Advanced Microeconomic Analysis I

Course Code:

ECON 602

Semester:

Autumn

Course Type:

Core

P:

3

Lab:

0

Credits:

3

ECTS:

10

Course Language:

English

Course Objectives:

The objective of this course is to analyse how individual decision-makers, both consumers and producers, behave in a variety of economic environments. Students are expected to learn the fundamental methods and theories of microeconomics, and be provided with the basic tools and concepts required to understand scientific papers at the research frontier of microeconomic theory.

Course Content:

This course provides an advanced level of microeconomics with more mathematics. Traditional microeconomic theory topics such as mathematics of optimisation, consumer theory, income and substitution effects, firm theory, demand relations among goods, market demand and elasticity, production function, cost, profit maximization and supply are studied in a greater depth with some examples of applications.

Teaching Methods:

Lecture, Question-Answer, Discussion

Assessment Methods:

Testing, Homework

Vertical Tabs

Course Learning Outcomes

Learning Outcomes	Program Learning Outcomes	Teaching Methods	Assessment Methods
1) Explain basic ideas behind microeconomics and mathematical models regarding consumer and producer behavior and market mechanisms.	1,3,4,6	1,2,3	A,C
2) Analyze utility maximization, profit maximization, and cost minimization behavior. .	1,3,4,8	1,2,3	A,C
3) Calculate and derive demand functions, consumers' surplus, profit functions, and cost functions.	1,7	1,2,3	A,C
4) Justify market mechanisms widely used in economic transactions	1,4,5	1,2,3	A,C
5) Determines and analyzes the factors that determine consumer preferences.	1,4,8	1,2,3	A,C

Course Flow

COURSE CONTENT
Week	Topics	Study Materials*
1	Economic Models	Chapter 1
2	The Mathematics of Optimization	Chapter 2
3	Preference and Utility	Chapter 3
4	Utility Maximization and Choice	Chapter 4
5	Income and Substitution Effects	Chapter 5
6	Income and Substitution Effects cont'd	Chapter 5
7	Practice Session
8	Mid Term Examination
9	Demand Relationships among Goods	Chapter 6
10	Market Demand and Elasticity	Chapter 7
11	Production Functions	Chapter 11
12	Costs	Chapter 12
13	Profit Maximization and Supply	Chapter 13
14	Review

Recommended Sources

RECOMMENDED SOURCES
Textbook		*Nicholson, Walter. Microeconomic Theory: Basic Principles and Extension, The Dryden Press. H.R. Varian. Microeconomic Analysis, Norton, 1992 Mas-Colell, Whinston, and Green. Microeconomic Theory. New York, NY: Oxford University Press, 1995
Additional Resources		Lecture notes and chapter slides

Material Sharing

MATERIAL SHARING
Documents		Lecture notes and chapter slides
Assignments		End of Chapter problems and Homework Assignments
Exams		Quiz questions

Assessment

ASSESSMENT
IN-TERM STUDIES	NUMBER	PERCENTAGE
Mid-terms	1	50
Quizzes	3	25
Assignments	2	25
	Total	100
Contribution of Final Examination to Overall Grade		40
Contribution of In-Term Studies to Overall Grade		60
	Total	100
Course Category	Zorunlu

Course’s Contribution to Program

COURSE'S CONTRIBUTION TO PROGRAM
No	Program Learning Outcomes	Contribution
		1	2	3	4	5
1	Formulate and develop a critical and comprehensive understanding of global and national economic problems, and construct and design practical solutions;					X
2	Extract information and concepts from various disciplines in social sciences and integrate them under the rubric of economics;			X
3	Construct testable hypotheses to find original, practical solutions to various social ills and problems;			X
4	Develop an analytical understanding of economic problems, and the ability to evaluate the inherent logic, assumptions and conclusions of alternative approaches;				X
5	Develop the necessary technical skills to evaluate alternative approaches in economics;				X
6	Formulate research projects, plan and conduct research in social sciences in general and in economics in particular;			X
7	Present the results of their research in national and international conferences and in scientific and professional venues;		X
8	Apply the scientific / academic modes of thought and analysis to their professional lives and form a bridge between the analytical and abstract modes of thinking of academia and the practical and dynamic skills of business life.				X

ECTS

ECTS ALLOCATED BASED ON STUDENT WORKLOAD BY THE COURSE DESCRIPTION
Activities	Quantity	Duration (Hour)	Total Workload (Hour)
Course Duration (Including the Exam Week: 15 x total course hours)	15	3	45
Hours for off-the-classroom study (Pre-study, practice)	15	10	150
Mid-terms	1	10	10
Quizzes (attendance, presentation, etc.)	3	3	9
Assignments	2	7	14
Final Examination	1	10	10
Total Work Load			238
Total Work Load / 25 (s)			9,52
ECTS Credit of the Course			10

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