Microeconomics is the field of economics that studies the behavior of individuals and helps in allocating resources and interactions among different firms. Microeconomics assignment helps students to get the connection between inflation, growth, unemployment with national issues.
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What Microeconomics is all about?
The two major factors on which the behavior of microeconomics depends are demand and supply. The aim of microeconomics is to analyze the market mechanisms that help in establishing relative prices among goods and services and allocate resources amid alternative uses. Microeconomics deals with individuals and firms. This focuses on the effects of economic policies on microeconomic behavior. It is social science that studies the association of incentives and decisions. Microeconomics provides a more complete understanding than macroeconomics. It shows why different goods have different values and how individuals can coordinate best with one another. According to the microeconomics principles, macroeconomists develop various types of models based on observed human behavior and then test these models on real-world situations or observations.
Types of Microeconomics
Microeconomics refers to price theory as prices or cost is the core of microeconomics. There are three types of microeconomics-
Micro Statics: It is the method of analysis that studies the relationship between different micro variables at a given point of time under conditions of equilibrium. This studies the static relationship between two principle variables that are demand and supply, at the specific situation, these variables are called microstates. Micro studies the equilibrium price of the commodity at a particular time.
Micro Dynamics: Microdynamics refers to the position of equilibrium in which a system passes from one position of equilibrium to another. Change in time and other factors are dynamic hence they lead to change in demand and supply and change in equilibrium. This also tells about the disequilibrium and how does it move towards equilibrium.
Comparative Micro Statics: It focuses on comparing the equilibrium position of the relations between micro variables at different points of time. It throws no light on the conversion from one position of equilibrium to that of another.
Theories of Microeconomics
This refers to rational choice which means the general theory of how people make choices. The theory explains the consumer’s choice of what type of goods and services to purchase and in what amounts. It begins with the single objective analysis and individual utility maximization.
The number of Theories Are:
- Theory of Consumer Demand: It refers to the correlation between consumer preference and consumer expenditure. Due to budget constraints, consumers have to achieve a balance between expenses and preferences by optimizing utility.
- Theory of Opportunity Cost: This focuses on the next best alternative available is known as opportunity cost. This theory refers to the loss and the benefit that could have been achieved if the best alternative choice was chosen. The main motto of this theory is the efficient use of scarce resources.
- Theory of Production Input Value: The price or cost of an item is determined by the inputs spent on it to create the final product. The inputs can be referred to as production factors like land, capital, taxation, and labor. The value of a product is fixed by looking at the cost of producing that particular product and charging that value from customers.
- Production Theory: It explains how the business decides the number of raw materials that are necessary to produce the number of items that need to be sold. On the one hand, it defines the relationship between quantity and price of commodity and production factors on the other.
Importance of Microeconomics in Curriculum
This approach helps students to understand the practical working of the economy. Economics is such a complex and complicated subject for a layman to understand. Therefore, Microeconomics makes easy comprehension of the economic system. It provides techniques and tools that formulates various strategies and economic policies. This field of study determines the level of satisfaction, the standard of living and analyses the condition of the welfare of people. It also provides students to understand of the implication of taxation policies. So, students who are interested in analyzing and researching market conditions with the changes in demand and supply of commodities often opt for this course. They learn to explore the various concepts related to microeconomics. And to make these concepts more clear, professors assign them various projects, assignments, or surveys, etc. But sometimes, students don’t get enough time to cope up with microeconomics assignment because of complex terms and many other reasons.
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