case study in microeconomics

Microeconomic Case Studies

Economist Zone

Welcome to this comprehensive analysis of microeconomic case studies. We will explore a variety of real-world scenarios to understand the principles of microeconomics better. These case studies will provide insights into consumer behavior, market structures, and the impact of government policies on individual businesses. Let's embark on this exciting journey to unravel the intricacies of microeconomics through practical examples.

Understanding Consumer Behavior: The Case of Starbucks

Starbucks, a global coffee giant, offers an excellent case study to understand consumer behavior in microeconomics. The company's ability to maintain high prices despite stiff competition is a testament to its understanding of consumer preferences and elasticity of demand.

The concept of elasticity measures how demand for a product changes in response to price changes. For Starbucks, the demand for its products is relatively inelastic. This means that a price increase does not significantly affect the quantity demanded by its customers. The reason behind this inelasticity is the unique value proposition Starbucks offers - a premium experience that goes beyond just coffee.

Starbucks has successfully created a brand image that appeals to consumers who value quality, ambiance, and customer service over price. This strategy allows the company to charge higher prices without losing its customer base. This case study illustrates how understanding consumer behavior can help businesses make strategic decisions about pricing and product offerings.

Market Structures: The Case of Google

Google's dominance in the search engine market provides a fascinating case study on market structures in microeconomics. Specifically, it highlights the characteristics and implications of a monopoly.

A monopoly exists when a single company dominates a market, with no close substitutes available for its product or service. Google, with its unparalleled search engine, holds a significant share of the global search market. This dominance allows Google to control the market, influencing prices (in this case, advertising rates) and controlling market entry.

While monopolies often face criticism for potential consumer exploitation, they also contribute positively by providing substantial resources for research and development. Google's innovative services like Google Maps, Google Drive, and Gmail are direct results of its ability to invest heavily in innovation. This case study underscores the complexities of market structures and their impact on business strategies and consumer experiences.

Government Policies and Individual Businesses: The Case of Tesla

Tesla, the electric vehicle manufacturer, provides an intriguing case study to understand the impact of government policies on individual businesses. Government incentives and regulations have played a significant role in Tesla's growth and the broader adoption of electric vehicles.

Government policies, such as tax credits for electric vehicle owners and emissions regulations for traditional vehicles, have created a favorable environment for Tesla's growth. These policies have made electric vehicles more affordable for consumers and have increased the cost of producing gasoline-powered vehicles.

Tesla's success highlights how government policies can influence market dynamics and business strategies. It also underscores the role businesses can play in shaping policy decisions. Tesla's advocacy for electric vehicles and renewable energy has contributed to policy developments that benefit its business model.

The Role of Competition: The Case of Coca-Cola and Pepsi

The long-standing rivalry between Coca-Cola and Pepsi offers a classic case study on the role of competition in microeconomics. Their ongoing battle for market share in the beverage industry has led to innovative strategies and products.

Competition in microeconomics refers to the rivalry between firms to gain a larger share of the market. In the case of Coca-Cola and Pepsi, this competition has resulted in a wide variety of products, from diet sodas to fruit juices and bottled water. The competition has also led to aggressive marketing campaigns and pricing strategies.

This case study highlights how competition can drive innovation and benefit consumers through a wider variety of product choices. It also illustrates how businesses must continually adapt their strategies to maintain or increase their market share in a competitive environment.

Supply and Demand: The Case of the Housing Market

The housing market offers a compelling case study to understand the principles of supply and demand in microeconomics. Housing prices are largely determined by the balance between the availability of properties (supply) and the number of people looking to buy (demand).

When demand exceeds supply, as seen in many urban areas, housing prices tend to rise. Conversely, when supply exceeds demand, as in some rural areas, prices tend to fall. Various factors can influence supply and demand in the housing market, including interest rates, economic growth, and government policies.

This case study underscores the dynamic nature of supply and demand and their impact on prices. It also highlights the role of external factors in influencing market dynamics.

The Impact of Globalization: The Case of Apple

Apple, with its global supply chain and market presence, provides an interesting case study to understand the impact of globalization on individual businesses. Globalization refers to the increasing integration of economies around the world, facilitated by the free movement of goods, services, and capital.

Apple sources components for its products from various countries, assembles them in others, and sells them globally. This strategy allows Apple to benefit from cost efficiencies and access to global markets. However, it also exposes the company to risks, such as trade disputes and fluctuations in exchange rates.

This case study highlights the opportunities and challenges that globalization presents for businesses. It also underscores the need for businesses to adapt their strategies to a rapidly changing global economic environment.

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Course info.

• Prof. Jonathan Gruber

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• Microeconomics

Learning Resource Types

Principles of microeconomics, course description.

14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will …

14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester.

This course is a core subject in MIT’s undergraduate Energy Studies Minor . This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmental challenges.

Course Format

This course has been designed for independent study. It includes all of the materials you will need to understand the concepts covered in this subject. The materials in this course include:

• A complete set of Lecture Videos by Prof. Jon Gruber.
• Reading Assignments in your choice of two textbooks – one of which is a free online edition - as preparation for the lectures.
• Multiple-choice Quizzes to assess your understanding of the key concepts in each session.
• Problem Sets with solution keys to test your ability to apply to concepts covered in lecture, and Problem Solving Videos to provide step-by-step instruction through several problem set solutions.
• A collection of links For Further Study to provide supplemental online content.
• A full set of Exams , including review material and practice exams to help you prepare.

