Microeconomics
Consumer choice, production, markets, strategic interaction and welfare. Each of the 20 labs pairs an economic question with synthetic data and a complete Python analysis you can run in OpenEconometrics.
Microeconomics labs
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Lab 01
Scarcity and Increasing Opportunity Cost
Why does producing more of X require an increasing sacrifice of Y?
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Lab 02
Comparative Advantage and Trading Prices
Can both economies gain from trade even when productivity comparisons differ by good?
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Lab 03
Market Equilibrium and a Demand Shift
How does a demand shift differ from moving along a demand curve?
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Lab 04
Point Elasticity and Total Revenue
When does raising price increase revenue?
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Lab 05
A Budget Line and Cobb–Douglas Choice
How do preferences and a budget determine a consumption bundle?
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Lab 06
Income and Price Comparative Statics
What changes when income rises, and what changes when only one price rises?
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Lab 07
Separating Substitution and Income Effects
How much of a price response reflects substitution rather than lost purchasing power?
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Lab 08
Affordability and Revealed Preference
What can observed choices reveal when another bundle was affordable?
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Lab 09
Marginal Product and Labor Demand
When should a firm stop adding labor to a fixed technology?
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Lab 10
Total, Average and Marginal Cost
Why does marginal cost cross average cost at its minimum?
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Lab 11
Cost Minimization with Two Inputs
How can a firm produce a fixed output at minimum cost?
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Lab 12
Competitive Supply and Shutdown
Why might a firm produce while making a loss?
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Lab 13
Monopoly Output, Markup and Welfare
Why does a monopolist restrict output relative to a competitive benchmark?
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Lab 14
A Binding Price Ceiling and Rationing
How can a lower legal price reduce total gains from trade?
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Lab 15
A Unit Tax: Incidence and Deadweight Loss
Who bears a tax when the legal remitter is the seller?
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Lab 16
A Producer Subsidy and Overproduction
Can buyers and sellers both gain while total surplus falls?
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Lab 17
An External Cost and a Corrective Tax
How does an unpriced external cost change efficient output?
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Lab 18
Vertical Summation for a Public Good
Why are public-good marginal benefits added vertically?
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Lab 19
Cournot Competition and the Number of Firms
How does strategic quantity competition change with the number of firms?
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Lab 20
From a Demand Model to an Estimated Elasticity
How can a log-demand coefficient be interpreted without confusing identification and fit?
Try it on your own data
OpenEconometrics is free and open source under Apache 2.0. Install the Python library or download the desktop alpha.
pip install openecon