We have a clear classification of the term economics. Microeconomics is the first branch and macroeconomics is the second component. Both of these branches have their own importance. If you need an A+ in your coursework, you have to work out both macro and micro.
We are well versed about the importance of economics as a whole; however, microeconomics plays a vital role in it. For a naive person, it is immaterial that how the price of the commodities is changing or how demands and supply principle works, however, it means a lot to the people who are directly impacted by this volatility. Microeconomics throws light as to how the goods and services produced are distributed among the various people for consumption through the market mechanism.
We provide assistance to the students around the clock. However, we request you to keep one thing in mind while taking help from us. We strongly recommend them to use the work provided by us as reference material. Following this practice, one can learn a lot and grades would become immaterial. Many of the university students from Australia, UK and The USA, have followed the guidelines provided by our experts, and they managed to grab good grades.
Definition and concept of Microeconomics
Wikipedia defines Microeconomics as an area dealing with the individual household behaviour and behaviour of the firms in decisions making on the resource allocation. The main areas where we can find the application of microeconomics are the markets where goods or services exchange takes place. It helps in examining the effect of decisions and behaviours on the supply and demand for goods and services. As a result, we can determine prices and how prices help in the determination of the supplied quantity and quantity demanded of goods and services.
One of the primary goals of Microeconomics is market mechanisms analysis. This market analysis facilitates in establishing relative pricing amongst goods and services. It also helps in the judicial allocation of limited resources amongst multiple alternative uses. It analyses the reason for market failure when markets fail to show optimized and efficient results. It provides the theoretical conditions needed for perfect competition.
Unit-2 Microeconomics Assignment Help
Topics under Microeconomics that are important for assignment writing
Microeconomics is a broad area, and it is not possible for us to highlight every concept related to this particular field, however few of the important topics that you should understand are:
- Game Theory: This is one of the most important areas used by managers in decisions making. Managers use Game theory models in making better decisions regarding price and output. As managers work in interactive payoff environments, they need a framework that anticipates the actions of others. There is a couple of game theory, techniques that are used by many organizations are Two-Person Games: In this game, the player can be single-player or can also be an organization- is a decision-making unit with a certain amount of resources. The rules of the game describe how these resources can be utilized. Another technique is the Nash equilibrium.
- Classic duopoly model of Cournot: This provides a detailed explanation of reaction functions for the firms under consideration. Classic duopoly model covers the concept of profit maximization, the Nash equilibrium evaluation using the intersection method.
- Externalities and Market Failure: Externalities and Market Failure is an area of Microeconomics used to examine the reasons for market failure. The problem of the social cost falls under this section.
- Behavioural Economics: The study of behavioural economics includes how market decisions are made and the mechanisms that drive public choice, such as biases towards promoting self-interest. There are three prevalent themes in behavioural finances: Heuristic that includes the decision-making a process of people based on the thumb rule and not the strict logic. This also covers the market inefficiencies which include the non-rational decision-making assignment help.
Applications of applied microeconomics in different sectors
Applied microeconomics includes many specialized study areas, many of which draw on methods from other fields. It is the field applicable in industrial organization.
Assignments on Labour economics examines employment, wages and dynamics of the labour market. Another niche area of financial economics considers topics such as the rate of return to capital, optimal portfolio structure, security, returns using econometric analysis, and the behaviour of corporate financial. There is a need to examine government tax and expenditure policy design. Public Economics provides a platform for the same. Economics touches almost every facet of the country and politics is not an exception. The political economics homework determines the role that political institutions in determining policy outcomes.
Health care system of the economy is examined with the help of Health economics assignments. This branch covers the role of the health care workforce and health insurance programs. We have a special branch for the urban area. Urban economics examines the challenges faced by cities, such as air and water pollution, poverty, traffic congestion and covers urban geography and sociology. Law and economics apply microeconomic principles to the selection and enforcement of competing legal regimes and their relative efficiencies.
Why Online assignments help service from AllAssignmentHelp beneficial?
Allassignmenthelp has a team with expertise and experience in academic projects. Our team has professionals with relevant industry experience, who are focused on helping students with their homework. We work on the fundamental of ASAP, which means Affordability, Plagiarism free solution, Availability, and Professionalism. We are a team of professionals who tries to help you with every academic check.
1. Our professional tutors always work in sync with the requirements given to us, and this makes our assignment solution an ideal one.
2. Plagiarism is a demon that haunts everyone. Anyone can copy-paste from the internet and hand it over to you. However, we have plagiarism detection tools, like Turnitin and Grammarly to rule out the possibility of any plagiarism issue.
3. Our service comes with a guarantee. We ensure a minimum of 2:1 grade
There are no barriers to borders. We provide Economics assignment help to the students based in Australia, the UK, New Zealand and the US. We appreciate your stay and looking forward to a long professional relationship