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Topic 3: Supply, Demand, and Equilibrium

Note that the Economics 103 Case Studies are meant to supplement the course material by giving you experience applying Economic concepts to real world examples. While they are beyond the level you will be tested on, they are useful for students who want a stronger grasp of the concepts and their applications.

Note that this case study is difficult if you do not print the diagrams, or reproduce them on graph paper. If you are unable to print, we recommend reviewing the solutions to ensure you understand the general lessons presented.

In 2016 rental vacancy rates dropped to as low as 0.6% in Greater Victoria. When compared to the national average of 3.3% it is clear why many media channels and individuals were calling it a ‘housing crisis’. Students were especially hit hard by these low vacancies, with some international students at Camoson college having to return home when they couldn’t find a place to stay. Using our competitive market model, let’s examine some of the factors that played into this crisis and policies that could be used to fix it.

Read more about the Victoria Housing crisis.

Below is a representation of the Victoria Housing Market.

1. Label Figure CS3 a. with the Equilibrium price and quantity, and label supply and demand curves as either renters or landlords.

If supply is equal to demand there should be no vacancy, but we know that a 0% vacancy rate would be an extremely difficult market for renters.

2. Explain why a housing market at equilibrium could still have a vacancy rate of 4%.

One factor that has been blamed for the housing crisis is Airbnb. Airbnb describes itself as  an online marketplace and hospitality service, enabling people to list or rent short-term lodging including vacation rentals, apartment rentals, homestays, hostel beds, or hotel rooms, with the cost of lodging set by the property owner. City councillors have targeted these short term rentals, saying that many landlords have opted to Airbnb their home, rather than rent out longer term. The growth of Airbnb in Vancouver has been shown below.

3. Assume 3000 landlords decide to switch from renting to Airbnb, show the impact of the changes on Figure CS3 b. Label the new equilibrium price and quantity.

Note that Airbnb has been adamant that short-term rentals have had a neglible impact on the housing market, citing that in Vancouver only 320 hosts rent out thier properties often enough to make more money that long term rentals. That represents only 0.11% of the total housing units. In Victoria, that would mean only 25 units are affected by short-term rentals.

Tom Davidoff , a  University of B.C. business professor, said t he general public frequently looks at the fact that Airbnb is popular in expensive neighbourhoods and concludes that it is Airbnb that drives up rents there. But, he said, those neighbourhoods were expensive anyway and the impact of Airbnb taking a certain slice of the available stock is minimal.

Read more about Airbnb’s supposed impact on the market.

Another factor that has had an impact on the rental market is the inability of many young Canadians to buy homes. Not only have house prices skyrocketed, but more are burdened by student loans out of university. It is estimated that it takes 3 times longer (15 years) to save enough to have a 20% downpayment on a house than it did in 1976. This reduction in Canadians mortgaging a home has caused an increasing amount to enter the market.

Read more about the increasing squeeze on millennials.

4. Assume 9000 new renters enter the market instead of mortgaging homes, show the impact of the changes on Figure CS3 b.  Explain the impact of both the shock from Airbnb and the shock from less housing buyers on equilibrium price and quantity. Do the shocks work together or oppose one another?

In the housing market, prices are slow to adjust, landlords cannot simply raise prices immediately under the Residential Tenancy Act. Landlords can only raise prices when negotiating a new contract. This causes many unjustified evictions from landlords as they want to charge the new equilibrium price. In the short-term, prices stay relatively the same causing shortages or surplus.

5. Assume price remains at the original equilibrium , calculate the magnitude of the shortage or surplus of housing that results. Explain the impact this shortage will have the behaviour of landlords.

The British Columbia government unveiled a $500-million affordable-housing plan targeted at communities that have struggled with a shortage of low-cost housing.  Premier Christy Clark announced her government’s commitment to fund 68 new projects to help address the crisis

Read more about the governments response to the housing crisis.

6. Assume the government wants to bring price back to it’s original level, if it costs $50,000 to increase the number of rental units by one, how much will this cost the government?

Groups have criticized the government response, saying that they have ignored many other avenues that could more easily increase the supply of affordable housing.

7. Read the Executive Summary of the Alliance of BC Students White Paper on Student Housing.

What is the ABCS proposing that could help decrease price in the market? How would this affect supply and/or demand?

In this case study we have shown how microeconomic concepts of supply and demand can be used to understand current events in the news. Do you have a story you think would make a good case study? Contact [email protected] to propose your story.

Principles of Microeconomics Copyright © 2017 by University of Victoria is licensed under a Creative Commons Attribution 4.0 International License , except where otherwise noted.

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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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Microeconomics : case studies and applications

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Improving economics teaching and learning for over 20 years

Microeconomic Case Studies

An economics network funded project 2006-7.

Project leader: Ms. A. Vindelyn Smith-Hillman Contact: [email protected]

• Teaching guide
• Answer guide
• Student handout

The case studies aim to provide an applied contemporary vehicle to engage economic students in an area of familiarity. All too often microeconomics is perceived as being essentially a theoretical tool in which models and accompanying diagrams are memorised with little understanding of their significance in policy application.

It is anticipated that the case study approach will foster analytical development and also cater to mainstream business students who are taking an economics minor thereby widening participation in economic disciplines.

It is also intended that the case study vehicle provides a means of reaching out to developing country economic lecturers through suggesting alternative assessment. It affords the opportunity for oral assessment as against sole reliance on written assessment. In addition to written skills therefore, it offers the potential for development of social skills and enables students to learn by doing. Similar cases can be developed for the developing country context, in any case anti-competitive conduct pursued by a multinational corporation is often not isolated to a particular region, or if it is, developing countries bear the brunt.

