MICROECONOMICS

Course Description

Course involves introduction to economics, what is economics? Micro and Macro Economics, Needs, wants, preferences, scarcity and consumer preferences, Production Possibilities Frontier, Opportunity Cost, Budget Line, Cost-Benefit Principle, Explicit and Implicit costs, Elasticity -Inferior goods, normal goods, luxury goods, complement goods and substitute goods, Demand Curve and Supply Curve, Excess demand and supply,Demand and Supply functions, Equilibrium price and quantity by using functions, Types of taxes and their effects on demand and supply,Types of Costs; Fixed costs and variable costs. Calculating total revenue and total costs,Calculating profit and loss,Calculating Break even quantity,Drawing Break Even chart,Types of Depreciation and calculating depreciation.

MICROECONOMICS

Evaluation Tools (Active Term)

Course outcomes

1. 01 Learning and applying the system of ideas regarding the economic thought and decision making
2. 02 Comprehending and being able to apply the cost-benefit principle,
3. 03 Having a clear idea about factors of production and production costs,
4. 04 Ability to apply opportunity cost, economic profit and production possibilities frontier concepts in problem solving
5. 05 Understanding and interpreting the demand and supply concepts in the market
6. 06 Ability to understand and evaluate the total utility and marginal utility concepts,
7. 07 Learning elasticity concept and being able to define the factors which affects the elasticity of demand and elasticity of supply.

Course Syllabus

Reference Books & Course Materials

1. 01 Micheal PARKIN , Economics ( 10 th edition ), 2011 ,Pearson, Addison Wesley
2. 02 Robert FRANK and Ben BERNANKE , Principles of Micro Economics, Brief Edition, Second Edition, 2011, McGraw Hill
3. 03 N.Gregory MANKIW, (3rd edition), Thomson,South-Western

Learning Outcomes

1. L01 To derive possible outcomes by observing microeconomic data SOLO 4
2. L02 To define and calculate the factors which affect the elasticity of demand and elasticity of supply. SOLO 2
3. L03 To define factors of production and forces of the market. SOLO 2
4. L04 To assess the economic performance of markets and the market participants SOLO 5
5. L05 To sketch economic models SOLO 2
6. L06 To compare the economic performance of different markets with reference to the degree of their competitiveness SOLO 4
7. L07 To predict the future economic performance of markets SOLO 5
8. L08 To plan production possibilities under scarcity and the gain from trade SOLO 4

Program Outcomes

1. P01 Adequate knowledge in mathematics, science and engineering subjects pertaining to the relevant discipline; ability to use theoretical and applied knowledge in these areas in complex engineering problems.
2. P02 Ability to identify, formulate, and solve complex engineering problems; ability to select and apply proper analysis and modelling methods for this purpose.
3. P03 Ability to design a complex system, process, device or product under realistic constraints and conditions, in such a way as to meet the desired result; ability to apply modern design methods for this purpose.
4. P04 Ability to devise, select, and use modern techniques and tools needed for analysing and solving complex problems encountered in engineering practice; ability to employ information technologies effectively
5. P05 Ability to design and conduct experiments, gather data, analyse and interpret results for investigating complex engineering problems or discipline specific research questions.
6. P06 Ability to work efficiently in intra-disciplinary and multi-disciplinary teams; ability to work individually.
7. P07 Ability to communicate effectively in Turkish, both orally and in writing; knowledge of a minimum of one foreign language; ability to write effective reports and comprehend written reports, prepare design and production reports, make effective presentations, and give and receive clear and intelligible instructions.
8. P08 Recognition of the need for lifelong learning ; ability to access information, to follow developments in science and technology, and to continue to educate him/herself.
9. P09 Consciousness to behave according to ethical principles and professional and ethical responsibility; knowledge on standards used in engineering practice.
10. P10 Knowledge about business life practices such as project management, risk management, and change management; awareness in entrepreneurship, innovation; knowledge about sustainable development.
11. P11 Knowledge about the global and social effects of engineering practices on health, environment, and safety, and contemporary issues of the century reflected into the field of engineering; awareness of the legal consequences of engineering solutions.

Po-Lo Matrix