Microeconomics Essay Examples and Topics

If there is a large change in the price, but a slight change in the demand for a commodity, the relationship between the price and the demand is inelastic.

The increase or decrease in the demand for rice can be occasioned by the price of related products. Possible substitutes for rice include wheat and bananas, and a change in the price of a substitute [...]

The market price falls until the firms in the market start to make economic losses. In the long-run, the economic losses make the firms to exit the market.

In this regard, price elasticity of demand is defined as the percentage change in demand for a given commodity due to unit change in price of the commodity.

This brings in the concept of opportunity cost to show the value of the needs that need to be satisfied first and those that need to be postponed to a further date.

The limited edition and celebrity collaboration shoes available in this market are a supply that meets the demand of sneaker collectors and fans.

The price of milk in the short-term period will remain unchanged, as the growing demand for milk products does not reduce the costs of milk production.

Although the supply seems to meet the demand, the demand is constantly increasing, and the property begins to be reduced in supply as a large number of investors purchase the property.

In this kind of regulation, the government sets rules and regulations to control the operations of firms that have monopoly power in their own industry.

The country was free from the conservative dogmas of the old world, and the creation of monopolies led to the complication of their management.

The latter defines how the changes in the price of a substitute product affect the price of the one that is being discussed The elasticity is found by dividing the percentage change in the dependent [...]

Billions of people in all parts of the world sacrifice their ambitions and subconscious tensions on the altar of profitability and higher incomes. Yet, the opportunity costs of pursuing more money can be extremely high.

First are the natural monopolies which occur due to the fact that only the firm is able to access resources used in the production of the final product. Therefore, the equation TR=P*Q is represented by [...]

According to the Al Hilal Group, the UAE coffee market is set to grow by approximately 30% in the next five years buoyed by the increased dominance of the UAE as a key supply point [...]

In this case, the amount of income spent on university services is small, that is why an increase in fee charges by English University resulted in a fall in a demand for applicants.

Demand Side The rise in the cases of diabetes, has led to a rise in demand of endocrinology services in the US.

The construction industry is of great importance in the development of the state: the economic efficiency of related sectors of the economy is primarily ensured by the intensive development of construction.

The use of natural resources at a rate higher than nature's capacity to restore itself will result in the pollution of air, water, and land.from the standpoint of the environmental crisis.

Relevant points: The articles suggest that the shortage in gasoline is due to the disruptions caused by the Hurricane in the oil drilling and refining areas of the Gulf of America.

From the graph, assuming that the equilibrium price in the fruits and vegetable market was EQ0, the floods destroy the products in the fields and this causes a shift of the supply curve to the [...]

This implies that the commodity is price elastic. In other words, the quantity demanded is quite sensitive to changes in price.

Usually the higher the prices the higher the supply as opposed to the law of demand. This is to increase the supply of the commodity to meet the demand at a higher price.

The operations in this model are that a recent monopoly will continue enjoying the supernormal profits in the short run. This occurs in the long run after the entry of a new similar but differentiated [...]

The reason for this is that at that at the seventh additional widget, the marginal cost is the same as marginal revenue.

Some of the factors that affect the demand and the supply of a computer include the following; the initial factor that can affect the supply of computer to a particular region is the demand of [...]

With the help of microeconomics, business owners to analyze the effects of different factors on their business and make informed choices to maximize their profits and remain competitive in the marketplace. As a business owner, [...]

The paper forms a thesis statement that " a viable economic network would be formed even when there are severe restrictions and a common currency is evolved and that the currency is subjected to ups [...]

Using a slogan that appeals to the representatives of the general public and the targeted audience, in particular, can make a great step forward.

The forces of demand and supply in the market determine the prevailing market price. This is because, at prices below the equilibrium price, the product looks unattractive to the producers.

In recognition of the role that microfinance's can play in the eradication of poverty and hence the achievement of the Millennium Development Goals, The UN duped 2005 as the "year of microcredit".

From the theory of marginal price determination, it is well known that the output optimum level is the point where the marginal revenue of the firm is equal to the marginal cost.

