Moreover, all our papers are scanned for plagiarism by our editor before they are ready for submission. to. The final submission should first determine whether the market structure of the industry in which your chosen company operates is perfectly competitive, monopolistically competitive, oligopolistic, or monopolistic. The greatest of these is depth in understanding of how a free private enterprise economy operates.” Further, it tells us how the goods and services produced are distributed among the various people for consumption through price or market mechanism. They thus help not only to describe the actual economic situation but to suggest policies that would most successfully and most efficiently bring about desired results and to predict the outcomes of such policies and other events. Besides, microeconomics finds application in the various problems of international economics. Assuming that boat producers operate in a perfectly competitive market:(a) Using diagrams, … Before publishing your Articles on this site, please read the following pages: 1. As you probably understand, it’s significantly more difficult to write a high-quality term paper rather than an ordinary essay, that’s why these economics research paper topics have to be complex and multifaceted. In Module Five, you will submit the production and costs component of your microeconomic analysis paper. Microeconomic Analysis, Third Edition by Hal R. Varian (1992-03-17) Hardcover – January 1, 1720. In Module Seven, you will submit your microeconomic analysis paper. It should be a complete, polished artifact containing all of the critical elements of Final Project Part I, including Sections I and IV, which were not covered in the milestones. As soon as you complete payment for your order we assign a suitable writer capable of handling your assignment immediately. This is in contrast to macroeconomics, which focuses instead on the economy of an entire nation as a whole. Thesis Writing Microeconomics also shows what factors cause departure from these efficiencies and result in the decline of social welfare from the maximum possible level. a) Determine the extent to which the supply and demand of your chosen product or service are sensitive to changes in price by applying the concept of elasticity. Microeconomic theory reveals that when the externalities exist free working of the price mechanism fails to achieve economic efficiency, since it does not take into account the benefits or harms made to those external to the individual producers and the consumers. The Third Edition. General equilibrium analysis is the microscopic examination of the inter-relationships of parts within the economy as a whole. SUPPLY, DEMAND, AND MARKET EQUILIBRIUM I. On this basis, microeconomic theory suggests suitable policies to promote economic efficiency and welfare of the people. Like monopoly, monopsony (that is, when a single large buyer or a combination of buyers exercises control over the price) also leads to the loss of welfare and therefore needs to be controlled. Referencing Styles : Harvard Question 1 (200 words) Many boats are made of fiberglass, which is derived from petroleum. Microeconomic Analysis Paper. Microeconomic analysis is the study of how the actions of individual people and business firms affect the economy. Microeconomic theory takes the total quantity of resources as given and seeks to explain how they are allocated to the production of particular goods. Microeconomic theory spells out the conditions of efficiency (i.e., for the elimination of all kinds of inefficiency) and suggests how they might be achieved. We have noted above that microeconomics reveals how a decentralised system of a free private enterprise economy functions without any central control. Perfect competition is said to exist when there are so many sellers and buyers in the market so that no individual seller or buyer is in a position to influence the price of a product or factor. Don't use plagiarized sources. Submit All your files, such as rubrics, instructions, and essential sources given to you by your instructor. 3. This paper presents an analysis of the distribution of households’ participation in the debt market and their indebtedness level according to some relevant socio-economic and demographic characteristics of households. Further, microeconomic analysis is applied to show the gain from international trade and to explain the factors which determine the distribution of this gain among the participant countries. II. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Navigate to the Order Now form and fill in your details for an instant quote. 280 PART 1 Microeconomic Analysis to 3. When such efficiency is achieved it is no longer possible by any redistribution of goods among the people to make some people better off without making some other ones worse off. General Motors Company One of the most successful motor companies in the United States is General Motors (GM). In spite of the popularity of macroeconomics these days, microeconomics retains its importance, theoretical as well as practical. Simplified models and key definitions will help you to understand microeconomics. For instance, in microeconomic analysis we study the demand of an individual consumer for a good and from there go on to derive the market demand for the good (that is, demand of a group of individuals consuming a particular good). This essay on Microeconomic Analysis was written and submitted by your fellow student. He writes, “Microeconomic theory facilitates the understanding of what would be a hopelessly complicated confusion of billions of facts by constructing simplified models of behaviour which are sufficiently similar to the actual phenomena to be of help in understanding them. These would have to include directives for adjusting to continual changes in the availabilities of millions of productive resources and intermediate products, in the known methods of producing everything everywhere, and in the quantities and qualities of the many items to be consumed or to be added to society’s productive equipment. Particularly in the wake of the Lucas critique , much of modern macroeconomic theories has been built upon microfoundations —i.e. Select one situation from the items outlined below: A toD. Fourth, it defines the industry and the market equilibrium associated with the product or service. The existence of these externalities requires government intervention for correcting imperfections in the price mechanism in order to achieve maximum social welfare. Microeconomics occupies a vital place in economics and it has both theoretical and practical importance. In Module Three, you will submit the supply, demand, and market equilibrium component of your microeconomic analysis paper. Dissertation Writing Services Consumer Demand Theory. This in turn upsets the adjustment of others again and so on. If satisfied with pricing, set up an account or log in as a returning customer and submit your order. As Professor Watson says, “microeconomic theory explains the composition or allocation of total production, why more of some things are produced than of others.”