See also case studies of mathematical concepts in Economics

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Microeconomics: Case Studies and Applications, 4th Edition

Jeff borland.

Microeconomics: Case Studies and Applications contains case studies that explore core microeconomics concepts by focusing on current events in economics. Each case study presents a different application of a core concept or theory and contains a range of extra material. A ‘Theory refresher’ section helps you to revise a key concept or theory that is important for your understanding of the application in that case study.

• Table of Contents
• Meet the Authors
• Supplements
• Related Products

Section 1 Scarcity, decision making, incentives and trade: an introduction to key concepts in economics Section 2 Demand, supply and equilibrium in competitive markets Section 3 International trade Section 4 Market failure and government policy Section 5 Theory of the firm and managerial economics Section 6 Game theory Section 7 Labour markets Section 8 Economics of information

Jeff Borland is Truby Williams Professor of Economics at the University of Melbourne. He has been teaching microeconomics for 25 years. He is a past winner of The University of Melbourne's Ed Brown Teaching Award, and has received a Carrick Citation for Outstanding Contribution to Student Learning. His main research interests are analysis of the operation of labour markets in Australia, program and policy evaluation and design, Australian economic history, and sports economics. His current teaching is in the areas of microeconomics, sports economics, and Australian and world economic history.

NEW case study database for instructors that consolidates compelling cases from previous editions into one location

NEW correlation grid that maps the cases against the Gans, Principles of Microeconomics textbook allows academics to easily identify where a case could be introduced to support a topic

NEW and updated case studies that use contemporary examples to reflect core microeconomics concepts (Cases 2.4 and 2.10 are brand new to this edition)

Each case is written specifically for introductory microeconomics students with Key Lessons that directly link the cases to key concepts, and discussion questions to help students develop their understanding of how theory is applied in a practical setting.

Borland, 4e saves instructors time by providing cases already suited to microeconomics courses that include pedagogy with solutions. The text’s structure allows Gans, Principles of Microeconomics/Economics adopters to easily incorporate the resource into their courses with the help of the correlation grid.

Instructor Website for Borland's Microeconomics: Case Studies and Applications 9780170439497 Microeconomics: Case Studies and Applications Instructor Solutions Manual 9780170439503

Microeconomics: Theory Through Applications

(4 reviews)

Russell Cooper, European University Institute

Andrew John, Melbourne Business School

Copyright Year: 2011

ISBN 13: 9781453313282

Publisher: Saylor Foundation

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Eric Dodge, Professor of Economics, Hanover College on 12/29/19

The text does cover the usual areas in a Principles of Microeconomics course, however, I don't see an effective index or glossary in the PDF version. It would be helpful if the table of contents included sub-sections under each chapter title. I... read more

Comprehensiveness rating: 3 see less

The text does cover the usual areas in a Principles of Microeconomics course, however, I don't see an effective index or glossary in the PDF version. It would be helpful if the table of contents included sub-sections under each chapter title. I do like the concept of the "toolkit" at the end of the text as a useful resource for students. There is a large color-coded table at the top of the toolkit, but in the PDF version is appears to be cut off at the right margin.

Content Accuracy rating: 3

Perhaps this is the result of converting the text to PDF, but many formulas do not display correctly. For example, in many cases, a division sign "/" is absent. In the HTML version, many formulas don't even appear (my browser is Google Chrome) and links to the toolkit, or to a figure in a different part of the book, don't work. Students often struggle with the mathematics of economics and having to correct most of the formulas would be very frustrating. I also found more content errors than I am comfortable with. For example, there is an equation on page 106 that is missing the word "real", which is a critical omission in that context. Table 4.1 appears to have missing values. Figure 6.4, and many other instances in Chapter 6, use "demand" when "quantity demand" would be more accurate. The appendix to Chapter 7 is nice, but the explanation of constants in the supply equation is actually repetition of the demand equation.

Relevance/Longevity rating: 4

This edition of the text is already a few years old, but examples using eBay and craigslist are still relevant. There was an example of demand for Detroit Tigers merchandise that is already irrelevant to anyone but the Tigers fanbase. I like the use of real-world data, but these examples would need to be constantly updated as new data is produced.

Clarity rating: 5

The text is very clearly written, although there were some sections that bogged down so much that I would probably not assign them. Examples of these sections include 4.2 and 4.3 and 5.2.

Consistency rating: 4

The text is internally consistent, but might have areas of unnecessary duplication. For example, section 5.1 does a good job of explaining consumer and producer (although the authors call them buyer and seller) surplus concepts. And section 7.3 seems to cover much of what was covered in 5.3.

Modularity rating: 5

I think the subsections of chapters could be reorganized fairly easily to create smaller reading sections or to structure the course to align with an instructor's preferred outline of topics.

Organization/Structure/Flow rating: 4

This text does not follow the standard pedagogical outline for a typical principles course and might deter faculty from adopting it. For example, utility maximization is the foundation for why consumers behave as they do. Diminishing marginal utility is the reason demand curves are downward sloping, yet this isn't found anywhere in the text. Section 3.1 has a nice presentation about consumer preferences, but without the inclusion of the idea of utility, it seems incomplete and disconnected to demand.

Interface rating: 3

Formulas that don't display correctly, links that don't work, and the toolkit table being cut off are real problems. Also, Chapter 13 refers to Figure 13.5 but I don't think that figure is displayed anywhere in Chapter 13.

