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Microeconomics Assignment

Economics assignments of impeccable quality.

Economics Assignment

Microeconomics Assignment Help

 

Microeconomics is another branch of Economics besides Macroeconomics, which is focused on the economic implications of human actions and individuals’ actions, as opposed to that of the economy on a whole. Microeconomics is deemed to be a much more advanced science that Macroeconomics. It is one of the most in demand services in Economics since students are usually scouting for some sort of Microeconomics Assignment Help and Writing Service or the other.

The purpose of studying Microeconomics is to understand how the certain choices that individuals make are likely to have economic tendencies. These include individual actors such as buyers, sellers and business owners. The preferences of these individual actors for supply and demand eventually lead to activities such as using money and interest rates as the ultimate pricing mechanism for coordination.

What Are The Main Concepts Taught To Students In Microeconomics?

The basic economic problem states that there is a scarcity of resources to suffice the wants of the consumers. In order to combat that scarcity of resources, and to ensure that the available resources are used to their utmost potential without any wastage, students are taught a set of essential principles in Microeconomics which can ultimately allow them to view the bigger picture.

The basic concepts taught to students in Microeconomics consist of the following:

Microeconomic Principle What The Principle Teaches
Demand, supply, and equilibrium Demand, supply and equilibrium is taught in line with the basic economic principle, whereby, in a competitive market, once the supplies are enough to suffice the needs of the consumers, that certain point in action can be referred to as an equilibrium. Since Supply and Demand acts as an economic model of price determination, the issue remains that equilibrium cannot be achieved due to varying prices, supplies, wants etc. in a competitive market.
Measurement of elasticities Elasticity in economics means when a certain variable is susceptible to change on account of changes in another variable. Frequently used elasticities for measurements include: price elasticity of demand
price elasticity of supply
income elasticity of demand
An example can be if a producer of goods lowers the prices of the good, will the sales increase or not?
Consumer demand theory Consumer demand theory is one of the most focused topics in Economics overall, and relates to the preferences of the consumers to the expenditures incurred on availing the goods and services. This relationship in turn lays the groundwork for making supply demand curves.
Theory of production The theory of Production follows in the economic process of converting inputs into outputs and studies how the resources are utilized to manufacture and deliver the goods and services to the consumers.
Costs of production The theory of the Cost of Production states that the total price of a good or service is calculated by the total number of resources put into its manufacturing or making.
Opportunity cost Opportunity Cost follows into a situation where a person is facing a dilemma, such that they have to forego one option to utilize the other or choose from the next-best alternative.
Market structure In a Capitalist society, various kinds of markets exist, and as such, the structures of the different types of markets are also studied for understanding their functioning.
The common types of markets include:
  • commodity markets
  • insurance markets
  • bond markets
  • energy markets
  • flea markets
  • debt markets
  • stock markets
  • online auctions
  • media exchange markets
  • real-estate market
  • Perfect competition Perfect Competition refers to when a variety of firms are aiming to sell the same good or service in a single industry. This leads to all those firms producing the good or service at an optimal or minimal price.
    Imperfect competition Imperfect Competition refers to when a market does not exhibit the features of a competitive market. Common types of Imperfect Competition include:
  • Monopolistic competition
  • Monopoly
  • Oligopoly
  • Monopsony
  • Oligopsony
  • Game theory Game Theory is a mathematical model utilized in Social Sciences as well as Business Models to model the relationship and interaction between two or more players in a situation which may have possible rules and outcomes.
    Labour economics Labour Economics studies the dynamics and functioning involved in wage labour and market.
    Welfare economics Welfare Economics studies the proper allocation of resource in a manner that they ultimately have positive effects on social welfare.
    Economics of information Economics of Information focuses on the impacts of using Information System in Economic Decision-making.

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    Students tend to face issues such as the ones listed below when they have to complete their assignments in Microeconomics:

    • Not having a clear grasp of all the concepts and theories taught
    • Having trouble writing assignments due to lack of understanding
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    • Having trouble differentiating between the concepts in Microeconomics and Macroeconomics

    Economics as a subject and Microeconomics as its one of the major branches are amongst the toughest in the worldwide academics for students. It is regularly considered to be one of the most complex subjects due to the manifold concepts involved in it, and the corresponding graphs that the students have to master themselves in as well. It comes off as no surprise in the end that students feel like they are not receiving the adequate Microeconomics assignment help which can assist them in completing their assignments with ease.

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