. Both microeconomics and macroeconomics analyse the economy but with two different ways or approaches. Economic efficiency involves three efficiencies; efficiency in production, efficiency in distribution of goods among the people (This is also called efficiency in consumption) and allocative economic efficiency, that is, efficiency in the direction of production. During this process, you can track your order with our customer support team who will keep you updated with all progress. 1. Micro analysis: • Film: Blade • Year: 1998 • Director: Stephen Norrington In this micro analysis I will be analysing the film Blade which was produced in 1998 and directed by Stephen Norrington. Similarly, microeconomics brings out the welfare implications of oligopoly (or oligopsony) whose main characteristic is that individual sellers (or buyers) have to take into account, while deciding upon their course of action, how their rivals react to their moves regarding changes in price, product and advertising policy. Justify your selections. If any changes are needed, request a revision to be done. b) Analyze the factors that impact your choice of inputs to produce the chosen product or service. The micro elements I am going to focus on are Mise-en-scene and cinematography. b) Select two nonprice factors that impact the demand of your chosen product or service. It is in this context that a large part of microeconomic theory is concerned with showing the nature of departures from perfect competition and therefore from welfare optimum (economic efficiency). Share Your Word File No doubt, microeconomic theory mainly makes particular or partial equilibrium analysis, that is, the analysis of the equilibrium of the individual economic units, taking other things remaining the same. heroism drama creative essay into the wild love cultural identity world war 2 motivation obesity in america french revolution the story of an hour overpopulation textual analysis manifest destiny heaven and hell. This milestone will be graded with the Part I Milestone Two Rubric. The whole content of microeconomic theory is presented in the following chart: It is generally understood that microeconomics does not concern itself with the economy as a whole and an impression is created that microeconomics differs from macroeconomics in that whereas the latter examines the economy as a whole; the former is not concerned with it. How does the microeconomic theory of fertility relate to the theory. Case Study Writing Keep your company’s current business strategy in mind in your response. Overview. Microeconomic analysis attempts to explain the behavior of individuals and organizations in a given economy. There are two parts to the final project in this course. Contents MEC-101 Microeconomic Analysis Previous Year Question Papers MEC-101 Microeconomic Analysis Previous Year Question Papers Download in English Download in Hindi Title Name MEC-101 Previous Question Papers University IGNOU Service Type Previous Question Papers (Soft copy/PDF) Course M.A. It is a healthy and drug-free environment to describe is to ask yourself, being absolutely trusting, can you … Departure from perfect competition leads to a lower level of welfare, that is, involves loss of economic efficiency. Thus, not only does microeconomic theory describe the actual operation of the economy, it has also a normative role in that it suggests policies to eradicate “inefficiency” from the economic system so as to maximize the satisfaction or welfare of the society. Justify your response. It shows how the relative prices of various products and factors are determined, that is, why the price of cloth is what it is and why the wages of an engineer are what they are and so on. We accept a variety of payment methods such as VISA, PayPal, MasterCard, American Express, Amex, Discover, Maestro among others. From there we go on to establish price-output fixation by an industry (Industry means a group of firms producing the same product). (1) What goods shall be produced and in what quantities, (3) How the goods and services produced shall be distributed, and. b). In microeconomic theory we discuss how the various cells of economic organism, that is, the various units of the economy such as thousands of consumers, thousands of producers or firms, thousands of workers and resource suppliers in the economy do their economic activities and reach their equilibrium states. It is microeconomics that tells us how a free-market economy with its millions of consumers and producers works to decide about the allocation of productive resources among the thousands of goods and services. Custom Essay Writing Microeconomics fills this purpose by providing analysis on a smaller scale. a) Determine whether the market structure of the industry in which your chosen company operates is perfectly competitive, monopolistically competitive, oligopolistic, or monopolistic. Once completed, your order is placed in editing status until Editors approve the order. Once this is achieved, then by producing some goods more and others less by any rearrangement of the resources will mean loss of satisfaction or efficiency. Do you think that economic incentives and disincentives influence family size decisions? Modern economy is so complex that a central planning authority will find it too difficult to get all the information required for the optimum allocation of resources and to give directions to thousands of production units with various peculiar problems of their own so as to ensure efficiency in the use of resources. d) Define the industry related to your chosen product or service and the market equilibrium associated with the product or service. “Microeconomics consists of looking at the economy through a microscope, as it were, to see how the millions of cells in the body economic-the individuals or households as consumers, and the individuals or firms as producers—play their part in the working of the whole economic organism.”