Grammatical Errors rating: 5

There were not major grammatical issues, though there are places (a couple of which are noted above) where there were copy and paste errors or missing words.

Cultural Relevance rating: 5

There were many nice examples of markets and events that give the text a more international feel than a typical economics book.

The material at the end of each chapter is a strength of the text. I really like the traditional exercises, plus the Economics Detective and Spreadsheet exercises really set it apart.

Reviewed by Liz Perry-Sizemore, Professor of Economics, Randolph College on 12/19/19

This text covers the expected topics in a microeconomics principles course in a refreshing way—by presenting problems, questions, and observations relatable to students and then introducing them to the ways economists explore them. Relative to... read more

Comprehensiveness rating: 4 see less

This text covers the expected topics in a microeconomics principles course in a refreshing way—by presenting problems, questions, and observations relatable to students and then introducing them to the ways economists explore them. Relative to other introductory microeconomics texts, this one is a bit lighter on production theory and a bit richer other topics, including risk, uncertainty, the stock market, and income inequality. The text introduces budget constraints before introducing demand curves. This is done with no mention of indifference curves, but it seems the authors’ approach might still succeed in tapping into and growing students’ economic intuition. There is suitable coverage of market structures; this presentation is peppered throughout multiple chapters and reads less sequentially than texts that move systematically from discussions of perfect competition to other structures by adjusting assumptions.

This text does a thoughtful job of introducing students to ways psychology and behavioral finance are influencing the discipline, and incorporates accessible summaries of peer-reviewed research. The text does not have an index or glossary, but it does use italics to introduce terminology. The last chapter is a useful “toolkit” that readers are regularly referred to throughout the text. This section reiterates and embellishes on tools introduced in one chapter and used in others.

Content Accuracy rating: 4

The text is unbiased and thoughtful in explaining a range of perspectives from the discipline and even how and why economists disagree.

The PDF version of the text has errors I did not see in the online version. I have experienced this with other OERs—there seem to be formatting issues with converting to a PDF that in the case of economics texts do in fact compromise the content. Specifically, equations (especially in this case those that involve division) do not display correctly. Word spacing issues are a lesser concern. One could encourage students to use the online version, but the PDF option allows more flexibility which is helpful to students with limited access to the internet. It would be nice if PDFs were more carefully edited before being posted.

Relevance/Longevity rating: 3

This text is current and uses product examples and names many students will recognize and identify with. With that said, it should be periodically reviewed for possible updating, the level of difficulty of which will vary by chapter.

Clarity rating: 4

The text is accessible and clear. Some students may find it equation-heavy at times, but it is suitable for the level of the course and desired emphasis on the math can be determined by the professor and managed in class.

The text is consistent in terminology and framework.

Modularity rating: 4

Each chapter has several short sections. A professor could pick and choose chapters and even sections within chapters to cover. The authors’ nontraditional approach to presentation does make the text self-referential in places, but their inclusion of a toolkit lessens the challenges of this for the professor and the student.

Organization/Structure/Flow rating: 3

The flow is logical, yet quite different from other principles texts.

In the online version, some links to the Toolkit don’t work.

The text is well-edited for grammar.

Cultural Relevance rating: 4

The text uses examples from various countries and cultures, although most country-focused examples center around the U.S. Many examples are presented with the reader as the individual facing an economic challenge or circumstance (rather than named characters).

Reviewed by Dawn Renninger, Instructor of Economics, Pennsylvania State University on 2/1/18

There are several key concepts only briefly discussed in this text, which is sufficient for those who are completing a basic survey course or as a supplement to a concept based text. The examples are relevant to student decision making and... read more

There are several key concepts only briefly discussed in this text, which is sufficient for those who are completing a basic survey course or as a supplement to a concept based text. The examples are relevant to student decision making and effectively lead students to a higher understanding of life application economics. While the author ensures math concepts/vocabulary are included in the explanation, at times, it over shadows the economic concepts taught.

Content Accuracy rating: 5

Economic content is accurate and vocabulary is bold and defined in the reading. Promoting a certain company is avoided by using generic terms such as "chocolate bar" or "CD". When teaching assets the author uses a basic orange tree instead of a brand specific asset.

If used as a supplement, this text would stand the test of time. The examples are generic and products discussed are mainstream. For example, a chocolate bar is not going to become obsolete and McDonalds will stay in business for future years. On the other hand, an instructor would want to double check figures used such as calculations for minimum wage in case minimum wage changes in the future.

The author intertwines the math jargon with the economic concepts. For a struggling math student, this approach may turn the student against learning economics or lead them to believe they can not learn economics. If the author first spent time explaining the psychology of the decision or the economics of the decision, students could grasp material quicker.

Consistency rating: 5

The text is consistent in terms of terminology and the framework. Students can easily following the pattern from one chapter to the next which allows them to focus on the learning the material instead of finding the materiaI.

Modularity rating: 3

Easy stopping points that encourage understanding rarely exist. For full understanding the reader needs each part of the chapter. Fortunately, most chapters are not overly long.

Organization/Structure/Flow rating: 2

Some chapters should be re-titled and each author should assess the chapters they would like to use. There are gaps in the economic learning process that need to be filled for better student understanding.

Interface rating: 5

Charts, graphs, and images are clear and easily understood. Not one navigation problem was discovered by this reader. This is a strength in this text.

No grammar errors were found but instructors may need to clarify some money symbols. This is not an error by the author simply a lack of knowledge for some students.

