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Microeconomics is formed by two words micro and economics. In Greek language word, “micro” means “small”. It is an important branch of economics that studies the relationship between economic characteristics and their respective behaviors. It involves an understanding of the decision-making process associated to management of economics and finance. Microeconomics emphasizes the factors that affect the behavior of individuals and the selection made by them. Particularly, microeconomics concentrates on the pattern of supply and demand, price, and output in individual markets. It displays how an individual’s decisions and behaviors affect the supply and demand for goods.
Consumer demand theory: It is one of the most important fields in microeconomics. The key idea of this field is the value produced by the fulfillment of wants and needs. It portrays the connection between demands for goods, prices, and services by the consumers.
Theory of production: It involves the process of transforming inputs into outputs. It works on some major principles of economics such as price and productive factor relation, commodity and productive factor relation, and much more.
Production cost: The concept behind production cost is the resolution of price as per the materials and resources used in manufacturing the product.
Perfect Theory: It deals with the fact and believes that no individual can set the price of any systematized products.
Monopoly: It is a situation of the market where a single supplier of a particular product supplies goods to consumers without having to face any competition.
Topics Covered by Us
Supply, Demand, and Equilibrium Assignment Help: Price, supply, and demand are economic models. It involves the theory of perfectly competitive market without any price control. The unit price of a commodity is the price at which the quantity demanded by the customers’ matches the quantity supplied by the manufacturer. It sets the market trends. The seller always seeks profit and the buyer seeks products that are worth the value of his money. Equilibrium is derived from the law of demand and supply where the demand and supply depend on variation in prices of a commodity. The state where demand is equal to supply is called equilibrium. Hence, demand and supply are the main components of a market and its operations.
Measurement of Elasticity Assignment Help: It measures how an economic variable is responsible for change in another variable. The most frequently used words in economics are supply elasticity of substitution, the price elasticity of demand and supply, factors of production, income elasticity, etc. The concept measures demand and supply over price change and similar factors. To understand the concept of elasticity you should have a good knowledge of the elasticity of demand and supply or you can take help of Microeconomics assignment help services. Measurement of elasticity describes the shape of supply and demand curves regarding the price elasticity of demand and supply. There are two methods to calculate the price elasticity of demand. First is cross elasticity of demand and the second is income elasticity of demand.
Perfect Competition Assignment Help: It believes that as far as the prices of products are homogeneous, no industries or companies are big enough to possess power, for example, a digital market where a variety of sellers sell same goods to different buyers. General equilibrium theory states that perfect competition is caused by various conditions or factors. Some aspects of a perfect competition and perfect market are a huge number of buyers and sellers, homogeneous products, and the absence of barriers. A perfect market condition makes reaching the market equilibrium easy where both; demand and supply for a product are equal.
Market Structure Assignment Help: It involves various forms of the market system which is also known as capitalism. Its main objective is to substitute markets with a good economic planning of different degrees.
Consumer Demand Theory Assignment Help: Consumer demand theory is a milestone in the field of modern economics. It gives a deep insight into market demands. This theory allows you to study the behaviors and decisions of the consumers, when they purchase goods and services from the market. It relies on the satisfaction of consumer’s needs and wants which comes through the consumption of a commodity. There are some more laws mentioned in our sample Microeconomics assignment help that provide further insight into the law of demand and demand curves such as the diminishing marginal utility law and the marginal diminishing returns law.
Theory of Production Assignment Help: As mentioned above, this theory studies the process of how inputs are converted into outputs. It utilizes the resources and produced goods and services, which afterward, are exchanged in the market economy. Important production forms include manufacturing, market production, public production and the important models of production which include accounting and interpreting, production income model, production analysis model, etc. Production is also a source of origin for economic well being.
Cost of Production Assignment help: The cost of production theory is the concept of economics that determine the cost of a product by joining the cost of the resources that produce it. The costs include all the factors of production like taxation, labor, and capital. Two most important elements of costs of production are labor theory of value, tax, and subsidies.
Monopoly Assignment help: It is a situation when there is only one supplier of a single commodity or service in the market and claims control over the economy of that product. Perfect competition, monopolistic competition, monopoly, and oligopoly are four basic types of market structures in economics. When there is only one manufacturer or producer and seller of a specific product, it is called a pure monopoly. On one hand, it is a good way to maximize profit but on the other hand, it acts as a barrier for other sellers to enter the market.
Oligopoly Assignment help: It is a market structure where a small number of manufacturers and sellers exist to affect sales and purchases. These restricted numbers of producers enjoy the maximum chunk of the market share. Quite similar to monopoly is Oligopoly; the only difference is that two or more firms control the market instead of one. Although there are no restrictions for the number of firms taking part to form an oligopoly, it is necessary that the number should be low enough to critically impact and influence others by the actions of a firm.
Discrimination concepts Assignment help: This concept deals with the reasons behind the discrimination i.e. the labor force, the kind of work and the requirement of specialty.
Microeconomics plays a very crucial role in the study of economics. It is a method to analyze economics. According to Professor Keynes, a British Economist, Economics is “a necessary part of one’s apparatus of thought. It is microeconomics that tells us how a free market economy with its millions of consumers and producers work to decide about the allocation of productive resources among the thousands of goods and services.”
Microeconomics holds both practical and theoretical importance which is explained in detail below:
Important for the Efficient Utilization of Resources: Microeconomics is of great help when it comes to efficient utilization and employment of scarce resources. The main problem that modern government faces is the allocation of its limited resources. Microeconomics assignment helps you in understanding the requirements for efficient production as well as consumption.p>
Understanding Free Enterprise Economy: Microeconomics helps in understanding how free enterprise economies work in the absence of any central control. Such type of economies includes agencies which plan and operates an economic system. It involves decision making by producers on what, when, and for whom to produce. Correspondingly, what, and how much to consume, are some decisions that are taken by consumers themselves.
Important for International Trade Development: Microeconomics plays a crucial role in international trade development as it explains the gains from the determination of foreign exchange, the balance of payment disequilibrium, and international trade.
Economics offers a wide range of opportunities and jobs to students. It can help you get a job in different sectors such as government, business, law, education etc. with the help of this subject; you can study the behavior of the producers and consumers. It will further help you in allocating and utilizing resources in a proper and efficient manner. Microeconomics formulates economic policies and plans to promote economic development. It helps in analyzing economic conditions and studies social needs in various market structures. The need for graduates with economics degree is growing rapidly amongst sectors like insurance, banking, healthcare, etc. so it’s better to look for Microeconomics assignment help.
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