- Professor Lerner. This is to see how fast one variable response to a change in another variable. Share Your PDF File This positioning in the heart of the American automobile industry generated numerous benefits along the years, the most outstanding one being the easy access to the developments made in the field. It also makes important and useful policy recommendations to regulate monopoly so as to attain economic efficiency or maximum welfare. Professor A. P. Lerner rightly points out, “Actually microeconomics is much more intimately concerned with the economy as a whole than is macroeconomics, and can even be said to examine the whole economy microscopically. Words. Support your response with data and graphs illustrating two performance variables of your choosing (e.g., sales, net income, stock price) over time. Microeconomic theory shows that welfare optimum of economic efficiency is achieved when there prevails perfect competition in the product and factor markets. Efficiency in consumption consists of distributing the given amount of produced goods and services among millions of the people for consumption in such a way as to maximize the total satisfaction of the society. Be sure to support your decisions with examples or data. Microeconomics studies the economic actions and behaviour of individual units and small groups of individual units. Thus the demand and supply sides have to be analysed in order to explain the determination of prices of goods and factors. We have seen how economic efficiency is obtained when the “cells” of the economic organism, the households and firms, have adjusted their behaviour to the prices of what they buy and sell. Instead, in microeconomics we discuss equilibrium of innumerable units of the economy piecemeal and their inter-relationship to each other. Individuals, in terms of how they make decisions on consumption depending on the money they earn and the price of the products they consume, are at the heart of microeconomic analysis… Even if efficiencies in consumption and production of goods are present, it may be that the goods which are produced and distributed for consumption may not be those preferred by the people. Economics thus has descriptive, normative and predictive aspects.”. Get Your Custom Essay on . Support your response with data and graphs illustrating two performance variables of your choosing (e.g., sales, net income, stock price) over time. Term Paper Writing Get papers Solutions from Premium Tutors 24/7. 1. These conditions (called Pareto-optimal conditions) can be of the greatest help in raising the standard of living of the population.”. Content Guidelines 2. All your information is private and confidential, no third party has access to your information. c) Based on this analysis, what production decisions would you make? Thus, the theory of product pricing and the theory of factor pricing are the two important branches of microeconomic theory. Microeconomic Analysis has been a fixture of graduate programs in economics for fifteen years, providing unique authority, clarity, and breadth of coverage. Admission Essay Writing, © 2008 - 2020 PAPER HELP CENTER. Make your payment Finally, your paper should answer the following question: How would possible changes in the industry’s market structure impact your chosen company’s business strategy in the future? No previous … The extent to which the supply and demand of Apple iPhone. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. Research Proposal on General Motors Microeconomic Analysis of General Motors Assignment The General Motors Corporation was founded in 1908 in Detroit, Michigan by William Crapo Durant. Microeconomic Analysis of Coca-Cola. Second, it explains how two nonprice factors impact the demand of your chosen product or service. To Understand the Working of the Economy: The study of macroeconomic variables is indispensable for understanding the working of the economy. Complete the paper on the selected situation as specified below. Suppose the price of petroleum rises. This is called general equilibrium analysis in contrast with particular equilibrium or partial equilibrium analysis. See the grading rubric at the end of this document.Be sure to use the DeVry library for finding data; avoid … To quote Professor Lerner again, “Microeconomics teaches us that completely ‘direct’ running of the economy is impossible—that a modern economy is so complex that no central planning body can obtain all the information and give out all the directives necessary for its efficient operation. to. In other words, in microeconomics we make a microscopic study of the economy. We do not resale papers are your papers are kept safe and secure, Our Professional Team of Writers and 24 Hour Support/Response are always here to provide you with High Quality Essay Writing Services, On time Delivery and Plagiarism Free, Research Paper Writing NBER Working Paper No. The allocation of resources to the production of various goods in a free-market economy depends upon the prices of the various goods and the prices of the various factors of production. Question 1 (5 marks, 200 words) (a) Thomas Malthus reasoned that because the amount of land is fixed, as population grows and more and more labour is applied to land, the productivity of labour in food production would decline, leading to widespread famine. f) Based on the predicted changes, what decisions related to supply and demand for your product or service would you make? The vast task can be achieved, and in the past has been achieved, only by the development of a decentralised system whereby the millions of producers and consumers are induced to act in the general interest without the intervention of anybody at the centre with instructions as to what one should make and how and what one should consume. After editing, you can check your paper in the preview mode. You can view samples of our professional work here. Essay Writing; My account Order now Call us 24/7: +1 (972) 666-7943; Order Now. 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