Microeconomic Assignment And Principles at a Glance

Posted by saun on March 7th, 2018

Microeconomics in a Glance

Microeconomics is a study of economic units at an individual level and is one of the most important branches of Economics. Microeconomics within itself deals with the behavior of individual and firms in a competitive market. Such decisions play a prominent role in their decision-making process. Microeconomics helps us to understand basic happenings in the market like, why different goods have different price and different point of time, market elasticity and factors of production, the conditions one will look for before making an efficient decision for their betterment at a personal and professional level and many more.

The field of Microeconomics is so vast and the subject is occupied with more strenuous and challenging academic writing and assignments students have to complete to get better marks in the academic. Finding a microeconomics assignment help is a big challenge.

Important Topics Covered Inside Microeconomics

Microeconomics deals with number of economics models and understanding them at a glance could be hard and challenging. Here are some important microeconomics topics one should have a grasp on.

Monopoly and Oligopoly

• A market structure where the seller faces no competition and he becomes the sole seller of the goods is a Monopoly market. Oligopoly is a form of market which is dominated by small number of large sellers.

Demand and Supply

• Supply and demand is the backbone of market economy and everything revolves around these two terms. Demand refers to the quantity of product or service demanded in the market and supply is how much the market offers. Demand and supply affects the price of anything you wish to purchase. 

Duopoly Model of Cournot

• The Classic model of Cournot also called Cournot competition explains the reaction functions of an individual and the firm. The model works on assuming and making required decisions. Cournot in his model of Imperfect Competition explains how two firms with identical cost functions compete with same products in a static setting.

Externalities and Market Failures

• An area of microeconomics which closely looks and examines the reasons behind the failure of the market.  Externalities occur due to difference in the Consumed/produced products in the market. 

Measurement of Elasticity

• Elasticity is the degree to which individuals, consumers or producers change their demand or amount of goods and services supplied in the market. The following methods can be used to calculate Elasticity.
• Percentage Method
• Point Method
• Arc Method
• Total Outplay Method

Behavioral Economics

• It is really important to understand the way market decisions are made and the mechanisms that drive the public choice and views. It is important to understand the tricks to creating biases towards promoting self interest. These prospects come under the term known as Behavioral Economics

Consumer and Producer Surplus

• When the price a consumer actually pays is less than what they are prepared to pay is consumer surplus. Where on the other hand Producer surplus is the profit gained by any producer by selling the goods or services. You can get assignment help in Brisbane easily related to topic Consumer and Producer.

Additional Topics under Microeconomics

• Investigative study on the performance of the economy
• Evaluating the shift of supply and demand curves
• Explain the primary forces that impact the level of economic activity
• Market elasticity and factors of production
• Analyzing, determining and evaluating issues relating to microeconomic issues and policies
• Circular flow model of the economy
• Case study of economic inefficiency of monopoly
• Calculation of cross price elasticity of demand using calculus
• Relationship between marginal revenue and demand curve
• Enterprise competes and maximizes return in a competitive market
• Effect of globalization on the value created by a market
• Impact of value-added approach to calculating GDP of an economy

Microeconomics decisions are crucial for every business ranging from individual level to large firms. The subject helps the students to draft better business ideas and properly study the externalities affecting the business in the long run, thus one should carefully study such.