The paper goes into solemn features into the techniques and outlines of multifaceted research of the response of the automobile market to alter in automobile production features, comprising produce price, cost of use, and presentation.

This arises from a situation where the firm is no longer able to manage its unit cost of production. However, between a total production capacity of 250 units and 300, the firm is no longer [...]

Moreover, due to the fact that there are billions of the poor in the world, the efficiency and availability of these financial services should be approved for longer periods of time to insure their self-reliance.

The attention on the operations of the SMEs is epitomized by the quantity of research undertaken on the contributions of SMEs on the economic performance of various economies.

Principles of individual decision making entails the principle of tradeoffs, the principle of opportunity cost, the principle of rational margin and the principle of incentives The principle of trade-offs According to the principle, a decision [...]

The number of jobs in the economy equals the number of persons willing to work when the labor market is in equilibrium.

Economists tend to solve the dilemma of the big question of how the society can be organized in a way that the liberty and autonomy of an individual can be protected yet at the same [...]

Therefore, it can be concluded that exchange efficiency or efficiency in consumption is one of the main conditions that are necessary for Pareto Optimality.

25M QD = -5,200 + + + + QD = 17,650 Price elasticity = -42 x 500 / 17,650 = -1.

It is necessary, to begin with, the evaluation of the role of prices, demand, and supply in everyday lives to understand the nature of income and substitution effects.

This study will also provide recommendations on how the country can improve its cons and take advantage of its pros to boost the growth of Small businesses The government of Kenya is currently involved in [...]

This study seeks to explore the demand and supply of Apple IPod through the use of the laws of demand and supply.

It basically is the application of economic principles on one hand by consumers and on the other producers that the forces of demand and supply are founded and hence a market economy.

A production possibility frontier is a curve that represents the rates of production of two commodities that use the same factors of production within a specified period.

This will mean that its net effect on the market will be negative and supply will be decreased and the supply curve will decrease hence causing the supply curve to shift towards left resulting to [...]

The article starts with a hypothetical introduction, where the writer engages the reader by telling him/her to assume that the stimulus signed in 2009 was large enough to impact the job market or even money [...]

Potatoes Chickens Michelle 200 50 James 80 40 Michelle's opportunity cost of producing potatoes From the definition of opportunity cost, Michelle's opportunity cost of producing 200 pounds of potatoes is 50 chickens.

The corresponding figures characterize the structure of economic dynamics and the diversification of the labor market. The research limitation is the multifactorial nature of economic growth and unemployment indicators.

Coming to the issue of minimum wage, it is the "floor price" of labor that is determined by the federal government to guarantee fair wages to the workers.

The theory of externality explains the benefit or cost incurred by a third party who was not a party to the reasoning behind the benefit or cost. This will also lead to offer of a [...]

One of the players selected to be the "dictator" selects the optimal strategy depending on the move of another player and in turn putting pressure on them.

The law of demand is the inverse relationship between price and quantity demanded such that, if the price of a good increase, the quantity demanded will decrease.

For instance, when the price of a product falls, the demand of the substitute product is affected and the government has to come in to adjust the allocation of resources so some people do not [...]

Judging from the above, the farmers are likely to increase prices on corn because of the demand on the products made from corn ethanol and corn flakes.

Demand is defined as the willingness of the customer to buy a product at a particular price and the law of demand states that the higher the price, the lower the demand and the lower [...]

This means that if the demand of a given commodity is high and the supply of that commodity is not adequate to meet the market needs, then the cost of that item will rise.

Dornbusch and Fischer, in the book 'Macroeconomics', introduces macroeconomics as a subject that "is concerned with the behavior of the economy as a whole with booms and recessions, the economy's total output of goods and [...]

Macroeconomics Macroeconomics emphasizes on the bigger picture of the economy thus acquitting on how things in the world in terms of the structure, performance, behavior and decision making process of the whole economy.

