microeconomics assignment sample

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Microeconomics assignment

2019, Lubna Publications

Economics is the study of how people make decisions, how much they work, what they work, what they buy, how much they save and how much they invest theirs savings.

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ECON 2053 Microeconomics

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Latest from Economist: the world this week

Wall street journal podcast, essay topics.

The topic for the essay should relate to one of the topics covered so far in the course: Cost-Benefit Analysis, Comparative Advantage, or Supply and Demand.

Your essay should include both a summary and an analysis using the tools you have learned in class.  The essay should be no more than half summary in its content.   You will submit the essay on Canvas .  Do NOT include the article with the essay you submit online but do include it as a source on your reference page. If you have questions about whether a specific article would be appropriate or not, send your instructor an email with either the article text or detailed information (such as a web address) so he can find the article and see how it fits.

For example, there might be an article about an early freeze that hurt the orange crops of Florida. You would summarize what the article says in a page or so and then add (either at the end or throughout the essay) an analysis using what you've learned about supply and demand to support the article, to show the article was incorrect, or to add additional insight about the situation that the article did not contain.

The essay should be a minimum of 2 pages, double-spaced with 12 point font.  You should submit it in APA format including a cover page and a reference page which do not count towards the page requirement.  

Approved sources:

Wall Street Journal

The Economist

US News & World Report

Business Week

If you use a source other than an approved one, you must ask your instructor's permission first or you will have a large deduction of points.

Grading Rubric:

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• URL: https://libguides.swu.edu/ECON2053

Want to create or adapt books like this? Learn more about how Pressbooks supports open publishing practices.

9 Case Study: Principles of Microeconomics

Ed. elizabeth mays.

Maxwell Nicholson’s interest in open textbooks started as a student leader at the University of Victoria Students’ Society.

He ran on a platform of open textbooks, and won (when we spoke with him he was just ending his post as director of campaigns and community relations). His involvement in an open textbook was one way of fulfilling a campaign promise to bring free textbooks into use at the university.

After the campaign, Nicholson met with about ten professors in exploratory meetings to find out about the barriers to adoption for open textbooks. These included Dr. Emma Hutchinson, who taught the ECON 103 course that Nicholson (and three of the other candidates) had been longtime lab instructors for.

“It’s not going to go anywhere if the professor’s not onboard, so we were fortunate enough for Dr. Hutchinson to be really excited about it too,” Nicholson says.

Post-election, Nicholson’s first step to operationalize the project was to apply for a $4,800 grant for the project from BC Campus, which served as a granting agency for open textbook projects that could prove a demand. Despite a few bumps along the way, the funds came through for the project.

This open textbook project was different in that rather than being primarily the work of an instructor with funding to write it or a class-assigned project for students, the grant funded lab instructors to do the heavy lifting of compiling the textbook. The professor reviewed it and made the changes they thought necessary from there. This was doable since Nicholson had direct experience with how the instructor taught the class.

Nicholson had assisted the microeconomics class three times and the macroeconomics course once. “I’ve been fortunate to be on the pedagogy side to some extent, obviously nothing compared to professors, but when writing the textbook, that was really really crucial for me to have that lens when I was contributing.”

The textbook started as an adaptation of Timothy Taylor’s open textbook, Principles of Microeconomics, [1]  from OpenStax. But in the process of adapting the text, they found there were a lot of components that had to be written.

Ultimately, the textbook comprised around 30 percent material that came from Timothy Taylor’s book and 70 percent new content the lab instructors developed from their notes and the professor’s slide decks.

“The reason this project was most appealing is because she had her slides over here which taught what she wanted [students] to know, and then the publisher’s textbook was completely different,” Nicholson says. “So from the start our goal was really to align those two things.”

Nicholson says the lab instructors thought a lot about how students were going to consume the material, and what components of the course the instructor really wanted to stress.

They hoped to save students the cost of buying a textbook they didn’t really use.

The book was structured into eight topics, then the lab instructors divided them and did the heavy lifting to compile the chapters. Dr. Hutchinson edited each of the chapters to make sure everything was accurate, thorough and clear.

The process, Nicholson says, helped “remove the biggest barrier for professors–the magnitude of work that goes into redesigning a textbook.”

Nicholson says he thinks large first-year courses such as ECON 103 (which has 800 students per year) make the best candidates for OER–and are also the most likely courses to have lab instructors that can be leveraged to compile the content. (He recognizes that most professors probably don’t want to spend their nights and weekends becoming book publishers.)

“What [professors] can do if they know that they’re going to do this project, is take one of their most christened lab instructors, get access to grant funding and pay the lab instructor to work on the textbook,” Nicholson says. “Then they can be confident that it’s someone who not only knows the course, but knows the course as the professor teaches it.”

