Course Code and name

 

EKO651  Microecomics I

Course Type

 

Compulsory

Course Credit

 

3 0 3

ECTS Credit

 

 

Lecturer

 

Assoc. Prof. Burak Günalp

Pre-requisite(s)

None

Course Length

 

1 Semester / 3 hours each week

Course Content

Consumer preferences. Optimal choice and demand: Marshallian demand, Hicksian demand and duality; Slutsky equation; revealed preferences. Consumer welfare: consumer’s surplus, compensating variation and equivalent variation. Production technology. Cost minimization and cost function. Profit maximization and profit function. Duality in production. Competitive markets. Uncertainty: expected utility theory; risk aversion; state-dependent utility; subjective probability theory. Information: asymmetric information and adverse selection; signaling and screening; moral hazard and the principal-agent problem.

Course Objective and Fulfillments to be obtained by Students

 

The aim of this course is to cover at an advanced level the fundamental themes of microeconomic theory. Upon successful completion of the course, students are expected to explain and discuss an advance treatment of core principles in microeconomic theory, and have a good command of fundamental mathematical techniques used in microeconomic theory.

References

 
  • Varian, Hal R. Microeconomic Analysis, 3rd edition. New York, NY: W.W. Norton and Company, Inc., 1992.
  • Mas-Colell, Andreu; Michael D.Whinston and Jerry R. Gren. Microeconomic Theory, New York, Ny: Oxford University Pess, 1995.
  • Jehle, Geoffrey a. and Phillip J. Reny, Advanced Microeconomic Theory, 2nd edition, New York, NY: Addison- Wesley Inc.,2001.

Teaching Method

 

Lectures and problem solving

Assessment Method

2 midterm exams (25% each), and a final exam (50%)

Instruction Language

Turkish