In perfect competition, the level of output that maximizes the profit can be given by the value of output corresponding to the maxima of a profit curve or by the output that is responsible for [...]

In addition to that, scarcity of services and products offered by the hotel industry in various markets, microeconomic issues such as consumer behavior and income level, efficient allocation of resources particularly investment capital, absolute advantage [...]

Demand refers to the quantity of goods and services consumers are willing and capable of purchasing at a specific time and for a particular price.

The concept of the supply curve is a crucial element of microeconomics that enables people to comprehend the actions of producers in a market.

The essay analyzes a case study of the demand and supply of automobiles during the COVID-19 pandemic. The ripple effect resulted in a low supply of new cars and high demand as consumers wanted to [...]

The risk for revenue loss- This is brought on by a drop in business from a select group of clients and licensees.

The advent of the twenty-first century has introduced a host of obstacles for the American labor market, as escalating unemployment becomes the paramount domestic concern.

This story touches upon the labor market's recovery from the shocks of the last financial crisis and the COVID-19 pandemic. Therefore, assistance from the state in the form of investments can be a benefit to [...]

In this context, "non-price drivers of air travel demand" refers to external variables other than airfare that may affect the demand for flights and cause a change in the shape of the demand curve.

The proposed increase will indeed benefit workers by raising their overall living standards by granting minimum wage employees a more appropriate pay level to contend with cost-of-living increases and the supply side of the labor [...]

Based on this data, it is possible to create the demand and supply model for the 2012 Mazda CX-5 Maxx in the market of secondhand cars.

As a case of tax incidence, it can be demonstrated that taxing these products will cause their prices to rise, which means that the consumers are the stakeholders who bear most of the tax burden.

When evaluating the items ordered at grocery retail locations to those acquired at local traders' marketplaces, it is revealed that the commodities purchased at hypermarkets are more reliable and outstanding in form and structure.

Moreover, the case of the protagonist clearly indicates that the original determination to acquire wealth is, in many cases, rooted in traumas and lack of attention.

The main reason why automatic stabilizers of the economy do not impact the economic curve, such as demand, is due to the fact that they are incorporated in the curve itself.

On looking at other data related to the recession, it can be observed that personal consumption of the US economy fell in line with the fall in the growth of real GDP.

In this scenario, the role of the administration manager will be to evaluate the program on SWOT analysis basis to determine whether the project is viable.

Therefore, it is important to think over these measures carefully and the current market situation to avoid a decrease in a company's production, demand, or profit.

According to the business Dictionary.com, a perfect competition market is a hypothetical free market with the following characteristics: the number of buyers and sellers is so large such that there is no single buyer or [...]

Besides, the principles that affect other areas of the economy such as labor and production in industries were well covered in the module, hence giving me the confidence of tackling production issues should I be [...]

Channeling more resources in the production of certain products results in a reduction of resources channeled to the production of the alternative product.

Though the central bank may be very willing to stimulate the economy, people need to be involved and it is the confidence of people in the central bank that will help in the success of [...]

The second part of the book talks about the current situation as the world experiences the economic meltdown. The most remarkable strength of this book is the fact that it is about a current situation [...]

The focus of the reforms was to cause an increase in competition and to increase the performance in the private sector.

The declining value of British bound is more likely to decrease the consumption of the goods imported to the United Kingdom.

According to Cohen, Average Variable Cost is a company's costs of production that change with a variation in output of the firm.

The floods in 2010 were the most severe in terms of the extent and impact since the floods of the 1970s.

This is a bad trend which severely hurts the supply of food in third world countries which are not food sufficient.

One of the latest examples of the unethical operations carried out by a company is the case of the South African Comforter's Healing Gift that was sued for the illegal and completely unethical testing and [...]

Walras's law is an economic principle that suggests that the existence of excess supply in one market for a certain good must be balanced by an excess demand for a different good in another market [...]

Understanding how foreign businesses view the governance of the Saudi Arabia oil industry can help to improve it and attract more investors to the sector.

The power of surge pricing should not be overestimated as the pre-emptive responses of drivers tend to improve, which would balance demand and supply.