For his part, Nicholson says he learned a lot from the project, including understanding the work that goes into designing a course, and gaining a greater appreciation for good textbooks and discernment of those that aren’t well-matched for the subject. Creating OER offers great opportunities to customize a textbook to a course, he says, observing that it must be challenging for traditional publishers to create one-size-fits-all content for teachers, who may teach subjects very differently.

“I would hope they’re doing a lot of getting students to read this book and connect on it,” he says. “A lot of times it feels like they don’t.”

Nicholson, who is studying business and economics, says, “If you’re trying to create a product, you’re always supposed to ask your end user ‘what do you think?’”

So even if you don’t want to have students write a textbook for your class, he says, you should have some of your top students read it and provide feedback.

Otherwise, he says, students will either buy the textbook and not use it, or tell future students not to buy it.

“With a publisher’s resource, if it’s not useful, the students are going to stop buying it,” Nicholson says.

Of course, some might object to students having as much involvement in a textbook’s writing as Nicholson and his fellow lab instructors experienced, but Nicholson says that after the instructors create the chapters, the professor is going to change and edit things, and ensure the quality meets their standard.

“If you’re a respected faculty and you have the experience teaching and you’ve put that stamp of approval, I’m really confident that the resource is going to be [Dr. Hutchinson’s] resource. It’s not just some resource that was written by students.”

For students involved in such projects, he encourages them to appreciate the potential impact they might have through their involvement.

“If you’re involved in this kind of project, you’re going to be on the back end of the course design, and you’re able to take all the components that you thought were really bad about other textbooks and avoid those and leave all the really good elements,” Nicholson says.

Students working on an open textbook for a class should realize the impact they’ll have on future students who take that class–whether it’s the only survey course they ever take on the subject, or the foundation of many in their majors. Plus, they’re participating in an innovative movement in education.

Even for those who may not participate on an open textbook project, Nicholson says they can play a role in the movement as advocates, speaking with professors and outlining the benefits of OER, telling them when their book is expensive and there’s an alternative open textbook in use by a peer institution.

“Creating the buzz about [open textbooks]–students can do that.”

Key Takeaways

For Faculty:

• Engage with student governments, who may be able to spread the word about your project and help recruit interested and willing students.
• Involve TAs who have both taken the course and are assisting in teaching the course and leverage their experience as students.
• Review existing materials (slide presentations, lesson plans, assignments and more) to see if there are any that can be converted into content for the open textbook.
• Get student feedback on the completed book. It’s valuable! Be sure to implement fixes where appropriate for future editions.

For Students:

• Look for internal and external funding opportunities that may pay for your professor to hire you to help them create OER.
• Clarify roles, expectations, workflow, and timelines.
• Timothy Taylor, Principles of Microeconomics (Houston, OpenStax: 2014), https://openstax.org/details/books/principles-microeconomics. ↵

A Guide to Making Open Textbooks with Students Copyright © 2017 by Ed. Elizabeth Mays is licensed under a Creative Commons Attribution 4.0 International License , except where otherwise noted.

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Faculty Resources

Assignments.

The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. Answer keys are available to faculty who adopt Waymaker, OHM, or Candela courses with paid support from Lumen Learning. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.

The assignments and discussion for this course align with the content and learning outcomes in each module. They will automatically be loaded into the assignment tool within your LMS. They can easily used as is, modified, or removed. You can preview them below.

Note that the Data Project Assignment is split into two parts and spans both module 6 and module 7. The Module 16 assignment presents two options, one that emphasizes topics from macroeconomics, and the other that emphasizes concepts from microeconomics.

• Assignments. Provided by : Lumen Learning. License : CC BY: Attribution
• Pencil Cup. Authored by : IconfactoryTeam. Provided by : Noun Project. Located at : https://thenounproject.com/term/pencil-cup/628840/ . License : CC BY: Attribution

Browse Course Material

Course info.

• Prof. Jonathan Gruber

Departments

As taught in.

• Microeconomics

Learning Resource Types

Principles of microeconomics, preparation.

The final exam is cumulative and covers material from the beginning of the course. Please review all of the subject content, especially from the units which have not been covered in previous exams:

• Unit 6: Topics in Intermediate Microeconomics
• Unit 7: Equity and Efficiency

The final exam tests your conceptual, mathematical and graphical understanding of the material covered throughout the entire course.

Content Review

Please review all course content before attempting the exam. The summary notes below are concise outlines of the main points covered in each session for the final third of the course. These notes are presented only as a study aid in reviewing for the exam. They do not provide the in-depth knowledge needed to successfully complete the exam problems.