This book is very generic. I was hard pressed to find a race or ethnicity that was mentioned. In the chapters observed and read entirely, backgrounds were rarely, if ever, mentioned. Even minimum wage was discussed without descriptions of background or race.

This book would be great for those instructors who have time to read, dissect, and add to the material presented. As a whole, it has holes in the economic process learned in a Beginning microeconomics course.

Reviewed by John Brouwer, Principal, Eton College on 10/9/13

The text covers all the areas and ideas of Macroeconomics that one would expect to find at the introductory level. The subjects are clear, easy to follow, relevant with applied examples. Global examples are used through the lens of US laws and... read more

The text covers all the areas and ideas of Macroeconomics that one would expect to find at the introductory level. The subjects are clear, easy to follow, relevant with applied examples. Global examples are used through the lens of US laws and economics.

No index or glossary was provided with the version that was reviewed.

Text is accurate, error-free, but does have a bias towards US law and economics. Many of the case studies are global in origin, which are excellent, however, the authors always return to the effects towards the US, or if a US case study is examined there is very little mention of the effect towards the Canadian economy.

The content is up to date and should constantly be up dated to truly connect the student to the learning objectives as they effect the global economies of today. Generally the text will not become obsolete in a short period of time yet the authors will need to either update the data within the text or provide updated links to the already numerous web sites referred to within the text.

The authors use a story telling format that is easy to read and comprehend.

The text is consistent in terminology and framework. The early chapters are well setup providing foundational information for the each of the subsequent chapters. Each chapter progressively provides the learner with more challenging concepts, language, an

The text builds upon each chapter that provides effective information to the reader to continue. There are many reading sections with each followed by "Key Takeaway" statements and "Checking Your Understanding" questions. It may be difficult for those not familiar with economic concepts to not read the chapters sequentially.

Organization/Structure/Flow rating: 5

Story telling format; the reader is provided with fundamental economic realities in the world using examples that are relevant to people in general. The foundational concepts are discussed before the math and graphs are introduced hence the reader has already seen the "what's in it for me" reality.

Interface rating: 4

No problems were found.

Grammatical Errors rating: 4

None were found.

The text does not appear to be insensitive or offensive in any way. As the text is focused to US learners, students from other countries, such as Canada, may not feel that this is relevant to their history, or future.

The text is well laid out as is the content but the text should be entitled: Macroeconomics: Theory in Application from a US Perspective.

Web links worked as did page reference links (there was a request to register to Flatworldknowledge.com which I did not do).

The international examples are excellent for any student to use.

Overall the text would be excellent if there was a considerable amount of Canadian content added. The reason for this is that while economic policies appear to be similar between Canada and the USA, the decision making is different.

Table of Contents

• Chapter 1: What Is Economics?
• Chapter 2: Microeconomics in Action
• Chapter 3: Everyday Decisions
• Chapter 4: Life Decisions
• Chapter 5: eBay and craigslist
• Chapter 6: Where Do Prices Come From?
• Chapter 7: Why Do Prices Change?
• Chapter 8: Growing Jobs
• Chapter 9: Making and Losing Money on Wall Street
• Chapter 10: Raising the Wage Floor
• Chapter 11: Barriers to Trade and the Underground Economy
• Chapter 12: Superstars
• Chapter 13: Cleaning Up the Air and Using Up the Oil
• Chapter 14: Busting Up Monopolies
• Chapter 15: A Healthy Economy
• Chapter 16: Cars
• Chapter 17: Microeconomics Toolkit

Ancillary Material

About the book.

Russell Cooper and Andrew John have written an economics text aimed directly at students from its very inception. You're thinking, ”Yeah, sure. I've heard that before.“

This textbook, Microeconomics: Theory Through Applications , centers around student needs and expectations through two premises: … Students are motivated to study economics if they see that it relates to their own lives. … Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem.

Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students' economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know.

How? Russell and Andrew have done three things in this text to accomplish that goal:

1. Applications Ahead of Theory: They present all the theory that is standard in Principles books. But by beginning with applications, students get to learn why this theory is needed.

The authors take the kind of material that other authors put in ”applications boxes“ and place it at the heart of their book. Each chapter is built around a particular business or policy application, such as minimum wages, the stock exchange, and auctions.

Why take this approach? Traditional courses focus too much on abstract theory relative to the interests and capabilities of the average undergraduate. Students are rarely engaged and the formal theory is never integrated into the way students think about economic issues. And traditional books are organized around theoretical constructs that mean nothing to students. The authors' applications-first approach ensures that students will not see chapters with titles like ”Cost Functions“ or ”Short-Run Fluctuations“. They introduce tools and ideas as and when they are needed. Each chapter is designed with two goals. First, the application upon which the chapter is built provides a ”hook“ that gets students' attention. Second, the application is a suitable vehicle a vehicle for teaching the principles of economics.

2. Learning through Repetition: Important tools appear over and over again, allowing students to learn from repetition and to see how one framework can be useful in many different contexts.

Each piece of economic theory in this text is first introduced and explained in the context of a specific application. Most are re-used in other chapters, so students see them in action on multiple occasions. As students progress through the book, they accumulate a set of techniques and ideas. These are collected separately in a ”toolkit“ that provides students with an easy reference and also gives them a condensed summary of economic principles for examination preparation.

3. A Student's Table of Contents vs. An Instructor's Table of Contents: There is no further proof that Russell and Andrew have created a book aimed specifically at educating students about economics than their two tables of contents.

