Microeconomics (ECON 204)

2021 Fall
Faculty of Arts and Social Sciences
Economics(ECON)
3
6.00 / 6.00 ECTS (for students admitted in the 2013-14 Academic Year or following years)
Alpay Filiztekin alpayf@sabanciuniv.edu, Mehmet Baç -bac@sabanciuniv.edu, Ivan Lopez Cruz ilopezcr@sabanciuniv.edu,
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English
Undergraduate
--
Formal lecture,Recitation
Interactive,Communicative
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CONTENT

Consumer theory and demand; production, costs and supply; analysis of market structure; welfare, market failures, imperfect information and the role of the government in a market economy.

OBJECTIVE

Microeconomic analysis is the study of how societies control and organize the production and distribution of goods and services. In this course, we will attempt to explain how consumers, firms, and workers interact, why they behave in particular ways, and what the outcome of that behavior might be. Economists try to understand how and why the economy works. There is much that we already know, but there is also a great deal that we still don't understand. This makes economics an exciting subject, both to teach and to study.

LEARNING OUTCOME

On completion of the course, students are expected to
a) Apply demand-supply analysis to study potential impacts of microeconomic policies (Price, regulations, quotas etc),
b) analyze the decision process of firm behavior under competitive conditions,
c) Analyze the basic assumptions about preferences and variables affecting derived consumer demand,
d) identify why and when markets fail to produce socially desirable outcomes,
e) use the welfare theorems, their assumptions and their informal proofs/intuition.

ASSESSMENT METHODS and CRITERIA

  Percentage (%)
Final 40
Midterm 30
Homework 5
Other 25

RECOMENDED or REQUIRED READINGS

Textbook

Robert Frank Microeconomics and Behavior

Readings

Hal R. Varian, Norton, Intermediate Microeconimics, 8th edition