EC139 Principles of Microeconomics Assignment Example
What to Write About in an Economics Essay for EC139 Ireland’s University of Galway
The study of the production, distribution, and consumption of goods and services is known as microeconomics. Most people associate the study of markets with microeconomics. Numerous principles are included here that can be used in any type of decision-making process. You will learn the fundamentals of microeconomic theory in this course. A wide range of real-world examples will show you how these concepts are put into practice.
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EC139: Principles of Microeconomics Assignment Answers
Individual and group assignments, reports, case studies, and final year projects are just a few of the many types of assignments students will encounter during this course. We will also provide solutions for these types of assignments, as well as others, as they come up.
The student should be able to do the following at the end of this course:
Examine economics as a social science and its scientific method of inquiry in this assignment’s first task.
A key focus of economics is how people make efficient use of limited resources to meet their seemingly insatiable wants and needs. It’s a social science because it focuses on the study of human actions. As a scientific discipline, it uses the scientific method of inquiry, which is a methodical approach to asking and responding to questions.
Hypotheses and theories about human behavior are put to the test using the scientific method. Listed below are the steps in the scientific method of inquiry:
Decide what the issue is that needs to be addressed.
Find out everything you can about the issue in order to come up with a solution
Create a hypothesis to help you find an answer to your query.
Analyze the data you’ve collected to see if your hypothesis holds up.
Draw conclusions based on the data and analysis you’ve gathered, and back them up with evidence.
Assignment Activity Core principles of microeconomics should be used, appreciated and recognized
Markets are explained in microeconomics by a number of fundamental principles. Some examples of these ideas are:
The principle of supply and demand states that the market price of a good or service is determined by the supply and demand for that good or service.
Using marginal analysis, a decision should be evaluated based on the additional benefits gained from a marginal increase or decrease in one of its factors.
What you give up in order to make a choice is considered the cost of that choice. In making a decision, you must consider the value of the second-best option you could have chosen instead.
There is a theory known as elasticity that states that when something can be easily substituted or supply or demand changes, the quantity demanded or supplied will change more than normal.
When resources are limited, people have to make trade-offs when making decisions, according to this principle. A choice has a cost, and the cost of a choice is the value you give up as a result of making it.
The equilibrium price of a good or service determines its price, according to this principle. The market forces of supply and demand determine the equilibrium price of a product based on how much consumers are willing to pay for it.
A market’s price is determined by supply and demand, which are affected by the government’s policies and the structure of the industries in the market. Monopoly, perfect competition, oligopoly, and monopoly are the most common forms of business organization in the industrialized world.
Develop an understanding of the market economy, including markets, demand, and supply.
When we talk about “commodity” markets, we’re referring to a single product, such as a commodity. It is possible for firms to set their own prices and production levels in this market structure.
There are three primary types of markets in the majority of countries:
Sellers and buyers connect directly or indirectly through a mediator in primary markets. Primary markets include, for example:
Selling their crops to a nearby buyer.
Customers and businesses can buy directly from the manufacturer.
IPOs are public offerings of a company’s products to the general public.
Second-hand goods: Buyers and sellers who aren’t part of the primary market can connect through these secondary markets. The following are some examples of secondary markets:
The stock market is a venue for individuals and businesses to trade ownership stakes in one another.
Debt instruments are bought and sold in this market.
Buyers and sellers in the foreign currency market can trade various currencies.
Secondary and tertiary industries: People who don’t participate in the primary or secondary markets can trade here. In the tertiary market, for example,
A used car dealer is selling a vehicle from one person to another.
A business that contracts with a third party to do some of its work
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The amount of a product or service that consumers are willing to purchase at a given price is known as demand. Graphically, a demand curve shows how much a product is in demand. When the price of a product changes, the demand for that product shifts accordingly.
Law of demand states that when the price of a good rises, the quantity demanded decreases and vice versa, if all other factors are equal. The more expensive a product is, the fewer people are willing to buy it.
A rise in demand shifts the demand curve to the right, and a fall in demand shifts it to the left. The following is a list of the variables that influence changes in supply and demand:
Changing the price of a substitute or complementary product can affect your decision to purchase the product in question. Demand for chicken will rise in response to an increase in the price of beef.
Most goods and services are more popular when people have more money to buy them. This is due to the fact that people have more money to spend and are able to purchase more goods.
In the long run, the demand for a particular product will change due to changes in consumer tastes and preferences over time. Organic food, for example, has seen an increase in popularity recently due to an increase in health-conscious consumers.
Population changes: The demand for goods and services will rise as the population of a country rises. Housing and medical care services, for example, are likely to be in greater demand as Canada’s population grows.
People are more likely to buy a product now rather than wait for the price to rise if they believe it will rise in the future. Due to a hurricane, for example, people are more likely to fill up their tanks today rather than wait until tomorrow morning.
The amount of a product or service that can be sold at a given price is known as supply. Using a graph, the supply curve depicts the amount of a product that is available for purchase. It demonstrates how changes in price affect supply and demand.
The law of supply states that if the price of a good rises, the supply will rise as well, and the opposite is true. There is a positive correlation between a rise in the supply of goods and a downward correlation between the two. The following list summarizes the variables that influence supply and demand:
If the price of a substitute or complementary good rises or falls, you may be less inclined to produce the original product. For instance, if the price of corn rises, the amount of corn flakes available will be reduced accordingly.