The purpose of this paper is to analyze the motivations, market conditions, and the capacity of Amazon to establish itself as a new leader of courier deliveries, using Firm theory.

According to Charles Stein when the supply is limited and demand increases the prices rise and people are ready to pay more than these tickets really cost. There is a certain rule in the rise [...]

Notably, parties to private equity transactions are private equity fund managers, the company, and the bank proposing to lend some of the needed money.

The measurement of customer satisfaction and evaluation of customer-perceived value are the two basic measurement models that allow anticipating customers' loyalty and preferences.

This paper seeks to analyze the economic implications of the move by critically looking at the economic models such as the demand and supply of uranium before and after the ban.

The microeconomics topics covered in this paper include an analysis of the determinants of an economic output, the levels of employment, the decisions made concerning different markets, government regulations on prices, financial markets and market [...]

In that regard, the author uses the term "price decoys" to describe Apple's strategy in setting the price for the product. The type of the market, in that regard, can be decisive in the product [...]

The dictation of the tea prices is carried out by auction and this implies that the cost of production is not considered in determining the price of tea on the market.

Supply and demand is one of the central concepts of capitalism, the leading economic system of the Western World as well as in such individual nations as Japan or Singapore.

The economic environment of the Irish products will include the availability of disposable income, the general business cycles, the trends of the GNP, the Interest rates of investments into the economy, the supply of money, [...]

Alterations in financial positions due to tax are evaluated to have a true understanding of the weight. All in all, taxes imposed on trade activities can become a burden to the taxpayer.

This is due to the fact that there is a reduction in the volume of output from the private sector. The effect is a reduction in the volume of output from the private sectors.

Connecting the farms in the US to the concept of the perfectly competitive market, the definition and the characteristics of such a market should be outlined.

In a competitive market and in the absence of price controls, when the quantity demanded is more than the quantity supplied, there will be a rise in the prices, which will increase the supply position.

In examining the car industry, we should examine how the car industry affects the individual units: namely the firm and the household, and put into consideration recent events and phenomena noted within the international car [...]

The main origin of this problem is the OPEC's frequent increase of the oil prices and reducing the amount of oil drilled creating a worldwide shortage of gasoline due to their imposed quotas.

Output markets refer to the markets that are used by the farmers or businessmen to market their products while the input market is used by the same group to access products that are to be [...]

Therefore, in order to actually aid America's poor, we must look at the predicament not as something that can be bought away with taxpayer money, but as a sign of a bigger cause.

Thus, it is obvious that supply and demand, with proper attention paid to the price elasticity, are the most significant aspects of microeconomics.

The opportunity cost for farming is, therefore, lower than the opportunity cost for the warehouses/airports. So you have got no opportunity cost for this because this is the best option for your building and it [...]

The purpose of this assignment was to find two examples of changes in supply and demand and explain them using the graphs provided in the course materials. The smaller quantity of hogs available corresponds to [...]

The fact is that the extremely high salaries of professional sportsmen are possible due to the economic principle of supply and demand.

The problem of passive smoking will be minimized when the number of smokers decreases. It is agreeable that the meager incomes of such families will be used to purchase cigarettes.

Danzon, Towse, and Mestre-Ferrandiz found that in self-pay states, the prices for different types of drugs were higher because there was no protection offered by insurance.

The moment that many companies start to manufacture and sell the generic form of a given brand drug, competition results in price decrease.

Supply chain executives continuously emphasize demand volatility and the lack of demand visibility as the greatest barriers to a company's innovation and growth.

This paper addresses the differences between the demand for these types of drugs with the focus on such concepts as the price elasticity of demand, income elasticity of demand, cross elasticity of demand.

In the production process, the rate of productivity establishes the profitability, effectiveness, and performance of the organization. The cost of production signifies the expenditure in terms of materials and labor that an organization incurs during [...]

The extent of total production denotes the output generated by an organization in the course of a given year. The average production determines the degree of contribution of each worker and is computed by dividing [...]