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Microeconomics Assignment Essay

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Article on Microeconomics

This article is an eye opener into the world of oil prices, demand and supply and how spending on one commodity can affect demand for other goods and services. Economics has been defined as the art and science of choosing between infinite wants and the finite means at one’s disposal to satisfy them.

3 pages (750 words)Essay

Basic economics Assignment microeconomics

a. Reasoning 5 2. b. Change in Methods of Production of Australia 6 2. c. Why Do Tourists Pay Higher Prices for Goods and Services in a Foreign City than the Local Residents of That Country? 7 3.0. Complementary Products: Bread and Butter 7 Condition (a) 8 Condition (b) 9 4.

6 pages (1500 words)Essay

Microeconomics article analyses essay

The rise in the rents has taken a lead as compared to salary rises, making it difficult for people to afford rents. As a consequence of the sharp rise in the rent the tenants are going into arrears. The article uses the principle of supply and demand for the explanation of the rise in the rents.

2 pages (500 words)Essay

Article summary

Authors argue that these measures can be influenced impacting actual student learning. At secondary and elementary level, teachers usually teach with the focus on ‘test’ and in postsecondary level, professors can reduce academic curriculum to enhance student evaluation or in some circumstances can even directly inflate the grades.

3 pages (750 words)Essay

Business Economics / Microeconomics Assignment

In view of the continuous surge in demand, Sony plans to increase its PSP supply to one million units in order to address the prevailing shortage, which would be further aggravated with the upcoming Christmas season (Wray 2005). Truly, Sony's PSP has effectively captured market interest and managed to gain competitive edge over its closest rival in the portable game segment, Nintendo's GameBoy.

7 pages (1750 words)Essay

Current Issue Assignment - Article Summary and Analysis

The Israeli drug developer, Taro Pharmaceuticals Industries Ltd., has recently lost its Chief Financial Officer along with another financial management executive because of a report that “assigned

2 pages (500 words)Essay

Microeconomics article analyses essay

The article uses the principle of supply and demand for the explanation of the rise in the rents. The demand and supply gap for property is rising in the UK. The accidental landlords, the ones who have

2 pages (500 words)Essay

Article review focus microeconomics

Domestic supply of light crude is going to surpass demand that is what Ed Morse, commodities research head at Citigroup wants to emphasize. Things have

2 pages (500 words)Essay

Microeconomics class; News Article Analysis

However, following the increasing income inequality amongst the Americans, some economists doubt this belief. Inequality may increase the levels of poverty in a country, if low-income citizens face low productivity, as well

3 pages (750 words)Essay

Article Summary

The problem is that the organization is experiencing higher attrition rate and low employee morale. The author states that the report that was compiled by the committee has not provided a solution for the problem and solutions are expected to be

1 pages (250 words)Essay

We are well versed about the importance of economics as a whole; however microeconomics plays a vital role in it. For a naive person, it is immaterial that how the price of the commodities is changing or how demands and supply principle works, however, it means a lot to the people who are directly impacted by this volatility. Microeconomics throws light as to how the goods and services produced are distributed among the various people for consumption through market mechanism.

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Definition and concept of Microeconomics

Wikipedia define Microeconomics as an area dealing with the individual household behaviour and behaviour of the firms in decisions making on the resource allocation. The main areas where we can find the application of microeconomics are the markets where goods or services exchange takes place. It helps in examining the effect of decisions and behaviours on the supply and demand for goods and services. As a result, we can determine prices and how prices help in the determination of the supplied quantity and quantity demanded of goods and services.

One of the primary goals of Microeconomics is market mechanisms analysis. This market analysis facilitates in establishing relative pricing amongst goods and services. It also helps in the judicial allocation of limited resources amongst multiple alternative uses. It analyses the reason for the market failure when markets fail to show optimized and efficient results. It provides the theoretical conditions needed for perfect competition.

Topics under Microeconomics that are important for assignment writing

Microeconomics is a broad area, and it is not possible for us to highlight every concept related to this particular field, however few of the important topics that you should understand are:

  1. Game Theory : This is one of the most important areas used by managers in decisions making. Managers use Game theory models in making better decisions regarding price and output. As managers work in interactive payoff environments, they need a framework that anticipates the actions of others.

    There are a couple of game theory, techniques that are used by many organizations are: Two Person Games: In this game the player can be a single player or can also be an organization- is a decision-making unit with a certain amount of resources. The rules of the game describe how these resources can be utilized. Another technique is Nash equilibrium.

  2. Classic duopoly model of Cournot: This provides the detailed explanation of reaction functions for the firms under consideration. Classic duopoly model covers the concept of profit maximization, the Nash equilibrium evaluation using the intersection method.
  3. Externalities and Market Failure: Externalities and Market Failure is an area of Microeconomics used to examine the reasons for the market failure. The problem of social cost falls under this section.
  4. Behavioural Economics: The study of behavioural economics includes how market decisions are made and the mechanisms that drive public choice, such as biases towards promoting self-interest. There are three prevalent themes in behavioural finances: Heuristic that includes the decision-making a process of people based on the thumb rule and not the strict logic. This also covers the market inefficiencies which include non-rational decision-making assignment help.

Applications of applied microeconomics in different sectors

Applied microeconomics includes many specialized study areas, many of which draw on methods from other fields. It is the field applicable in industrial organization.

Assignments on Labour economics examines employment, wages and dynamics of the labour market. Another niche area of financial economics considers topics such as the rate of return to capital, optimal portfolio structure, security, returns using econometric analysis, and the behaviour of corporate financial. There is a need to examine the government tax and expenditure policy design. Public Economics provides a platform for the same. Economics touches almost every facet of the country and politics is not an exception. The political economics homework determines the role that political institutions in determining policy outcomes.

Heath care system of the economy is examined with the help of Health economics assignments. This branch covers the role of the health care workforce and health insurance programs. We have a special branch for the urban area. Urban economics examines the challenges faced by cities, such as air and water pollution, poverty, traffic congestion and covers urban geography and sociology. Law and economics apply microeconomic principles to the selection and enforcement of competing legal regimes and their relative efficiencies.

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