Technology: Technology advancements can increase supply by making goods and services more efficient to produce.
Production costs: Wage, raw material, and energy cost increases all lead to an increase in the product’s price and a decrease in supply.
Supply can be disrupted by extreme weather conditions, such as floods or droughts.
Regulators: The willingness of producers to supply can be affected by changes in government regulations. An increase in production costs and a decrease in the supply of certain goods can be caused by new environmental regulations, for example.
Economy of the Market
People and businesses make economic decisions in the market economy in order to maximize their profits. Market prices are determined by the interplay between supply and demand in a free market economy.
In a free and competitive market economy, economists believe:
Businesses set prices so that they don’t make any money.
The market price of a good or service multiplied by the amount of output produced is the amount of output produced by a firm at its marginal cost equals its marginal revenue.
Prices are taken as given by consumers, who decide how much to buy based on their willingness and ability to pay.
The amount of goods and services produced is maximized given the available resources, which means that the allocation of resources is effective.
This means that the quantity of a good or service demanded is equal to the quantity supplied at every price.
Buyers and sellers work together in the market economy to produce and exchange goods. Market economics are based on supply and demand, which determines the price of goods and the allocation of resources.
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Understand the costs of production and market structures (Assignment 4).
Market prices are determined by the interplay between supply and demand in a free market economy. We must first understand the concepts of cost, production, and market structure in order to understand how this works.
To get something, you must first give up something else. What you pay for a product or service is referred to as its cost. The amount of money it takes to produce a product or service is known as the production cost. Fixed costs, variable costs, and opportunity costs are all components of the total cost of production.
When the quantity produced changes, fixed costs, such as the rent on the property used to produce goods, remain the same, regardless of the change.
Raw materials and labor are two examples of expenses whose prices fluctuate according to the number of units produced.
When a decision is made, the profit that could be earned by selling a good instead of producing it is an example of an opportunity cost.
Making products and services is what we mean by the word “production.” Primary and secondary production are the two types of production.
Mineral extraction, timber harvesting, and fisheries all fall under the purview of primary production.
For example, manufacturing and construction are two examples of secondary production.
Market structures are the various ways in which markets can be arranged. A monopoly, oligopoly, monopolistic competition, and perfect competition are the most common market structures.
A good or service has a monopoly market structure if there is only one manufacturer. One or two companies are the primary suppliers of the product or service in an Oligopoly market structure. A good or service can be produced by more than one company, but they all produce the same product. When there are multiple producers of a product or service, each one produces a unique version of that product.
Only one person or company can produce a product or service in this type of market. It is the market price of a good or service, multiplied by the amount of output produced, that determines the amount of output that a monopoly produces.
Exclusive control of a necessary resource, government licensing or franchises, and patents and copyrights are the main sources of monopoly power.
The market structure in which a product or service is produced by a small number of companies. In an oligopoly market, no one can make a profit, so firms set prices as low as possible.
Economies of scale, product differentiation, and collusion are the primary oligopoly power sources.
Monopolies and Monopoly Power
When there are multiple manufacturers who all produce similar goods or services, this is known as a “multiple market structure.”
Market prices for goods and services are multiplied by the amount of output produced in monopolistic competition to arrive at firms’ marginal revenue, which is equal to their marginal cost in monopolistic competition.
The Ultimate Battle
Various goods and services are produced in a market structure where many producers are involved.
MR = MC, the market price of the good or service, less the marginal cost of producing an additional unit of output, is where firms produce in a market where perfect competition is guaranteed to exist
Analysis of microeconomic issues and problems is the focus of Assignment 5.
Market saturation, monopolies, and price gouging are all examples of microeconomic problems. Microeconomic issues are those that have a direct impact on a single company or individual consumer. Problems in microeconomics that are frequently encountered:
There is no more room for new businesses to enter and compete in a saturated market. Monopolies and oligopolies are possible outcomes of this.
Price gouging occurs when a supplier raises the price of a product or service significantly during a time of economic distress.
It’s known as “monopoly power” when a business has control over its own prices in both the up and down directions.
Discounting the price of an item depending on how much a customer is willing to pay.
Negative side-effects caused by consumption, which can lead to market inefficiency (ie; air pollution).
Assignment 6: Acquaint yourself with economics’ formal models and techniques.
Mathematical models, statistical models, and game theory are all examples of economics’ formal models and techniques.
The study of strategic decision-making through the use of game theory In economics and political science, game theory is frequently used to examine the actions and interactions of individuals and how they influence their opponents’ decisions, which can lead to different outcomes. It is possible to use game theory to analyze oligopolies, such as price competition or non-price competition (exclusionary practices), and to see how these strategies affect the market.
Economic theories can be represented more precisely through mathematical models. Economists can gain a deeper understanding of the interrelationships between various variables by employing mathematical techniques. For example, supply and demand curves can be plotted on a coordinate plane to show the relationship between price and quantity.
Data from the real world is used to build statistical models that can be compared to other similar data sets. Statisticians can test hypotheses about a data set by gathering, organizing, and analyzing large amounts of data. Using regression analysis, for example, it is possible to determine how a variable (such as the price of a product) affects another variable (e.g. quantity).
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