MA in Business and Technology Management

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• Business Economics:

  Istanbul Technical University Department of Management Engineering Session 2007–2008

  M. Özgür Kayalıca E-mail: kayalica@itu.edu.tr Web    : www.kayalica.com Office Hours: Mon 18:00-19:00 at A204

   

  Business Economics

   

  Date and Location: Monday 19:00-22:00 – D302

  DOWNLOAD LECTURE NOTES:

  This course provides a broad overview of economics suitable as an introduction to the subject for all undergraduates. It is designed to develop students’ knowledge of economic ideas in the context of contemporary issues using the tools of elementary economic analysis. Students are shown how to apply economic reasoning to a range of problems relevant for understanding the mechanisms and institutions, which allocate and distribute resources. Students are introduced to theories of individual (micro) behaviour, including consumer decision-making as well as firms’ conduct in different market structures.

   

  ASSESSMENT

   

  Type	Weight
  Assignment I : 19th of November 2007	%40
  Final Exam    : TBA.	%60

   

  READING

  The required text for the course is:

  R.S.Pindyck and D.L. Rubinfeld, Microeconomics, 4^th Edition (or later), Prentice-Hall, 1998.

   

   

   

  Three recommended texts for additional reading are:

  J. Sloman, Economics, 5^th edition, Prentice-Hall, 2003.

  N.G. Mankiw, Principles of Economics,  3^rd edition, Thomson, 2004.

  D. Begg, S. Fischer and R. Dornbusch, Economics, 8^th edition, McGraw-Hill, 2005.

   

  It will not be possible to cover in detail all of the material in the course of the lectures, so reading the texts is essential. Moreover, the texts do not deal with all of the material reviewed during the lectures. Although lecture notes will often be made available, attending lectures is strongly advised for properly coming to grip with the course material.

   

  ATTENDANCE for CLASS/EXAM

   

  You are required to attend classes and problem sessions. Five absence leads to FF.

   

  COURSE OUTLINE

   

  Part 1 (2 Lectures)

  Introduction (PR Ch. 1-2)

  Core ideas

  How economists think

  The basics of supply and demand

              Determinants of supply and demand, elasticity, applications

   

   Part 2 (3 Lectures)

         Consumer Theory (PR Ch. 3-4)

  Consumer behavior. Budget constraints, indifference curves, etc.

  Individual and market demand

  Applications

   

   Part 3 (4 Lectures)

         Production Theory, and analysis of competitive markets (PR Ch. 6-8)

  Production. Diminishing returns, returns to scale (3 Lectures)

  Cost of production Long-run vs short-run costs

  Profit maximization and competitive supply

   

  Welfare analysis. Competitive markets, minimum prices, support prices, taxes and subsidies (1 Lectures) (PR Ch. 9)

   

   

  Part 4 (3 Lectures)

  Market power: Monopoly (PR Ch. 10)

  Pricing with market power: Price discrimination (PR Ch. 11)

  Oligopoly and game theory (PR Ch. 12-13)

   

   

  Part 4 (1 Lecture)

  Turkish Economy at a Glance

  
   

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