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Compact case
Authors: Ciaran Driver (Imperial College London)
Published in: 1998
Length: 5 pages
Data source: Generalised experience

Abstract

This case uses realistic simulated data to give students practice in applying basic economic analysis to a problem of medium complexity involving a decision on the best use of land released from production. The student needs to be able to sort out relevant information, to interpret a demand curve, and to interpret a production function. The problem requires an understanding of opportunity cost which is illustrated by the rental values of different plots of land. Profit maximisation can be used to determine the best split between renting,selling and using the land for car parking.
Size:
Medium

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Abstract

This case uses realistic simulated data to give students practice in applying basic economic analysis to a problem of medium complexity involving a decision on the best use of land released from production. The student needs to be able to sort out relevant information, to interpret a demand curve, and to interpret a production function. The problem requires an understanding of opportunity cost which is illustrated by the rental values of different plots of land. Profit maximisation can be used to determine the best split between renting,selling and using the land for car parking.

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Size:
Medium

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