FACULTY OF BUSINESS

Department of Economics

ECON 211 | Course Introduction and Application Information

Course Name
Theory of Microeconomics I
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 211
Fall
3
0
3
6

Prerequisites
  MATH 101 To succeed (To get a grade of at least DD)
and MATH 102 To succeed (To get a grade of at least DD)
and ECON 101 To succeed (To get a grade of at least DD)
Course Language
English
Course Type
Required
Course Level
First Cycle
Mode of Delivery -
Teaching Methods and Techniques of the Course -
Course Coordinator -
Course Lecturer(s)
Assistant(s)
Course Objectives Microeconomics is the study of how a nation most efficiently allocates its scarce productive resources to satisfy the seemingly unlimited wants and needs of society. It examines how the interactions of consumers and producers in the marketplace determine the prices and outputs of goods and services. Following this brief description, this course will explore both the economic characteristics and behaviors of individual economic units, focusing especially on consumer behavior.
Learning Outcomes The students who succeeded in this course;
  • Will be able to explain consumer behavior and hence the demand side of the market.
  • Will be able to explain different consumer preferences.
  • Will be able to describe the concept of utility by the medium of indifference curves.
  • Will be able to identify the optimal choice of the consumer that maximizes consumer utility.
  • Will be able to analyze income and substitution effects of consumer demand through the Slutsky equation.
  • Will be able to explain the market demand for a product and the equilibrium in that product's market.
  • Will be able to solve complex mathematical problems.
Course Description This course will introduce microeconomic theory and its application at an intermediate level. The theory of the consumer will be explored in detail. Topics covered in this course include budget constraint, preferences, utility, choice, demand, Slutsky equation, buying and selling, consumer surplus, merket demand, and equilibrium.

 



Course Category

Core Courses
X
Major Area Courses
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 Preliminaries Varian, Hal, Intermediate Microeconomics, Chapter 1 (W. W. Norton & Company, 7th edition)
2 Budget Constraint Varian, Hal, Intermediate Microeconomics, Chapter 2 (W. W. Norton & Company, 7th edition)
3 Preferences Varian, Hal, Intermediate Microeconomics, Chapter 3 (W. W. Norton & Company, 7th edition)
4 Preferences Varian, Hal, Intermediate Microeconomics, Chapter 3 (W. W. Norton & Company, 7th edition)
5 Utility Varian, Hal, Intermediate Microeconomics, Chapter 4 (W. W. Norton & Company, 7th edition)
6 Choice Varian, Hal, Intermediate Microeconomics, Chapter 5 (W. W. Norton & Company, 7th edition)
7 Demand Varian, Hal, Intermediate Microeconomics, Chapter 6 (W. W. Norton & Company, 7th edition)
8 Demand Varian, Hal, Intermediate Microeconomics, Chapter 6 (W. W. Norton & Company, 7th edition)
9 Midterm
10 Slutsky Equation Varian, Hal, Intermediate Microeconomics, Chapter 8 (W. W. Norton & Company, 7th edition)
11 Revealed Preference Varian, Hal, Intermediate Microeconomics, Chapter 7 (W. W. Norton & Company, 7th edition)
12 Buying and Selling Varian, Hal, Intermediate Microeconomics, Chapter 19 (W. W. Norton & Company, 7th edition)
13 Consumer's Surplus Varian, Hal, Intermediate Microeconomics, Chapter 14 (W. W. Norton & Company, 7th edition)
14 Market Demand Varian, Hal, Intermediate Microeconomics, Chapter 15 (W. W. Norton & Company, 7th edition)
15 Equilibrium Varian, Hal, Intermediate Microeconomics, Chapter 16 (W. W. Norton & Company, 7th edition)
16 Review of the Semester  

 

Course Notes/Textbooks Varian, Hal, Intermediate Microeconomics, W. W. Norton & Company, 8th edition, 2010
Suggested Readings/Materials

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
Laboratory / Application
Field Work
Quizzes / Studio Critiques
3
15
Portfolio
Homework / Assignments
Presentation / Jury
Project
Seminar / Workshop
Oral Exams
Midterm
1
35
Final Exam
1
50
Total

Weighting of Semester Activities on the Final Grade
4
50
Weighting of End-of-Semester Activities on the Final Grade
1
50
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
0
Study Hours Out of Class
16
2
32
Field Work
0
Quizzes / Studio Critiques
3
10
30
Portfolio
0
Homework / Assignments
0
Presentation / Jury
0
Project
0
Seminar / Workshop
0
Oral Exam
0
Midterms
1
30
30
Final Exam
1
40
40
    Total
180

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To be able to acquire a sound knowledge of fundamental concepts, theories, principles and methods of investigation specific to the economic field.

X
2

To be able to apply adequate mathematical, econometric, statistical and data analysis models to process economic data and to implement scientific research for development of economic policies.

3

To be able to participate in academic, professional, regional, and global networks and to utilize these networks efficiently.

4

To be able to have adequate social responsibility with regards to the needs of the society and to organize the activities to influence social dynamics in line with social goals.

5

To be able to integrate the knowledge and training acquired during the university education with personal education and produce a synthesis of knowledge one requires.

6

To be able to evaluate his/her advance level educational needs and do necessary planning to fulfill those needs through the acquired capability to think analytically and critically.

7

To be able to acquire necessary skills to integrate social dynamics into economic process both as an input and an output.

X
8

To be able to link accumulated knowledge acquired during the university education with historical and cultural qualities of the society and be able to convey it to different strata of society.

X
9

To be able to take the responsibility as an individual and as a team member.

10

To be able to attain social, scientific and ethical values at the data collection, interpretation and dissemination stages of economic analysis.

X
11

To be able to collect data in economics and communicate with colleagues in a foreign language ("European Language Portfolio Global Scale", Level B1)

12

To be able to speak a second foreign at a medium level of fluency efficiently.

13

To be able to relate the knowledge accumulated throughout human history to their field of economics.

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

 


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