes | 0 | 0 | 0 |
| Preliminary Jury | 0 | 0 | 0 |
| Midterms | 2 | 4 | 8 |
| Paper Submission | 0 | 0 | 0 |
| Jury | 0 | 0 | 0 |
| Final | 1 | 4 | 4 |
| Total Workload | 208 | ||
| No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
| Program Outcomes | Level of Contribution | |
| 1) | Being able to identify problems and ask right questions | 4 |
| 2) | Having problem solving skills and developing necessary analytical attitude | 4 |
| 3) | Comprehending theoretical arguments along with counter arguments in detail | 4 |
| 4) | Gaining awareness of lifelong learning and being qualified for pursuing graduate education | 1 |
| 5) | Applying theoretical concepts in project planning | |
| 6) | Communicating efficiently by accepting differences and carrying out compatible teamwork | |
| 7) | Increasing efficiency rate in business environment | |
| 8) | Developing innovative and creative solutions in face of uncertainty | 1 |
| 9) | Researching to gather information for understanding current threats and opportunities in business | |
| 10) | Being aware of the effects of globalization on society and business while deciding | 1 |
| 11) | Possessing digital competence and utilizing necessary technology | |
| 12) | Communicating in at least one foreign language in academic and daily life | |
| 13) | Possessing managing skills and competence | |
| 14) | Deciding with the awareness of the legal and ethical consequences of business operations | |
| 15) | Expressing opinions that are built through critical thinking process in business and academic environment | 3 |