MICROECONOMICS PROGRAMME COURSE DESCRIPTION

Code	Name of the Course Unit	Semester	In-Class Hours (T+P)	Credit	ECTS Credit
ECF207	MICROECONOMICS	3	3	3	6

GENERAL INFORMATION
Language of Instruction :	English
Level of the Course Unit :	BACHELOR'S DEGREE, TYY: + 6.Level, EQF-LLL: 6.Level, QF-EHEA: First Cycle
Type of the Course :	Compulsory
Mode of Delivery of the Course Unit	-
Coordinator of the Course Unit	Prof. BÜLENT EŞİYOK
Instructor(s) of the Course Unit	Assist.Prof. IFEDOLAPO OLABISI OLANIPEKUN
Course Prerequisite	No

OBJECTIVES AND CONTENTS
Objectives of the Course Unit:	This course aims to give the student the ability to interpret the functioning of the economic system at the firm and individual level.
Contents of the Course Unit:	Contents of the course include the subjects such as Production Possibilities Curve, Supply-Demand and Market Equilibrium, Government Interferences, Consumer Balance and Market Types.

KEY LEARNING OUTCOMES OF THE COURSE UNIT (On successful completion of this course unit, students/learners will or will be able to)
Explain the basic concepts and assumptions in microeconomics. (2)
Analyze consumer behavior under uncertainty.(4)
Analyze the strategic behaviour of the perfect competition market, monopoly, monopolistic competition market and oligopoly market. (4)
Analyze producer equilibrium. (4)
Explain the product cost, short and long run all cost functions. (2)
Understand how to apply economic principles to a range of policy questions.

WEEKLY COURSE CONTENTS AND STUDY MATERIALS FOR PRELIMINARY & FURTHER STUDY
Week	Preparatory	Topics(Subjects)	Method
1	Reading	The Themes of Microeconomics: Trade-offs, prices and markets, theories and models, positive and normative analysis, competitive versus noncompetitive markets, market price, market definition—the extent of a market, real and nominal prices.	Lecture & Question Answer & Problem Solving
2	Reading	The basics of supply and Demand: Supply and Demand, the supply curve, the demand curve, the market mechanism, changes in market equilibrium, elasticities of supply and demand, point and arc elasticities, short-run and long-run elasticities, effects of government intervention—price controls.	Lecture & Question Answer & Problem Solving
3	Reading	Consumer behavior: Consumer preferences, indifference curves and maps, the marginal rate of substitution, perfect substitutes and perfect complements, budget constraints, budget line, the effects of changes in income and prices, consumer choice, marginal utility and consumer choice, living indexes.	Lecture & Question Answer & Research
4	Reading	Individual and market demand: Individual demand, income and substitution effects, market demand, consumer surplus, externalities empirical estimation of demand.	Lecture & Question Answer & Research
5	Reading	Production: Firms and their production decisions, average and marginal products, the slopes of the product curve, the average product of labor curve, the marginal product of labor curve, the law of diminishing marginal returns, isoquants, input flexibility, diminishing marginal returns, substitution among inputs, production functions, returns to scale.	Lecture & Question Answer & Research
6	Reading	The cost of Production: Measuring cost, economic cost and accounting cost, opportunity cost, fixed, marginal and average costs, cost in the short run, cost in the long run, the isocost line cost minimization,the expansion path and long-run costs , long-run versus short-run cost curves, the relationship between short-run and long-run cost, production with two outputs—economies of scope, product transformation curves.	Lecture & Question Answer & Problem Solving
7	Reading	Profit maximization and competitive supply: Perfectly competitive markets, profit maximization, marginal revenue, marginal cost, and profit maximization, choosing output in the short run, short-run profit maximization by a competitive firm, the competitive firm’s short-run supply curve, the firm’s response to an input price change the short-run market supply curve, elasticity of market supply, producer surplus in the short run, long-run profit maximization.	Lecture & Question Answer & Problem Solving
8	-	MID-TERM EXAM	-
9	Reading	The analysis of competitive markets: Evaluating the gains and losses from government policies—consumer and producer surplus , the efficiency of a competitive market, minimum prices, price supports and production quotas, import quotas and tariffs, the impact of a tax or subsidy.	Lecture & Question Answer & Problem Solving
10	Reading	Market Power of monopoly: Monopoly, average revenue and marginal revenue, the monopolist’s output decision, shifts in demand, the effect of a tax, production, price, and monopoly power, sources of monopoly power, the elasticity of market demand, the interaction among firms, the social costs of monopoly power, price regulation, monopsony, monopsony and monopoly compared.	Lecture & Question Answer & Problem Solving
11	Reading	Market Power of monopsony: Monopoly, Average Revenue and Marginal Revenue, Monopsony profit maximization, Monopsony Power, Sources of Monopsony Power, The Social Costs of Monopsony Power, Bilateral Monopoly, Limiting Market Power: The Antitrust Laws.	Lecture & Question Answer & Problem Solving
12	Reading	Monopolistic competition and oligopoly: Monopolistic competition, the equilibrium in the short run and the long run, monopolistic competition and economic efficiency, oligopoly, equilibrium in an oligopolistic market, The Cournot Model, the linear demand curve, The Stackelberg Model, price competition, The Bertrand Model, the prisoners’ dilemma and oligopolistic pricing, price rigidity, The Dominant Firm Model, cartels, analysis of cartel pricing.	Lecture & Question Answer & Problem Solving
13	Reading	General equilibrium and economic efficiency-I : General Equilibrium Analysis, economic efficiency, efficiency in exchange, the advantages of trade, The Edgeworth Box Diagram, efficient allocations, the contract curve, consumer equilibrium in a competitive market.	Lecture & Question Answer & Problem Solving
14	Reading	General equilibrium and economic efficiency-II: The economic efficiency of competitive markets, equity and efficiency, The Utility Possibilities Frontier, equity and perfect competition, efficiency in production, input efficiency, The Production Possibilities Frontier, output efficiency, efficiency in output markets, the gains from free trade , comparative advantage, an expanded Production Possibilities Frontier, markets fail, incomplete information, externalities, public goods.	Lecture & Question Answer & Problem Solving
15	Reading	Markets with asymmetric information: Quality uncertainty and the market for lemons, implications of asymmetric information, a simple model of job market signaling, moral hazard, the principal–agent problem, asymmetric information in labor markets: efficiency Wage Theory.	Lecture & Question Answer & Problem Solving
16	-	FINAL EXAM	-
17	-	FINAL EXAM	-