The Student's Table of Contents speaks to students, piquing their interest to involve them in the economics, and a Instructor's Table of Contents with the economics to better help you organize your teaching—and frankly, you don't need to get excited by economics, you already are.

About the Contributors

Dr. Russell Cooper is a professor of economics at the European University Institute in Florence, Italy. He has held positions at the University of Texas, Boston University, the University of Iowa, and Yale University as well as numerous visiting positions in Asia, Europe, North America, and South America. He has taught principles of economics at many of these universities as well as numerous courses to PhD students. Cooper’s research has focused on macroeconomics, labor economics, monetary policy, and industrial organization. He received his PhD from the University of Pennsylvania in 1982. He was elected Fellow of the Econometric Society in 1997.

Andrew John is an associate professor of economics at Melbourne Business School, Melbourne, Australia. He received his undergraduate degree in economics from the University of Dublin, Trinity College, in 1981 and his PhD in economics from Yale University in 1988. He has held academic appointments at Michigan State University, the University of Virginia, and INSEAD. He has also held visiting appointments at the University of Michigan, the Helsinki School of Economics and Business Administration, and the University of Texas at Austin. He joined Melbourne Business School in January 2009.

Andrew has consulting experience in the areas of marketing, economics, and strategy. He has worked with clients in Australia, Europe, and throughout the Asia-Pacific region. He has extensive experience in the pharmaceutical industry and has also worked with firms in the consumer goods and consulting sectors.

Andrew has taught economics to undergraduates, PhD students, MBA students, and executives. His research interests include state-dependent pricing models, environmental economics, coordination games, and consumer boycotts. His published research has appeared in top economics and business journals, including American Economic Review, Quarterly Journal of Economics, Journal of Monetary Economics, Economic Journal, Journal of Public Economics, Management Science, Sloan Management Review, and Journal of Marketing. His work is widely cited in economics journals.

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• Class 11 Economics Case...

Class 11 Economics Case Study Questions

Table of Contents

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Download the app to get CBSE Sample Papers 2023-24, NCERT Solutions (Revised), Most Important Questions, Previous Year Question Bank, Mock Tests, and Detailed Notes.

Economics is the most preferred subject of class 11 students who opt for the Commerce or Humanities stream. CBSE has introduced the format of class 11 Economics case study questions in the syllabus for the new academic session. It is a well-integrated program that highlights the general economic terms and their utility in our daily lives.

Economics class 11 plays a vital role in constructing and strengthening the foundation of major economic theories and concepts that are studied in depth at an advanced level in class 12 Economics. Class 11 Economics is not very easy but with practice and proper guidance, students can ace the subject. 

Case Study Questions in Class 11 Economics

CBSE introduced case-based questions in class 11 Economics question paper last year i.e-  2021 to uplift analytical reasoning in students. CBSE introduced a few changes in the Economics class 11 question paper so as to enhance and develop analytical and reasoning skills among students. The questions would be based on real-life situations encountered by the students.

The Purpose

The sole purpose of introducing case-based questions in the class 11 curriculum by CBSE was to drift from rote learning to competency and situation-based learning.

NEP 2020 and Case Studies

Sanyam Bhardwaj, controller of examinations, CBSE focussed on the fact that case-based questions would enhance the critical reasoning skills of the students. He highlighted the fact that adding such questions to the examination was a step towards achieving the goals of the National Education Policy (NEP) 2020.

Implementation in class 11

According to the new examination guidelines released by CBSE for the current academic year, case study-based questions would be asked in the class 11 Economics exam too. Initially, when CBSE introduced case-based questions, a panic situation was created among the teachers as well as students. The concept was new and unexplored.

Format of Case Studies in Economics

A comprehensive passage is provided in the question paper, on the basis of which the student is required to solve the given case-based question asked in the Economics class 11 exam. Initially, the case-based questions appeared to be puzzling and tricky for both the students and the teachers. Perhaps, they were not willing to experiment with the new pattern but now a lot more clarity is there that has made the question paper quite favorable for the students.

You can Score High

Economics is a subject of paramount importance for the students who have opted for the Commerce / Humanities stream in class 11. The subject is high scoring and facilitates the students to increase their percentile and excel in academics.

Economics syllabus of class 11 

The entire Economics Syllabus is divided into 2 parts:

• Part A, Statistics
• Part B,  Microeconomics

Syllabus Design

CBSE has designed the entire syllabus for Economics , grade 11 in such a way that it enables the students to analyze various economic issues and develop the ability to deal with them. The complete syllabus is categorized into 7 units, so as to facilitate the students as well as teachers to clearly visualize and comprehend all the listed topics in the NCERT textbooks for class 11 Economics.

NCERT Books

It is recommended to go through the textbooks rigorously. Two books have been published by NCERT. Economics is a vast subject and the class 11 syllabus cannot be taken lightly as it forms the base for the CBSE class 12 board exam too. Students need to follow and practice other reference books but  NCERT textbooks need to be read in-depth in order to excel in this commerce stream subject.

CBSE Class – 11 Economics (Code No. 030)

Theory: 80 Marks (3 Hours) Project: 20 Marks

Case Study Passage (Economics class 11)  

As part of these questions, the students would be provided with a hypothetical situation or text, based on which reasoning questions will have to be answered by them. It is a must for the students to read the passage carefully prior to attempting the questions. These questions can be based on each chapter in the NCERT textbooks for Economics class 11. Students must prepare well for the case-based questions before appearing for their Economics exam as these questions demand complete knowledge of the various concepts in their syllabus. CBSE plans to increase the weightage of such questions in the upcoming years.

