Çankaya University

FEAS
Fall 2022-2023

ECON 101 INTRODUCTION TO ECONOMICS I

Section 01
Instructor : Assoc. Prof. Dr. Elif Öznur Acar Lecture Hours : Tuesday 13:20-16:10 (KA 01)
Office : K/511 Office Hours : Tuesday 12:20-13:10
Phone : 233 12 66
E-mail : [email protected]

Section 02
Instructor : Dr. Zeynep Erünlü Lecture Hours : Tuesday 09:20-12:10 (KA 01)
Office : K/509 Office Hours : Tuesday 12:20-13:10
Phone : 233 12 64
E-mail : [email protected]

Section 03
Instructor : Asst. Prof. Dr. Ayşe Özsuca Erenoğlu Lecture Hours : Monday 13:20-16:10 (KA 01)
Office : K/215 Office Hours : TBA
Phone : 233 12 14
E-mail : [email protected]

COURSE DESCRIPTION:
Economics is the study of the use of scarce resources to satisfy unlimited human wants. In this course, we study how these scarce
resources are allocated within the market (or price) system. Within this system, we consider the actions and the interactions of
three economic agents: the consumers, the firms and the government. In this course, students will be introduced to simple,
abstract models of behaviour of the three economics agents. Using these models, we will analyze the outcomes when these agents
interact in the marketplace. We will understand and learn the basic and important principles of microeconomics that have far
ranging and important applications in business, industry, government as well as in our day to day life. It is primarily a theory
course that gives an analytical understanding and insight into many of the choices we make as an individual, firm, government or
other stakeholders. We will derive some powerful analytical tools and concepts out of this course that will enable us to assess and
analyze the world around us from the perspective of an economist.

TEXT:
Economics by D. C. Colander, McGraw-Hill (2020), Eleventh Edition. Lectures will draw heavily from this book. Additional
readings may be distributed.

Regarding Purchasing of the Online Material:

1. We will be using an online only edition of the textbook through a system called “Connect”. You will purchase your online
access for Colander – Economics, ed. 11 (2020). This must be purchased online using a credit card (18 USD).
2. The registration process to the Connect system will be explained online via Zoom at a date to be announced. If you do not
attend this presentation, you will need to learn the process from your classmates.
3. You will need to make your purchase within two weeks after the presentation. Do not leave the purchase till the day of a quiz.
Make sure you have access beforehand.
4. Connect purchases are title specific. If you have purchased access for another course using Connect, that is not the same as
having access for this course.
5. To register to the system use the following addresses (you must register in your correct section only):
Section 1: https://connect.mheducation.com/class/e-acar-fall-2022
Section 2: https://connect.mheducation.com/class/z-ernl-fall-2022
Section 3: https://connect.mheducation.com/class/a-ozsuca-fall-2022

GRADING:

Midterm Exam : 30% Final Exam : 40% Quizzes (4*5 Points) = 20%
LS reading assignments =10 %
: 30%
EXAMS:

1
Exam attendance is required, so make-ups will be given only in cases of officially documented emergencies and only with
advance notice and arrangement. I reserve the right to refuse to give a make-up exam. Any student found cheating will receive an
‘FF’ for the course and will be referred to the Dean for appropriate action. Dates, times and locations of the exams will be
announced in advance.

QUIZZES and ASSIGNMENTS:

 Quizzes emphasizing problem solving will be given four times during the semester, at a pre-specified date set by the
instructors. Quizzes will consist of 20 questions worth five points each. The questions will be drawn from the same data
bank as the exams and will give you a flavour for what the exams will look like. The quizzes will also offer you the
opportunity to keep up with the material so you won't have to cram before exams or the cumulative final. The quizzes
will be conducted through the Connect system.

 Also each week a reading assignment (with LearnSmart) will be uploaded to the Connect system. These reading
assignments will constitute 10% of your grade.

PLANNED SCHEDULE:

WEEK SUBJECT CHAPTER

1 Syllabus and Introduction

2 Economics and Economic Reasoning (Ch. 1) 1

-What Economics Is
- A Guide to Economic Reasoning
- Economic Forces, Social Forces and Political Forces
- Using Economic Insights
- Economic Policy Options
3 The Production Possibility Model, Trade and Globalization (Ch. 2) 2&4
-The Production Possibilities Model
- Efficiency
- Distribution and Productive Efficiency
- Examples of Shifts in the PPC
- APPENDIX: Graphish: The Language of Graphs
Supply and Demand (Ch. 4)
-Demand
4 Supply and Demand (Ch. 4) 4&5
-Supply
-The Interaction of Supply and Demand
Using Supply and Demand (Ch. 5)
-Real World Supply and Demand Applications
QUIZ 1 (covering CHAPTERS 1, 2 and 4)
At 30.10.2021 (Sunday)
5 Using Supply and Demand (Ch. 5) 5&6
-Government Intervention: Price Ceiling and Price Floors
-Government Intervention: Excise Taxes and Tariffs
-Government Intervention: Quantity Restrictions
- APPENDIX: Algebraic Representation of Supply, Demand, and Equilibrium
Describing Supply and Demand: Elasticities (Ch. 6)
-Price Elasticity
-Substitution and Elasticity
-Elasticity, Total Revenue and Demand
6 Describing Supply and Demand: Elasticities (Ch. 6) 6&7
-Income and Cross-Price Elasticity
-The Power of Supply/Demand Analysis
Taxation and Government Intervention (Ch. 7)
-Producer and Consumer Surplus
-Burden of Taxation
QUIZ 2 (covering CHAPTERS 5, 6 and 7)
At 13.11.2021 (Sunday)
7 Mid-Term Exam
8 The Logic of Individual Choice: The Foundation of Supply and Demand (Ch. 19) 19
-The Rational Choice Theory
2
 -Maximizing Utility and Equilibrium
- APPENDIX: Indifference Curve Analysis
9 Production and Cost Analysis I (Ch. 11) 11
-The Role of the Firm
-The Production Process
-The Cost of Production
-Graphing Cost Curves
10 Production and Cost Analysis II (Ch. 12) 12
-Technical Efficiency and Economic Efficiency
-The Shape of the Long-Run Cost Curve
- APPENDIX: Isocost/Isoquant Analysis
QUIZ 3 (covering CHAPTERS 19, 11 and 12)
At 11.12.2021 (Sunday)
11 Perfect Competition (Ch. 13) 13
-Perfect Competition as a Reference Point
-The Profit-Maximizing Level of Output
-Total Profit at a Profit- Maximizing Level of Output
12 Monopoly and Monopolistic Competition (Ch. 14) 14
-The Key Difference Between a Monopolist and a Perfect Competitor
- A Model of Monopoly
- Welfare Loss From Monopoly
- Barriers to Entry and Monopoly
- Monopolistic Competition
- APPENDIX: The Algebra of Competitive and Monopolistic Firms
13 Oligopoly and Antitrust Policy (Ch. 15) 15
-The Distinguishing Characteristics of Oligopoly
-Models of Oligopoly Behavior
QUIZ 4 (covering CHAPTERS 13, 14 and 15)
At 08.01.2022 (Sunday)
14 Review
15 Final Exam