ECON501 MICROECONOMIC THEORY I
| Course Code: | 3110501 |
| METU Credit (Theoretical-Laboratory hours/week): | 4 (4.00 - 0.00) |
| ECTS Credit: | 10.0 |
| Department: | Economics |
| Language of Instruction: | English |
| Level of Study: | Graduate |
| Course Coordinator: | Prof.Dr. SERKAN KÜÇÜKŞENEL |
| Offered Semester: | Fall Semesters. |
Course Objectives
The objective of this course is to provide students a deeper understanding of the principles of microeconomic theory as a foundation of the modern microeconomic analysis at the advanced level. Students will learn methods of microeconomic analysis at a higher level of generality and rigor, and with a broader coverage of problems than what has been taught at the intermediate level. For a successful completion of this course, familiarity with microeconomics at the intermediate level, substantial mathematical background in the fields of topology, linear algebra, and constrained and unconstrained maximization (nonlinear programming), and some substantial preparation (reading the respective chapter and working through course materials before the class, and reviewing them after the class) are warranted.
Course Content
Analytical tools of micro theory; theories of the consumer and the firm; determination of relative prices under different market structures; existence, uniqueness, and stability of competitive market equilibrium; welfare and general equilibrium analysis.
Course Learning Outcomes
Students will learn methods of microeconomic analysis at a higher level of generality and rigor, and will be able to deal with behavior of households and firms under perfect competition, meaning that none of them has price-setting power. With this course, students will learn how to describe the optimal individual decision making, leading to individual demand and supply functions, and assuming “ideal” conditions, how to aggregate over all firms and households, and to scrutinize the properties of a general competitive equilibrium. This course, together with other advanced courses offered, allows students to develop and pursue their own research agenda towards a successful completion of their Master’s theses.
Program Outcomes Matrix
| Level of Contribution | |||||
| # | Program Outcomes | 0 | 1 | 2 | 3 |
| 1 | Advanced level of knowledge on the theory of economics and economic indicators, competency in modelling, analysis and application of economic theories using advanced mathematical and econometric techniques; | ✔ | |||
| 2 | Competency in asking the right research questions; | ✔ | |||
| 3 | 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 | Conceive the interdisciplinary interaction which the field is related with; efficient use of time; demonstrate leadership in contexts requiring innovative and interdisciplinary problem solving; | ✔ | |||
| 5 | Ability in thouroughly explaining the impact of economic policies on individuals, markets and countries with the help of the theoretical background achieved during program of study; | ✔ | |||
| 6 | Contribute to the progression in the field by producing an innovative idea, skill, and/or practice or by adapting an already known idea, skill, and/or practice to a different field independently; | ✔ | |||
| 7 | Contribute to the transition of the community to an information society and its sustainability process by introducing scientific, technological, social or cultural improvements; | ✔ | |||
| 8 | Ability and competence to work and conduct research with national and international research groups and partnerships; | ✔ | |||
| 9 | Defend original views when exchanging ideas in the field with professionals and communicate effectively by showing competence in the field. | ✔ | |||
0: No Contribution 1: Little Contribution 2: Partial Contribution 3: Full Contribution