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Help with Microeconomics Assignment

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Help with Microeconomics

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Economics is one of the many subjects in which we have our expertise. Microeconomics is often termed as the first branch of economics and macroeconomics is termed as the second branch. Both of these subjects have a lot of importance and if a student wants to excel in economics then he or she must understand both macro as well as microeconomics well. Even though economics is an extremely important and valuable subject on its own, it still cannot survive without its primary component that is microeconomics. For a normal individual, the hike in price would not matter much but the people who are working in the area of economics would be affected adversely if the price of even one commodity increases. Therefore, it is important for such people to study microeconomics in a proper manner so that they can be aware of the procedure where goods and services are distributed among people through a proper market mechanism.

In order to facilitate the learning process, we at MakeMyAssignments are here to provide the students with assignment assistance in the area of microeconomics. Even though we provide complete assignment assistance to the students, we would highly recommend that our material only be used as reference because this way the students Australia, UK and US would be able to learn and grow a lot.

Definition as well as the concept of microeconomics:

Microeconomics can be referred to as that subject that deals with the behavior of the households as well as the different organizations at the time of making suitable decisions for resource allocations. The main area where microeconomics is applied is where the exchange of both goods and services take place. In this particular area microeconomics help us in identifying the different behaviors of people on the demand and supply of goods and services. Microeconomics helps an individual in the analysis of the market which would eventually help them to understand of how the pricing of certain goods and services have been done. Also, how these prices affect the supply and demand of these products.

Important topics to be covered under Microeconomics

There are a number of important topics which come under the area of microeconomics which should be studied well in order to excel in the subject and are as follows:

  1. Game Theory: This is one of the most important topics which are used by the managers where they can take appropriate decisions in regard of both price and output. Since the environment is extremely confusing and unpredictable therefore, all the managers working in this area need a proper framework using which they can make better decisions.
  2. Market failure: The reason as to why a particular market fails or succeeds can be ascertained through the means of microeconomics.
  3. Behavioral Economics: This branch of economics explains how decisions are made in a particular market and how it will directly affect the choice of a particular consumer group.

Application of Microeconomics

Microeconomics is a subject which can be applied in a number of areas and most importantly in the industrial organization. The assignments which are concerned with labor economics deal with issues like employment and wages of the labor market. The assignments which are concerned with political economics deal with political institutions and how they deal with the different policy outcomes. The assignments which are related to health economics deals with the different health care systems which are present in the economy. The entire health care workforce as well as the health insurance programs is included in this particular branch. The subject of urban economics deals with the different challenges which are faced by the big cities.

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