COURSE INFORMATION
Course CodeCourse TitleL+P HourSemesterECTS
EKON 317WELFARE AND GENERAL EQUILIBRIUM THEORY3 + 06th Semester5

COURSE DESCRIPTION
Course Level Bachelor's Degree
Course Type Elective
Course Objective The aim of this course is to introduce equilibrium in economics and its relation with welfare theories.
Course Content Introduction, general equilibrium theory, prices and goods, limited production technology, supply and demand functions, unlimited production functions, welfare economics, time and uncertanity, economy with supply and demand harmony are the topics that will be explained.
Prerequisites No prerequisites.
Corequisite No corequisites.
Mode of Delivery Face to face

COURSE LEARNING OUTCOMES
1Understands the testability of general equilibrium
2Analyses the Walrasian general equilibrium
3Understands and interprets the pareto-optimum solution
4Analyses the computable general equilibrium
5Analyses the open economy general equilibrium

COURSE'S CONTRIBUTION TO PROGRAM
PO 01PO 02PO 03PO 04PO 05PO 06PO 07PO 08PO 09PO 10PO 11PO 12
LO 01545454545454
LO 02545454545555
LO 03545454545455
LO 04545454545454
LO 05454545555555
Sub Total242124212421252125222523
Contribution545454545455

ECTS ALLOCATED BASED ON STUDENT WORKLOAD BY THE COURSE DESCRIPTION
ActivitiesQuantityDuration (Hour)Total Work Load (Hour)
Course Duration14342
Hours for off-the-classroom study (Pre-study, practice)13339
Assignments11010
Mid-terms11313
Final examination12626
Total Work Load

ECTS Credit of the Course






130

5

COURSE DETAILS
 Select Year   


 Course TermNoInstructors
Details 2019-2020 Spring1MUHAMMET ENSAR YEŞİLYURT

Course Details
Course Code:  EKON 317 Course Title:  WELFARE AND GENERAL EQUILIBRIUM THEORY
L+P Hour : 3 + 0   Course Code : 1   Language Of Instruction: English Course Semester :  2019-2020 Spring
Course Coordinator :  PROFESSOR MUHAMMET ENSAR YEŞİLYURT E-Mail:  meyyurt@pau.edu.tr, Phone Number :  296 2731,
Course Location İİBF A0015,
Goals : The aim of this course is to introduce equilibrium in economics and its relation with welfare theories.
Content : Introduction, general equilibrium theory, prices and goods, limited production technology, supply and demand functions, unlimited production functions, welfare economics, time and uncertanity, economy with supply and demand harmony are the topics that will be explained.
Attendance : %70
Topics
WeeksTopics
1 1. Consumer behaviour: Consumer preferences, Budget constraint, Consumer choice.
2 The concept of utility and theories, Individual and market demand: Individual demand, Income and substitution effects.
3 2. Production: The technology of production, Isoquants, Production with one variable input.
4 Production with two variable inputs, Returns to scale, Production functions. 3. The cost of production: Economic cost and accounting cost, Cost in the short run.
5 Cost in the long run, Production with two outputs, Learning curve.
6 4. General Equilibrium and economic efficiency: General equilibrium analysis, Efficiency in exchange.
7 Efficiency in production.
8 5. The efficiency of competitive markets.
9 6. Market power and unefficiency.
10 7. Asymmetric information and markets: Quality uncertainty and the market for Lemons, Moral Hazards.
11 8. Externalities and Public goods: Externalities.
12 Externalities and property rights. Private preferences for public goods.
13 9. Income distribution, Lorenz curve, Gini coefficient.
14 Algebreical applications.
Materials
Materials are not specified.
Resources
ResourcesResources Language
Microeconomics, J. M.Perloff English
Microeconomics, R. S. Pyndick and D. L. RubinfeldEnglish
Course Assessment
Assesment MethodsPercentage (%)Assesment Methods Title
Final Exam40Final Exam
Midterm Exam35Midterm Exam
Term Learning Activity25Term Learning Activity
L+P: Lecture and Practice
PQ: Program Learning Outcomes
LO: Course Learning Outcomes