• Final Summary Notes (PDF)

Practice Exams

Once you are comfortable with the course content, complete the following practice exams. These exams are from Professor William Wheaton’s course site, 14.01 Principles of Microeconomics, Fall 2007 , and are used with permission.

• Practice Final Exam Problems (PDF)
• Practice Final Exam Solutions (PDF)

Exam Problems and Solutions

The exam should be completed in 3 hours. This is a closed book exam. You are not allowed to use notes, equation sheets, books or any other aids.

• Final Exam Problems (PDF)
• Final Exam Solutions (PDF)

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Microeconomics and Macroeconomics Assignment

Within the study of the fundamentals of economics must meet two basic concepts of economics these are Microeconomics and Macroeconomics and to get to know these concepts is necessary to know which is the economy and economics is the science that studies human behavior and trade , sales tax, receipt of wages, credit, is the science of the usual business of the above are some definitions that can be found in the economy as such.

In this research we can differentiate macroeconomics microeconomics its relationship to the economy to serve both, we can also use them these two concepts indirectly r directly part of our daily lives daily spend, sometimes we invest, sometimes we produce etc . Microeconomics and Macroeconomics Macroeconomics is the branch of economics which deals with economic decision or behavior added of an economy as a whole; for example, the problem of inflation, unemployment, and the payment of a deficit. In short, the economy is studied as a whole.

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In contrast, Microeconomics is the branch of economics that studies the behavior of individual decision unit, as a single company, its relationship with the market, at what price to set a good, the annuity of a good should be produced, how a person uses their income to maximize satisfaction, and how the price of each product in the market is affected by the forces of supply and demand. For example, macroeconomics deals with GAP, inflation, interest rates, and unemployment. Microeconomics deals with the economics of health care or agriculture or work.

For example, a macroeconomics would study the GAP figures, the Fed moves, the DOD Jones Industrial Average, or the Producer Price Index. A micro economist, on the other hand, you could try studying labor economics (ii unions, work shifts, etc. ). Although “micro” means small and “macro” means large, the two should not be separated by the size Of an economy or company. For example, Wall-Mart can be many times the size of the economy of a small country; However, the costs of Wall-Mart and the curves of supply / demand, shall be governed by microeconomic decisions, while the GAP of the economy and is a small aspect of the macroeconomic.

Microeconomics is the general study of individuals and business decisions; macroeconomics looks higher in the country and government decisions. Macroeconomics and microeconomics, and their wide range of underlying incepts have been a lot of writing. Here is a brief summary of what each covers: Microeconomics is the study of decisions that people and businesses make regarding the allocation of resources and prices of goods and services. This also means taking in taxes and regulations created by the governments of the account.

Microeconomics focuses on supply and demand and other forces that determine price levels observed in the economy. For example, microeconomics would look at how a specific company could maximize its production and capacity so it could lower prices and better compete in your industry. Macroeconomics, by contrast, is the field of economics that studies the behavior of the economy as a whole and not only to specific companies, but entire industries and economies.

This is seen in the economy-wide phenomena such as Gross Domestic Product (GAP) and how it is affected by changes in unemployment, national income, rate of growth and price levels. For example, macroeconomics would look at how an increase / decrease in net exports would affect the capital account of a nation or how GAP would be affected by the unemployment rate. While these two studies of economics appear to be different, they are actually interdependent and complement each other, as there are many problems of overlap between the Ana fields.

For example, increased inflation (macro effect) would cause the price of raw materials to increase for companies and, in turn affects the final product price charged to the public. SHORTAGE The basic economic problem which arises because people have unlimited wants but resources are limited. Because Of scarcity, various economic decisions must be made to allocate resources efficiently. When we speak of scarcity in an economic context, it refers to limited resources, not a lack of lath. These resources are the inputs of production: land, labor and capital.

People have to make choices between different items because the resources necessary to meet their needs are limited. These decisions are made by giving up (trading off) you want to meet another. EFFICIENCY A broad term that implies an economic state in which all resources are optimally allocated to serve each person in the best way and minimize waste and inefficiency. When an economy is economically efficient, any changes made to help a person to harm another. In terms of production, goods are reduced at the lowest cost possible, variables such as production inputs.

Some terms that comprise the phases of economic efficiency include allocation efficiency, production efficiency and Parent efficiency. A state Of economic efficiency is essentially just a theoretical one; a limit that can be approached but never reached. Instead, economists look at the amount of waste (or loss) between pure efficiency and reality to see how efficiently an economy is working. Measurement of economic efficiency is often subjective, based on assumptions about the social good created and how well it serves the consumers.

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