Microeconomics Course Works Samples For Students

Microeconomics is a branch of economics that helps an individual to understand how free markets work .This is by making economic decisions that will help to maximize profit by using the limited recourses appropriately. Microeconomic evaluates the decisions that will help to determine the price of the product. Through the prices, an individual firm and household will be able to know the quantity of goods and services which are demanded and supplied. Microeconomics also helps the government in the imposition of the tax that is used in development of the country. Microeconomics examines the market failure and look for suitable ...

Economics:

Economics is the study of how the little available resources can be used to satisfy wants that are many, since wants are many on the other hand resources available to satisfy them are limited in supply, there is need for one to choose among the wants and make a decision of what the few resources to satisfy first leaving the rest. In economics, factor like inflation and deflation, marker prices, interest rates, exchange rates in the market are studied. Economics has been divided into two major subdivision; microeconomics and macroeconomics.
The word microeconomics is a combination of two words; micro ...

DQ 1. The Circular Flow in Economics

It is defined as the flow of payment in the economy in a circular motion where the end point goes back to the starting point in an infinite cycle. It can be demonstrated in several ways even with nature. Water cycle for instance works the same way. The water on land evaporates and brought up to the atmosphere forming clouds. As soon as the cloud gets heavy, the water vapor condenses and falls back to land in a form of either water or snow and the same cycle repeats throughout. In economics, the same cycle is composed of three market inputs ...

Part 1: Supply and Demand

Event 1: With the rise in the average income, the demand curve will shift to the right from DH1 to DH2 as demand increases for each price level. The purchasing power of the consumers increases, so that they can buy more at the same price level. The supply remains the same. The new equilibrium will be at the point A.

Event 2: A fall in population will lead to a left ward shift in the demand curve from DH1 to DH3 as demand decreases. The quantity demanded will fall for each price level as the number of consumers is reduced. ...

Introduction

The objective of any firm is to maximise profits and increase shareholders’ wealth. This objective can only be attained if the market structure is favourable for the operations of the firm. The market for low-calorie microwavable food has changed from perfect to imperfect competition. This paper discusses the effectiveness of the new market structure to the operations of the company. It also assesses the profitability of the firm based on the cost functions and the demand function from assignment. In addition, the paper explores was in which the company can improve its profitability as well as the circumstances under ...

Every author has made it clear in fairly different manner that there is no proper definition on “Economics.” According to (Swann G, 2009), Ad Adam Smith and Alfred Marshall have discovered the concept of economics in a different and well-organized manner. Both the authors are of the view “Economics is the name of how to earn money and how to consume it” or Economics is the name of how to earn money and how to consume it.”

Economic mainly consists of two main types; microeconomics and macroeconomics. According to (Arnold, 2010), microeconomics is treated at the individual level while ...

Monopolistic competitive markets and oligopoly are market structures. Monopolistic competitive market is a market structure with many buyers and sellers with differentiated products. The products are not close or perfect substitutes. In oligopoly, there are very few sellers in the market, therefore, becoming easier for them to inter relate easily with each other. (Tewari, 1996).The both have different features thus, becomes straightforward to distinguish them from each other.

An example of a monopolistic competitive market can be taken from the toothpaste industry. There are many different types of toothpaste and also many consumers. It is upon the strategies put in ...

Externality is when one agent’s actions directly affect another agent at the same time not altering the price of the good or service. Two types of externalities are known, negative and positive externality. Negative externality is the case when one agent’s actions cause the second agent to lose welfare, and the second agent is not compensated for that. The opposite takes place with positive externalities. When one agent’s actions cause the second agent’s welfare to increase, and if he/she is not compensated for that, then it is known to be a positive externality.

One example of ...

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Introduction

Economics is a fundamental field that has its own recognition and importance in every walk of life. The term economics are generally referred as the stance of earning and consumption at a place where, the probability of earning would be higher than consumption. The study of economics signifies that how a person, company or government can manage their insufficient resources in order to meet their unlimited desires. However, the economics are segmented into two groups that are microeconomics and macroeconomics. The focus of Microeconomics is usually stridden on individual consumer through examining the behavioral elements ...

Part A

Education is one of the major concerns that any government addresses. The world nations embrace education as the key strategy towards attaining economic growth and development. Politicians have advocated for a constant funding to the higher institutions hence low fees to enable high standards of education. This is an aim to improve its accessibility as a way of enhancing skills in the society and more so increase innovation, science, and technology (Levin, 2005).

In a case where the government maintains a constant university funding, the demand for higher education increases in the country. The initial equilibrium price for education will decrease due to ...

Abstract

Economics is a subject that has its recognition in almost every walk of life. Inevitably, there is no single definition of the term “Economics” exist in the world, because every author has had defined the concept in somewhat different manner. Adam Smith is known as the Father of Economics (FOE) and according to his concept, “Economics is the study of wealth that deals with the buying and selling of products in total”

There are basically two types of economics predominantly comprised on microeconomics and macroeconomics and both of these provisions are important. According to the specifications, microeconomics ...

The neoclassical theory of the firm explains that firms are run entirely for the profit motive of its owners. This has been a widely held theory for many years, with the knowledge that all businesses are purely profit maximizing entities, whose intention is to make profit regardless of the circumstances, actions or omissions.

The profit motive assumption postulates that all actors in the business enterprise are driven by the need to increase their earnings from the business profits. The management wants to earn large pay and bonuses whereas the shareholders want to increase their value for their stocks.

Adam smith, ...