Kind of case-based Questions in Economics

Economics is one of the fundamental subjects for commerce students that opens the various ways of achieving social welfare and getting maximum satisfaction with the limited resources available in the economy. The subject is demanding and definitely requires a greater effort from the students in order to strive for a perfect score. CBSE plans to increase the weightage of case-based questions in class 11 economics question papers that are prepared by the schools on the guidelines issued by CBSE itself. 

The case-based questions asked in the Economics question paper for class 11 can be formulated in 2 ways:

• Objective: these will be asked in the MCQ format
• Subjective: these would be answered briefly or might require some calculations /formula application.

As per the latest circular issued by CBSE on Assessment and Evaluation practices of the board for the session 2022-23, CBSE has clearly mentioned that competency-based questions including case studies will be different from subjective questions. 

Case-based  questions can be segregated in terms of their difficulty level too:

• Direct questions: such questions can be easily solved as their answers are there in the given passage itself.
• Indirect/ analytical questions: these questions demand complete and thorough knowledge of the concepts. Their solution is not visible in the passage, but it would be based on the theory that would be highlighted in the text provided in the question paper. The student is expected to read the passage carefully, analyze it and then solve it.

How To Prepare For Case-based Questions? 

Students need to prepare well for the case-based questions before appearing for their class 11 Economics exams. Here are some tips which will help the student to solve the case-based questions at ease:

• Read the provided text carefully
• Try to comprehend the situation and focus on the question asked
• Analyze and carefully answer the question asked
• Students may follow a reversal pattern, especially Microeconomics questions, i.e read the asked questions first and then look for the solutions in the given passage. The process will definitely save time.
• Do not neglect the theoretical concepts of Statistics, this is vital for achieving a perfect score.
• Practice extensively, especially for the numerical. This would help the student to memorize formulas. 
• Provide to the point responses
• Master all major concepts of your NCERT textbooks 

Students need to strengthen their fundamentals in order to ace the Economics class 11 CBSE  exam. Case studies can be easily solved if your key concepts are crystal clear. These simple points if kept in mind will definitely help the students to fetch good marks in case study questions in class 11 Economics. 

Case Study Question Examples in Economics

Here a re some given case study questions for CBSE class 11 Economics. If you wish to get more case study questions and other study material, download the myCBSEguide app now. You can also access it through our student dashboard.

Class 11 Economics Case Study 1

Read the following Case Study carefully and answer the questions on the basis of the same:

If our income rises, we generally tend to buy more of the goods. More income would mean more pens, more shirts, more shoes,  more cars and so on. But there are exceptions. If initially, you are buying coarse grain, how would you take your increase in income now? Perhaps, as a first step, you would discard the consumption of inferiors. Surely, this happens in the deserts of Rajasthan where the rich minority eats wheat while the poor majority eats Bajra as their staple food. 

• The law of demand does not apply to __________________ goods. (Normal/ Giffen)
• Inferior goods are those whose income effect is_____________. (Negative/ Positive)
• upward movement on the demand curve.
• downward movement on the demand curve
• rightward shift of the demand curve
• leftward shift of the demand curve
• becomes a horizontal straight line
• becomes a vertical straight line
• shifts to the right
• shifts to the left

Answer Key:

• Leftward shift of the demand curve
• Shifts to the left

 Class 11 Economics Case Study 2

Census of India is a decennial publication of the Government of India. It is published by Registrar General and Census Commissioner, Under Ministry of Home Affairs, Government of India. It is a very comprehensive source of secondary data. It relates to population size and various aspects of demographic changes in India. Under the Ministry of Home Affairs, Government of India. It may be of historical interest that though the population census of India is a major administrative function; the Census Organisation was set up on an ad-hoc basis for each Census till the 1951 Census. The Census Act was enacted in 1948 to provide for the scheme of conducting population census with duties and responsibilities of census officers. The Government of India decided in May 1949 to initiate steps for developing systematic collection of statistics on the size of the population, its growth, etc., and established an organisation in the Ministry of Home Affairs under Registrar General and ex-Officio Census Commissioner, India.

• Data originally collected in the process of investigation are known as ________ (Primary data/ Secondary data).
• The problem of double conclusion arises in ________ (indirect oral investigation/ direct personal interview).
• Post independence, the first census of India was conducted in ________ (1949/1951)
• Census of India is carried out once in ________ years. (10/ 5)
• Primary data
• Indirect oral investigation

Class 11 Economics Case Study 3

Read the following  Case Study carefully and answer the questions on the basis of the same: Unpublished data or literature is known as grey literature in research. (The term ‘grey literature’ also includes data published in a non-commercial form, such as a conference proceeding.) These data are collected by the government organisations and others, generally for their self-use or office record. Unpublished data is useful mainly in secondary research, such as literature reviews and systematic reviews. It provides pointers to new research and perhaps also research paths to avoid. Preprints are a growing form of unpublished data these days and have proved very useful in guiding research in critical areas such as COVID-19.  Published sources of secondary data are government publications, semi-government publications, publications of research institutions, international publications etc.

• ________ data are collected from published or unpublished reports. (Primary/ Secondary)
• In the case of a ________, answers are to be written by the enumerators specifically hired for the purpose. ( Questionnaire/ Schedule)
• ________ publish data relating to education, health, births and deaths. (Government publications/ Semi- Government Publications)
• 76th round of NSSO was on ________ (Persons with disabilities and drinking water/ density of population)
• Secondary Data
• Semi- Government Publications
• Persons with disabilities and drinking water

Advantages of case study questions in Economics

Class 11 Economics syllabus is divided into 2 books and CBSE can ask case study questions from any of them. Students are expected to prepare themselves thoroughly for both books. They ought to practice class 11 Economics case-based questions from the various options available to them, so as to excel in the subject.

