This course introduces you to the basic principles of economics. It assumes no previous exposure to economics. All you need is curiosity and a willingness to read. We will discuss the basic ideas underlying the economic way of thinking and apply it a range of phenomena both within and outside of the areas of traditional economic analysis. Along the way, we introduce some of the basic tools of economic analysis. Particularly, we will focus on how to interpret the strategic behavior of stakeholders and their interactions in an economic system. We will try to extend the course contents to steel industry applications.

There is no strong prerequisites but this course requires some basic knowledge in economics and real analysis.

- Midterm Exam : 25% (Tentative schedule : Oct. 17th)
- Final Exam : 35% (Tentative schedule : Dec. 19th)
- Homework : 20%
- Class Participation and Attendance : 20%

Robert Gibbons, Game Theory for Applied Economists, Princeton University Press, 1992.
N. Gregory Mankiw, Principles of Economics, Cengage Learning (Any Editions are fine)

1. Introduction : Ten Principles of Economics
2. How Markets Work : Demand and Supply Curves, Elasticity
3. Markets and Welfare : Consumer and Producer Surpluses, Market Efficiency
4. Firm Behavior I : Costs of Production, Firms in Competitive Markets
5. Firm Behavior II : Monopoly, Game Theory, Cournot Competition, Bertrand Competition, Stackelberg Competition
6. Business Application I : Supply Chain Coordinations - Quantity Discount, Revenue Sharing, Buy Back Contracts etc.
7. Business Application II : Auction Theory, Principal Agent Problem etc.
8. The Data of Macroeconomics : GDP, CPI etc.
9. Steel Industry Applications

- Basically, we will have the real-time online classes. For some course contents, we will do flipped learning. That is, you must watch the video lectures. We have Q&A and quizzes during the real-time classes.
- Homework : two questions will be chosen at random and scored for accuracy/correctness; 50% of the homework grade will be based on the accuracy of those selected problems, the remaining 50% will be awarded for completing the homework assignment fully. Full score of each homework assignment will be 10. For example, if HW 1 is comprised of 4 questions which total 10 points and I randomly select questions 1 and 3 for grading: 5 points are earned for completely answering questions 2 and 4; 5 points will be awarded based on the correctness/completeness of your solution to questions 1 and 3. Homework needs to be submitted tat the beginning of class on the day due. If you submit it late, you will loose 50% of scores.
- Participation : Participation will be based on contribution to the class and in-class activities, attendance checks, and quizzes.