COURSE INFORMATION Course Title: MICROECONOMICS

Code	Course Type	Regular Semester	Theory	Practice	Lab	Credits	ECTS
ECO 205	B	3	3	0	0	3	5

Academic staff member responsible for the design of the course syllabus (name, surname, academic title/scientific degree, email address and signature)	Prof.Dr. Abdurrahman IŞIK aisik@epoka.edu.al
Main Course Lecturer (name, surname, academic title/scientific degree, email address and signature) and Office Hours:	M.Sc. Jonida Rada jballiu@epoka.edu.al , Thursday, 10:00 - 12:00
Second Course Lecturer(s) (name, surname, academic title/scientific degree, email address and signature) and Office Hours:	NA
Language:	English
Compulsory/Elective:	Compulsory
Study program: (the study for which this course is offered)	Bachelor in Business Administration (3 years)
Classroom and Meeting Time:	D-302, Tuesday 08:40
Teaching Assistant(s) and Office Hours:	NA
Code of Ethics:	Code of Ethics of EPOKA University Regulation of EPOKA University "On Student Discipline"
Attendance Requirement:	75%
Course Description:	The aim of this course is to examine the analytical framework used in microeconomics. New concepts are illustrated with entertaining and informative examples, both verbal and numerical. In addition, several purely ‘micro’ topics are illustrated with ‘macro’ applications. On the successful completion of this unit, students should have a clear understanding of the basic principles of microeconomics and with the aid of simple mathematical tools, be able to solve specific problems and answer questions appropriate to this level. Topics include supply, demand and equilibrium, the behavior of consumers, the behavior of firms, production and costs, competition welfare economics, knowledge information, monopoly, market power, collusion and oligopoly, the theory of games, external costs and benefits, common property and public goods, the demands for factors of production, the market for labor, risk and uncertainty.
Course Objectives:	The primary objective of this course is to teach students the fundamental principles and methods of modern microeconomics theory. Also to illustrate the usefulness of these principles and methods and models for studying actual microeconomics problems. Comprehending of economic life and analyzing of consumer behaviors

BASIC CONCEPTS OF THE COURSE

1	The market.
2	Budget constraint.
3	Preferences: rationality in economics.
4	Utility functions
5	Consumer demand.

COURSE OUTLINE

Week	Topics
1	Introduction & Syllabus Review
2	Chapter 1:The Market; In this chapter, we demonstrate how we do simple economic analysis through a simple model of apartment market. We set up a model about renters and landlords, see how they make decisions, how apartments are allocated, and how outcomes change when exogenous variables changes. We also talk about a criteria for evaluating outcome: Pareto Efficiency. Page numbers (1-19)
3	Chapter 2: Budget Constraint; The budget set describes what consumption bundles are affordable to the consumers. The budget constraint is typically described by p1 x1 + p2 x2 = m, which is a straight line when prices are constant. When income increases, budget set shifts outward, enlarging the budget set. When prices increases, the slope of budget line changes, and the it shrinks the budget set. Page numbers (20-32)
4	Chapter 3: Preferences; Rationality in Economics - Behavioral Postulate: A decisionmaker always chooses its most preferred alternative from its set of available alternatives. So to model choice we must model decisionmakers’ preferences. Page numbers (34-52)
5	Practical Session
6	Chapter 4: Utility; Utility Functions: A preference relation that is complete, reflexive, transitive and continuous can be represented by a continuous utility function. Continuity means that small changes to a consumption bundle cause only small changes to the preference level. Page numbers (57-70)
7	Chapter 5: Choice; The principal behavioral postulate is that a decisionmaker chooses its most preferred alternative from those available to it. The available choices constitute the choice set. Page numbers (73-90).
8	Practical Session
9	Midterm Exam
10	Chapter 6: Demand; Consumer demand is defined as the - willingness and ability of consumers to purchase a quantity of goods and services in a given period of time, or at a given point in time. Page numbers (73-90)
11	Chapter 8: Slutsky Equation; Effects of a Price Change - What happens when a commodity’s price decreases? Substitution effect: the commodity is relatively cheaper, so consumers substitute it for now relatively more expensive other commodities. Income effect: the consumer’s budget of $y can purchase more than before, as if the consumer’s income rose, with consequent income effects on quantities demanded. Page numbers (137-157)
12	Practical Session
13	Chapter 10: Intertemporal Choice; Persons often receive income in “lumps”; e.g. monthly salary. How is a lump of income spread over the following month (saving now for consumption later)? Or how is consumption financed by borrowing now against income to be received at the end of the month? Page numbers (182-202)
14	Overview of the Term - Review of the chapters : theory and exercises

Prerequisite(s):	NA
Textbook(s):	Intermediate Microeconomics: A Modern Approach, ninth Edition, author: Hal R. Varian, publisher: W.W. Norton & Company (2014).
Additional Literature:	Foundation of Microeconomics Robin BADE, Michael PARKIN, 8th Edition, 2023
Laboratory Work:	NA
Computer Usage:	NA
Others:	No

COURSE LEARNING OUTCOMES

1	The student will be able to use specific concepts that are frequently used in microeconomics theory.
2	The student will be able to identify how different changes in the determinants of supply and demand affect price and quantity in a model of perfect competition.
3	The student will be able to choose on appropriate microeconomic model for a particular firm.
4	The student will be able to examine the interaction of households (demand) and businesses (supply) in various market structure to determine price and quantity of a good produced.
5	The student will be able to prove how economic models can be applied to different markets.

COURSE CONTRIBUTION TO... PROGRAM COMPETENCIES (Blank : no contribution, 1: least contribution ... 5: highest contribution)

No	Program Competencies	Cont.
Bachelor in Business Administration (3 years) Program
1	Identify activities, tasks, and skills in management, marketing, accounting, finance, and economics.	5
2	Apply key theories to practical problems within the global business context.	4
3	Demonstrate ethical, social, and legal responsibilities in organizations.	4
4	Develop an open minded-attitude through continuous learning and team-work.	5
5	Use technology to enable business growth and sustainability.	5
6	Analyze data to make effective decisions.	5

COURSE EVALUATION METHOD

Method	Quantity	Percentage
Midterm Exam(s)	1	40
Lab/Practical Exams(s)	4	5
Final Exam	1	40
	Total Percent:	100%

ECTS (ALLOCATED BASED ON STUDENT WORKLOAD)

Activities	Quantity	Duration(Hours)	Total Workload(Hours)
Course Duration (Including the exam week: 16x Total course hours)	16	3	48
Hours for off-the-classroom study (Pre-study, practice)	16	3	48
Mid-terms	1	14	14
Assignments			0
Final examination	1	15	15
Other			0
Total Work Load:			125
Total Work Load/25(h):			5
ECTS Credit of the Course:			5

CONCLUDING REMARKS BY THE COURSE LECTURER

As we conclude this syllabus for the microeconomics course, it's important to reflect on the knowledge and skills the students have gained throughout this term. Microeconomics, as a field, provides a lens through which we can understand the complicated workings of individual economic agents, markets, and the allocation of resources.