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Microeconomics Concepts and Principles

Let's get more knowledge on the core concepts and principles of Microeconomics.<br><br>Source: https://www.assignmentachievers.com/service-detail/microeconomic assignment help

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Microeconomics Concepts and Principles

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  1. Microeconomics: Conceptsand Principles

  2. Contents Introduction Componentsofmicroeconomics Principlesofmicroeconomics Microeconomicsv/sMacroeconomics Conclusion

  3. Introduction Microeconomicsisthefieldofeconomics that studies thedecision ofconsumerbehaviorwithinthe economy,suchasindividuals, households,andfirms.

  4. ComponentsofMicroeconomics Elasticityofdemand MarginalUtility ElasticityofSupply MarketStructures

  5. ElasticityofDemand Elasticdemandhappenswhenthequantityofgoodsor servicesdesiredfluctuatesinproportiontopricevariations. MarginalUtility Marginalutilitymeanstheadditionallevelofsatisfactionor benefitsthatanindividualgetbyconsumingthegoodsor services.It'saconceptusedbyeconomiststoknowhow manypeoplearewillingordesiredtotaketheproduct.

  6. ElasticityofSupply Thepriceelasticityofsupplyisatermusedineconomicsto showhowresponsiveorelastictheamountofanitemor servicethatissuppliedistoachangeinitsprice. MarketStructure Marketstructuredescribesthewayvariousindustriesare classifiedandachievetheparticularonhowfiercelyandin whatwaystheycompetewithoneanotherforcustomers' goodsandservices.

  7. Principlesof Microeconomics DemandandSupply OpportunityCost LawofdiminishingMarginalUtility Giffengoods

  8. DemandandSupply Whendemandexceedssupplyoveraperiod,supplierseither increasethesupplyorincreasetheprices.Aspricesgoup, demandwouldideallyreducesincethenumberofpeoplewho canaffordgoesdown. OpportunityCost Aconsumerwhoalsomakesdecisionshasalimitedbudgetandanunlimitednumberofwaystospendthatmoney.Theopportunitycostisthepriceaconsumerpayfornotchoosingthebestalternativeoption.

  9. LawofDiminishingMarginalUtility Whendemandexceedssupplyoveraperiod,supplierseitherincreasethesupplyorincreasetheprices.Aspricesgoup,demandwouldideallyreducesincethenumberofpeoplewhocanaffordgoesdown. GiffenGoods Giffengoodsareessentialswhoseincreasedpriceshavenoimpactonsales.Giffen goodsisuniqueduetothe priceanddemandrelation.Theseare rationalchoices whenbuyersarewillingtospendhighereveninthefaceofpricehype.These extraordinaryitemsarereferredtoas"Giffengoods,"withapositivelysloping demandcurve.

  10. Microeconomicsv/sMacroeconomics Microeconomicsis thefieldof economicsthatstudiesthe decisionofconsumerbehavior. Theconnectionamongvarious countriesandhowthepoliciesof onehaveanimpactontheother isexaminedinmacroeconomics. Demandandsupply NationalIncome Productiontheory RevenueandInflation Laboureconomics

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  12. THANKSFORWATCHING

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