BA2801 MICROECONOMICS FOR BUSINESS
| Course Code: | 3122801 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 6.0 |
| Department: | Business Administration |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Assoc.Prof.Dr. SEZA DANIŞOĞLU |
| Offered Semester: | Fall and Spring Semesters. |
Course Objectives
The objective of this course is to acquaint the students with the concepts of economic optimization, demand, supply, production, cost and market structure. The students learn how to utilize economics concepts in managerial decision making.
Course Content
This course is a comprehensive application of economic theory and methodology to business and managerial decision making; integrating the study of demand, production, cost, pricing, profit and firm size; market structure analysis; pricing theory and practices.
Course Learning Outcomes
Upon successful completion of this course, students should be able to:
Course Specific Skills:
1. Develop skills in economic optimization by making use of basic calculus concepts
2. Understand the concepts and determinants of demand, supply and market equilibrium
3. Understand how utility theory is applicable in analyzing demand
4. Understand the concept of elasticity and its applications in economics
5. Develop skills in using regression analysis for identifying the determinants of demand
6. Understand the production and cost concepts and their significance in profit maximization
7. Understand the need for analyzing the nature of a firm's competitive environment
8. Understand the different market mechanisms at play in competitive markets
9. Understand how goods and services are priced under different competitive structures
Discipline Specific Skills:
10. Recognize how managerial economics is useful in making the best managerial decisions
11. Understand the concepts of scarce resources and constrained optimization
12. Identify the interaction between microeconomics concepts and the core business functions
Personal and Key Skills:
13. Develop problem solving skills
14. Develop writing and discussion skills
15. Learn to apply the abstract concepts learned in the classroom to everyday decisions made by people and organizations
Program Outcomes Matrix
| Level of Contribution | |||||
| # | Program Outcomes | 0 | 1 | 2 | 3 |
| 1 | They attain advanced level of knowledge in the functional areas of business administration such as strategic management, marketing, accounting, finance, organization management, human resources, and operations management. | ✔ | |||
| 2 | They are capable of identifying and analyzing legal, environmental and social factors, which influence the basic functional areas of the business administration. | ✔ | |||
| 3 | They understand and implement rational, systematic and scientific approaches effectively in problem solving and decision-making processes. | ✔ | |||
| 4 | They are capable of applying, analyzing, synthesizing and evaluating the knowledge they have in diverse fields efficiently | ✔ | |||
| 5 | They are capable of transferring information by using efficient verbal and written communication techniques. | ✔ | |||
| 6 | They are capable of performing professional communication effectively also in English. | ✔ | |||
| 7 | They know the methods of performing efficient teamwork. | ✔ | |||
| 8 | They are capable of following the contemporary techniques, scientific and technological developments in their fields and are able to conduct research and studies in order to develop their business administration related knowledge, skills, and competences. | ✔ | |||
| 9 | They are knowledgeable in the areas of professional ethics and responsibility. | ✔ | |||
| 10 | They are capable of utilizing their knowledge and skills efficiently in global and multicultural contexts. | ✔ | |||
| 11 | They are knowledgeable in the issues of environment, social responsibility, social justice, quality and cultural values | ✔ | |||
| 12 | They have a creative, innovative and critical perspective. | ✔ | |||
0: No Contribution 1: Little Contribution 2: Partial Contribution 3: Full Contribution