SOURCE MATERIALS & RECOMMENDED READING
Principles of Microeconomics (2013). Mankiw, G. Cangage Learing. USA.
Microeconomics. Pindyck, Robert S. Rubinfeld, Daniel L (2018), Pearson, England

ASSESSMENT
Assessment & Grading of In-Term Activities	Number of Activities	Degree of Contribution (%)	Description

Level of Contribution
0	1	2	3	4	5

KNOWLEDGE
Theoretical
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Define the basic concepts of economics, administrative and human sciences. (Bloom 1)				3
2	Evaluate the economic environment and overall sustainability of firms. (Bloom 4)						5

KNOWLEDGE
Factual
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Relate principles and concepts of economics and finance with other disciplines. (Bloom 4)				3
2	Define principles, concepts, methods and theories related with economics and finance. (Bloom 1)			2

SKILLS
Cognitive
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Interpret the charts and tables related to the field. (Bloom 2)					4

SKILLS
Practical
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Evaluate the theoretical models of economic policies which have direct or indirect effects by using the facts and dynamics of the economic system.(Bloom 4)				3
2	Analyze economic and financial reports. ((bloom 4)			2
3	Use basic mathematics, statistics and econometric methods and tools to solve economic and financial problems. (Bloom 3)					4
4	Interpret the operation of current economic, political and social events by using institutional information related with Economics and Finance.(Bloom 2)		1

OCCUPATIONAL
Autonomy & Responsibility
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Organize economic and financial activities in humanitarian and social terms with adherence to ethics. (Bloom 4).		1

OCCUPATIONAL
Learning to Learn
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Develop a critical perspective on national and international economic, political, social, financial and development problems. (bloom 6)		1

OCCUPATIONAL
Communication & Social
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Follow the agenda on economics, politics and social issues and improve himself/ herself. (bloom 6)		1

OCCUPATIONAL
Occupational and/or Vocational
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Analyze current issues and problems by using the structure and properties of Macro and Microeconomics and variables. (Bloom 4)			2
2	Evaluate the effectiveness of the general economic system and public policies and their effects on markets and basic economic variables.(Bloom 4)			2
3	Analyze the cause and effect relationships between the relevant economic variables. (Bloom 4)			2
4	Evaluate the expected trends and portfolio analyzes in interest and exchange rates within the framework of the general financial system. (Bloom 4)			2

WORKLOAD & ECTS CREDITS OF THE COURSE UNIT
Workload for Learning & Teaching Activities
Type of the Learning Activites	Learning Activities (# of week)	Duration (hours, h)	Workload (h)
Lecture & In-Class Activities	14	3	42
Preliminary & Further Study	13	2	26
Land Surveying	0	0	0
Group Work	0	0	0
Laboratory	0	0	0
Reading	7	2	14
Assignment (Homework)	10	2	20
Project Work	0	0	0
Seminar	0	0	0
Internship	0	0	0
Technical Visit	0	0	0
Web Based Learning	0	0	0
Implementation/Application/Practice	0	0	0
Practice at a workplace	0	0	0
Occupational Activity	0	0	0
Social Activity	0	0	0
Thesis Work	0	0	0
Field Study	0	0	0
Report Writing	0	0	0
Final Exam	1	1	1
Preparation for the Final Exam	4	8	32
Mid-Term Exam	1	1	1
Preparation for the Mid-Term Exam	2	8	16
Short Exam	0	0	0
Preparation for the Short Exam	0	0	0
TOTAL	52	0	152