Microeconomics I (ECON 501)

2020 Fall
Faculty of Arts and Social Sciences
Economics(ECON)
3
10.00
Mehmet Barlo barlo@sabanciuniv.edu,
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English
Doctoral, Master
--
Formal lecture,Recitation
Interactive,Learner centered,Communicative
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CONTENT

Consumer and demand theory, production and theory of the firm; competitive markets, partial and general equilibrium theory.

OBJECTIVE

The goal of this course is to introduce students to, and obtain their acquaintance/expertise with the formal microeconomics theory. This is a serious course in which the students ought to learn to understand microeconomics and its related fields in detail.

LEARNING OUTCOME

On completion of the module, students should be able to
a) demonstrate a broad knowledge of some core topics in microeconomic theory (especially decision theory and general equilibrium theory),
b) set up and solve sound microeconomic models analyzing specific problems and ideas,
c) identify the standards to attend advanced specialized courses in each particular topic (especially specialized courses in decision theory and general equilibrium theory)
d) analyze and solve complex problems accurately.

PROGRAMME OUTCOMES


1. Develop and deepen the current and advanced knowledge in the field with original thought and/or research and come up with innovative definitions based on Master's degree qualifications 5

2. Conceive the interdisciplinary interaction which the field is related with ; come up with original solutions by using knowledge requiring proficiency on analysis, synthesis and assessment of new and complex ideas. 3

3. Evaluate and use new information within the field in a systematic approach. 5

4. Develop an innovative knowledge, method, design and/or practice or adapt an already known knowledge, method, design and/or practice to another field; research, conceive, design, adapt and implement an original subject. 4

5. Critical analysis, synthesis and evaluation of new and complex ideas. 5

6. Gain advanced level skills in the use of research methods in the field of study. 5

7. Contribute the progression in the field by producing an innovative idea, skill, design and/or practice or by adapting an already known idea, skill, design, and/or practice to a different field independently. 4

8. Broaden the borders of the knowledge in the field by producing or interpreting an original work or publishing at least one scientific paper in the field in national and/or international refereed journals. 4

9. Demonstrate leadership in contexts requiring innovative and interdisciplinary problem solving. 2

10. Develop new ideas and methods in the field by using high level mental processes such as creative and critical thinking, problem solving and decision making. 4

11. Investigate and improve social connections and their conducting norms and manage the actions to change them when necessary. 2

12. Defend original views when exchanging ideas in the field with professionals and communicate effectively by showing competence in the field. 4

13. Ability to communicate and discuss orally, in written and visually with peers by using a foreign language at least at a level of European Language Portfolio C1 General Level. 5

14. Contribute to the transition of the community to an information society and its sustainability process by introducing scientific, technological, social or cultural improvements. 2

15. Demonstrate functional interaction by using strategic decision making processes in solving problems encountered in the field. 5

16. Contribute to the solution finding process regarding social, scientific, cultural and ethical problems in the field and support the development of these values. 2


1. Develop the ability to use critical, analytical, and reflective thinking and reasoning 5

2. Reflect on social and ethical responsibilities in his/her professional life. 3

3. Gain experience and confidence in the dissemination of project/research outputs 5

4. Work responsibly and creatively as an individual or as a member or leader of a team and in multidisciplinary environments. 3

5. Communicate effectively by oral, written, graphical and technological means and have competency in English. 3

6. Independently reach and acquire information, and develop appreciation of the need for continuously learning and updating. 5


1. Design and model engineering systems and processes and solve engineering problems with an innovative approach.

2. Establish experimental setups, conduct experiments and/or simulations.

3. Analytically acquire and interpret data.


1. Develop a thorough knowledge of theories, concepts, and research methods in the field and apply them in research design and data analysis. 5

2. Assess the impact of the economic, social, and political environment from a global, national and regional level. 2

3. Know how to access written and visual, primary and secondary sources of information, interpret concepts and data from a variety of sources in developing disciplinary and interdisciplinary analyses. 3


1. Develop, interpret and use statistical analyses in decision making.


1. Construct reasoned arguments, synthesize relevant information, and critically analyze subject material. 5

2. Read and understand articles published in academic economics journals. 5

3. Come up with research questions about economic issues. 5

4. Construct a well-organized logical argument with clearly stated assumptions and hypotheses and, if necessary, be able to test or support it with relevant data. 4


1. Establish a strong theoretical background in several of a broad range of subjects related to the discipline, such as manufacturing processes, service systems design and operation, production planning and control, modeling and optimization, stochastics, statistics.

2. Develop novel modeling and / or analytical solution strategies for problems in integrated production and service systems involving human capital, materials, information, equipment, and energy, also using an interdisciplinary approach whenever appropriate.

3. Implement solution strategies on a computer platform for decision-support purposes by employing effective computational and experimental tools.

4. Acquire skills to independently explore and tackle problems related to the discipline that were not encountered previously. Develop appropriate modeling, solution, implementation strategies, and assess the quality of the outcome.

ASSESSMENT METHODS and CRITERIA

  Percentage (%)
Final 40
Midterm 40
Participation 5
Homework 15

RECOMENDED or REQUIRED READINGS

Readings

Mas-Colell, A., M. D. Whinston, and J. R. Green, Oxford, Microeconomic Theory, Oxford University Press, Oxford
Varian, H, Microeconomic Analysis, 3rd Edition, W. W. Norton Company
Kreps, D, New Jersey, A Course in Microeconomic Theory, Princeton University Press, New Jersey