• Enhance the analytical skills of students
• Provide a complete and detailed understanding of the concepts
• Inculcate intellectual capabilities in students
• Help students retain knowledge for a longer period of time
• The questions would help to discard the concept of rote learning
• Case studies promote and strengthen practical learning.

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Case Study – Beer or Cancer?

Interesting things have been happening in the chemistry labs of UVic. Professor  Fraser Hof and Philips Brewery chemist Euan Thomson have been collaborating to revolutionize the craft brewing process.

The project was inspired by a very different invention from Hof’s lab—the only one of its kind. “We created a tool for profiling the proteins in cancer cells,” said Hof. “And I realized that it could also be used to profile the proteins in brewer’s yeast.”

Read more about the beer chemistry collaboration.

In Topic 1 we talked about the opportunity costs of an action. Let’s explore how opportunity costs might impact decisions on what to research.

Assume that the government provides $50,000/year for the department to conduct  cancer research,  and the costs of operating the research lab is $30,000. Philips offers $70,000/year to do beer research, but researching beer would increase costs by $5,000.

1. What is the opportunity cost of conducting cancer research? Break this into implicit and explicit costs.

2. What option will the department choose? What are the opportunity costs of this choice?

3. What is the total economic profits from this choice?

4. If the cancer lab was offered $30,000 to shut down what would be the opportunity cost?

5. What is the minimum amount the government would have to provide for the department to conduct cancer research?

6. Why must the government pay the lab more money for the same work as before? What does this show us about how opportunities effect compensation?

Academic pursuits often have high private opportunity costs – its why professors are so well paid.   If they’re paid too little, the brightest PhDs will turn to industry instead of academia and universities will suffer. In order to attract experts from industry, the university needs to have the resources to compensate them.

Read more about professor compensation.

Consider an Economics prof who could be making $80,000 in the private sector, and a Business prof that could be making $100,000. Assume the individuals value the added prestige and benefits from being a prof at $20,000.

7. All else equal, how much will you have to pay each professor to entice them to teach?

In this case study we have shown how microeconomic concepts of opportunity costs can be used to understand current events and practical examples. Do you have an example you think would make a good case study? Contact [email protected] to propose your story.

Principles of Microeconomics Copyright © 2017 by University of Victoria is licensed under a Creative Commons Attribution 4.0 International License , except where otherwise noted.

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Case Study on Microeconomics

Microeconomics case study:.

Microeconomics is the branch of economics which studies the structure, functioning and problems of the definite companies and small firms but also touches upon the general questions of economics and studies them on the definite examples. Microeconomics touches upon such key problems as: the problems of consumers; the problem of producers; balance of the market; general balance; economical effectiveness, the problem of supply and demand, etc.

So, the question about consumers is very important, because a smart businessman should know that the key function on the market play consumers, who decide what goods and services they require. One should think about the popular goods which are bought the most frequently and try to focus the development of his business on the production of the required goods, otherwise the firm will never be a successful one. Then, one will need to advertise these goods to inform the customers about his existence. Microeconomics studies the problem of the production of goods and services and the difficulties it faces. The structure of the market is the balance of the market is also an important topic discussed by the experts in microeconomics.

We Will Write a Custom Case Study Specifically For You For Only $13.90/page!

Without the knowledge about the rules and standards of the functioning of the market it is impossible to improve the business and wait high profits. The question of prices is considered to be the most important and controversial one in the discipline.Only professionals can explain what factors cause the raise and reduction of prices on the market and what the effect of these changes is. Finally, the problem of supply and demand is known to be one of the key ones concerning the starting of business and its effective functioning.Microeconomics is the essential branch of the economics discipline and it touches upon the important problems of the limited and local character. Evidently, without microeconomics the development of macroeconomics is impossible, so the branch is worth everybody’s attention.

A good case study is a detailed investigation of the given topic connected with microeconomics and its key points. Nevertheless, one should not dwell only the suggested problem, but pay attention to the general problems to be able to find out the cause and effect sides effectively and draw reasonable solutions.Students often feel disappointed being asked to complete a case study, because the assignment is not an easy one. Students have to be aware of the required manner of writing, structure, format and logical presentation of data. A free example case study on microeconomics which can be found in the web is able to provide every student with the effective answers to all these questions.

One can rely on the experience of the professional writer and his free sample case study and organize his own paper on the model of the successful example from the Internet.

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Microeconomics: Case studies and applications 2nd Edition

• ISBN-10 0170225445
• ISBN-13 978-0170225441
• Edition 2nd
• Publisher Cengage Learning Australia
• Publication date April 12, 2012
• Language English
• Dimensions 6.89 x 0.79 x 9.65 inches
• Print length 376 pages
• See all details

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• Publisher ‏ : ‎ Cengage Learning Australia; 2nd edition (April 12, 2012)
• Language ‏ : ‎ English
• Paperback ‏ : ‎ 376 pages
• ISBN-10 ‏ : ‎ 0170225445
• ISBN-13 ‏ : ‎ 978-0170225441
• Item Weight ‏ : ‎ 1.47 pounds
• Dimensions ‏ : ‎ 6.89 x 0.79 x 9.65 inches

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