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Microeconomics can be described as a social science that studies the effects of incentives and decisions affecting the use and distribution of limited resources. It shows how different goods have different values and how businesses and people benefit from proper production and exchange. In general, microeconomics provides a detailed understanding of macroeconomics. Microeconomics is very extensive. We, however, cover all the topics in this topic. We cover topics such as;

Supply and demandElasticity
Market equilibriumForms of competition
Profit maximizationPrice ceiling and floors
Consumer choicesLabor and financial markets

Concepts of microeconomics

  • Utility theory – In the utility theory, customers opt to buy and consume a combination of goods that will satisfy their desires and needs. This is, however, subject to how much income is available to spend.
  • Incentives and behaviors – people and companies, react to situations they face at a particular time.
  • Production theory – This is the study of the process of converting inputs into outputs. The goal of every producer is to minimize costs while maximizing profits.
  • Price theory – The combination of utility and production produces supply and demand theory, which determine prices in a competitive market.

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Principles of Microeconomics

  1. Although we have countless wants and needs, the resources available to meet those needs are scarce. Having more of one thing technically means having less of another. This is commonly known as the scarcity principle.
  2. An individual organization should only take action if the extra benefits of undertaking such action are greater than the extra costs. This is called the cost-benefit principle.
  3. A business or individual is less likely to perform an activity if the cost of the activity is on the higher end but more likely if the benefits of performing the same activity are high. This is the incentive principle.
  4. A business can do better if employees focus purely on activities with the lowest opportunity cost. This is the principle of comparative advantage.
  5. When expanding the production of goods, one should first apply the resources with the lowest opportunity cost and turn to those with higher opportunity cost afterward – the principle of lowering opportunity cost.

Types of market structures

Perfect competitionIn a perfect competition there are many sellers and buyers. All sellers here are in competition with each other and are small sellers.
Monopolistic competitionHere there are many buyers and sellers but there is no direct competition because the products are not directly identical.
OligopolyThere are a few companies in this market
MonopolyThere is one seller in the market who control the market.

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The law of demand and supply explains the interaction between sellers and buyers. It defines the relationship between the prices of goods and the willingness of people to buy or sell them. In general, as prices increase, suppliers are willing to supply more, and the demand drops. The vice versa is true.

Factors affecting supply

  • Cost of production – This implies that the supply of a product would decrease if the cost of production is high. The vice versa is true.
  • Price of the product – If the price of a product goes up, supply will increase. If the price goes down, the supply will decrease.
  • Government policies – Governments have a great influence on supply. The higher the taxes, the lower the supply. The lower the taxes, the higher the supply.
  • Technology – Advancement in technology can lead to efficiency and reduction in production cost, leading to higher supply.
  • Logistics – Logistics highly affect supply. If the transport network is good, there will be more supply, and vice versa is true.

Factors affecting demand

Price of the productConsumers will buy more when the price is low than when the price is high.
Consumer’s incomeConsumers’ income affects the amount they are willing and able to spend on a product at a particular time. If the income rises, demand will also rise.
Price of related goodsThe price of related goods depends on compliments or substitutes. Complements are goods used together. On the other hand, substitutes are goods that substitute for each other.
Tastes and preferences of consumersMany things such as health benefits and general perception of a product determine the demand of that product.
Consumers’ expectationsIf the goods are able to satisfy the expectations of the consumer, then the demand will go up.
The number of consumersIf the number of consumers in the market for that product is high, the demand will go up.

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Importance of microeconomics

  1. Understanding how the economy works – An economy is composed of both the public and private sectors. The evaluation and analysis of wages, industries, salaries, taxes and international trade is determined by microeconomics.
  2. For proper and efficient allocation of resources, it’s assumed that both producers and consumers act rationally through microeconomics. This rational behavior leads to the best use of resources. Through microeconomics, producers can know the quantity to supply at any given time based on demand.
  3. It’s used in business decision-making – Business executives use microeconomics to analyze their problems. Through microeconomics, managers can make better decisions based on facts. Managers use microeconomics to sort;
    • Resource allocation problem
    • Production decision problem
    • Pricing problem
  4. Examining economic welfare conditions – Microeconomics suggests the different ways of improving the welfare between producers and consumers.
  5. Used in the formulation of public policies - Microeconomics helps the government in formulating different economic policies.

Factors that determine shifts in labor supply

  1. Number of employees Increased number of workers, can be caused by;
    • Immigration
    • Increased population
    • An ageing population

    On the other hand, decreased number of workers can be caused by

    • Increased death rates
    • War and crime
    • Emigration, etc.
  2. Education levels – When education levels are higher, the supply is lower.
  3. Government policies – Government policies can either positively or negatively affect labor supply. This can happen through sponsoring education programs or increasing or decreasing qualifications of courses in certain fields.

Questions for economicshomeworkhelper.com

The quickest way to study for your homework is through lecture notes and textbooks. Your homework will likely be based on the microeconomics topic you recently completed. Ensure that you go through the notes to better understand the concepts taught. Practice a lot with the mathematical questions and questions that require graphs, such as the topics of demand and supply.
Practicing with past questions is one way of ensuring that you pass microeconomics. Since the concepts taught are similar, it is likely, that your homework will just be different variations of questions in past papers. Do not memorize concepts without understanding them. Instead, explore different ways in which homework questions are asked and how microeconomics concepts are applied.
Microeconomics studies the behavior and choices of individuals in the economy. The 5 key principles you will encounter in microeconomics homework questions are scarcity, choice, opportunity costs, supply, and demand. Homework questions given will examine individual choices and different markets in the economy. You can also expect questions on how different factors affect the supply and demand of products.
Answering questions correctly is what will give you an A+ in your microeconomics homework. Always study hard beforehand. Understand microeconomics fundamental concepts to ensure that you can answer both direct and application questions correctly. Be concise and direct with your answers. Practice often to explore different types of homework questions and how they should be answered.
Depending on the length and complexity of your homework, plan accordingly to ensure that there is sufficient time to tackle each question. Familiarize yourself with the key concepts beforehand, and allocate time for extra research. Follow the instructions in terms of word count and formatting of your homework. Always include the references used within your work to avoid plagiarism.
Start by reading and understanding the homework instructions. Next, create a structure of how your final draft will look like. Do not skip the research. Include headings and subheadings in your homework to ensure that you answer the questions sufficiently and that you equally explain all your points. Always edit your economics homework before submitting the final draft.
Macroeconomics homework questions will mainly incorporate these 3 key concepts; inflation, unemployment, and economic growth. You can expect direct questions on, say, causes of inflation and unemployment or application questions like how a certain factor contributes to economic growth. To excel in macroeconomics, study and understand the different ways these 3 topics are examined in homework questions.
Study hard and practice even harder. Master the 3 key concepts; inflation, unemployment, and economic growth, then find ways to practice their application. Most of the homework questions you will encounter will be on application rather than memorization. As such, practicing how to answer such questions is how you can get an A+ on your macroeconomics homework.
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