Using Python and Google Colab to teach undergraduate microeconomic theory

Abstract

The author describes how to use the Python programming language to teach topics in a microeconomic theory course at the undergraduate level. Specifically, the author describes how to use Python to solve optimization problems, such as utility maximization and profit maximization. Python is free and open-source and becoming increasingly popular both in economics and in business. To focus on solving optimization problems and to avoid installation issues, the author utilizes Google Colab, which allows users to type Python code on a web browser. Program code is provided for every example to encourage replication and experimentation. The author aims to (1) provide an option to instructors who are interested in supplementing the traditional pencil-and-paper approach with technology at no cost, and (2) help students become comfortable with a programming language that is widely used in tech companies and data analysis.