Microeconomics Essay Examples and Topics

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.

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 [...]

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".

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 [...]

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.

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.

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.

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 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 [...]

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.

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.

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

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

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.

However, due to the fact that each of the firms has a slightly unique product compared to the rest of the firms, then each firm has a specific consumer and hence each of the firms [...]

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.

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 [...]

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, [...]

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 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 Law of Diminishing Marginal Utility, in turn, states that, with a rise in the amounts of a specific product consumed by a customer, the rest of the products being used at the usual rate, [...]

Also, the paper establishes the impact of gray goods on authorized distributors, customers, manufacturers, gray market arbitrage, and the country. As a result, the authorized distributors may be demotivated and deprived of the incentive to [...]

As a result, the supply of tables will fall and the supply curve of tables will shift to the left direction.

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 [...]

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

In relatively inelastic demand situations, the elasticity of demand is less than one unit and the quantity demanded changes by a smaller percentage than price. Price increase leads to relatively larger decrease in quantity of [...]

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 company offered monopoly telephone services in the UK. BT was later sold to private investors in 1982 when the government sold part of the company's shares.

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

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.

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.

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 [...]

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.

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 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, [...]

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 [...]

Effective demand refers to the desire to buy, the willingness to pay, and the ability to pay for goods and services.

This is due to the fact that if more of the input is added to the production process, a maximum point is reached where any additional value of inputs will result in a decrease in [...]

Two factors that may influence the use of wood in the firm include government policies and the price of substitute input, which in this case is plastic. This will therefore make the price elasticity of [...]

The difference in elasticity is caused by the variations in the level of demand for different products. Economists say that the higher the rate of elasticity, the lower the market for the product when the [...]

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 [...]

If an industry comprises of small size firms in relation to the size of the industry, this form is a fragmented industry.

These are: a) competitors that cannot dictate prices; b) access to labour and capital; 3) the customers must know about the prices and the products that are available in the market; and 4) producers must [...]

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 [...]

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.

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 [...]

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 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 [...]

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.

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.

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 [...]

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

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.

The product that will be analyzed in this section is oil and gas. Then, consumers will increase the quantity of oil and gas they purchase.

The expansiveness of the UPS products can lead to the company losing a big part of its customers. The quantity change can evoke a demand increase as well if the company lowers the prices for [...]

The two strategies, which were employed in critical assessment of the success of Candy and Candy interior design and development Management Company, included overall assessment of business performance and the form of business governance practised.

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.

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.

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 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 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 [...]

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 [...]

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.

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 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 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.

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.

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

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 [...]

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.

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 [...]

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 [...]

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 [...]

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.

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 [...]

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.

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 [...]

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.

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 [...]