Microeconomics Essay Examples and Topics

Introduction The intention of the Victorian State Government to undertake the East West Link Project is a good move that will improve the state of infrastructure in the City of Melbourne. The construction of 18 kilometer-road network across Melbourne to link the already existing Western Ring Road to the Eastern Freeway is a very ambitious […]

Introduction Different nations have different economic policies that guide investments in stock markets. Consequently, decisions to invest in the international equities will mean subjection into differing sets of polices opposed to the prevailing domestic conditions. The dilemma on the differences between the impacts of the factors affecting domestic equity returns and international equity returns has […]

Introduction The social economy is largely driven by the third sector that is also referred to as the voluntary sector or the non-profit sector. According to Uluorta (2009), it is so called third sector because the government or public sector and the private sector are regarded as first and second (p. 76). Another term that […]

Introduction Over the last one decade, Family businesses have increasingly attracted substantial public attention leading to comprehensive public discussions and augmented family business studies. For several decades, family businesses have proven imperative in economic growth of numerous nations by contributing to great percentages of economical and societal developments (Kachaner, Stalk, & Bloch 2012). However, according […]

Introduction In the World Inquiry Innovation Bank website, there are different cases where companies have made money by serving community needs. This essay looks at some of the examples of these cases, and tries to investigate if the business is an agent of the world benefits an academic fad or a change in business principles. […]

Introduction Managerial economics refers to the science of organizing limited resources in order to achieve organizational goals with minimal costs. According to Edwin Mansfield, managerial economics applies various economic concepts and analytical strategies to influence the decision-making process in a rational manner (Paul, 2008). The scope of managerial economics includes various organizational activities that require […]

Microfinance has become one of the most viable solutions to highest poverty rates among developing economies. It is also world’s most funded intervention due to the possibility to receive micro loans and discover wider opportunities for the poorest people of the world. Despite the promising perspectives, microfinance experienced a serious criticism by 2010. Specifically, the […]

Introduction Geographically, Kenya lies to the East of Uganda, to the Northern Part of Tanzania and to the West of Somalia. The country enjoys access to the Indian Ocean which it majorly uses for its imports and exports although comprehensively it covers an area of 592,909 square kilometers (Exports Processing Zones Authority 2005, 33). The […]

When collecting data for business research, there are three major factors to be considered. These include, how much data is to be collected, how it is collected and how to handle it after collection. The sampling method used in business research activities is determined by the first two factors. The data collection method and the […]

Introduction Market efficiency can be defined as the degree to which the prices reflect all the available information in the market. In other words, market efficiency is a condition where the market prices display the prevailing conditions. In some cases, the market prices may not reflect the prevailing market conditions based on the available information. […]

Duopoly The word oligopoly is derived from a word in Greek, ‘oligois’, meaning few and the Latin word ‘polis’ which may mean few (Mandal, 2007). In microeconomics, oligopoly is a term that refers to a situation in which there are few firms in the market. Owing to the fact that the number of firms is […]

Path Dependence in systems engineering and integration According to Posner this concept of path dependence can be traced to the economist view. Based on this viewpoint it is thus believed that where we end up is often dictated by where we began despite the fact that this end point may not be the most suitable […]

Introduction Economics is a social science, which is concerned with the distribution of scarce resources amongst limited, competing and insatiable wants of consumers. The invisible hand principle was coined by Adam Smith; a classical economist, to elucidate how the market regulates itself in a capitalistic setting (McConnell and Brue 1). The aforementioned resources are usually […]

Basically, political economy and in particular Marxian economics, the concept of exchange value is traditionally employed to define one of the core aspects of a commodity. Some of the correlated concepts are price, use value and value. This shows that a product has; a value, an exchange value, use value and a price. These attributes […]

Abstract Globalization operations are the current trends in which businesses pursue in a bid to be competitively advantaged. Small and medium enterprises have as a result embarked on opening their branches and operation of their businesses in overseas markets. This is what has made the researcher to do a research by taking a sample of […]

A monopoly is a market structure characterized by only one supplier but many buyers. The one firm which supplies the entire market has enormous market power to determine both the price as well as the quantity supplied to the market. In the process, they not only produce at high prices in comparison with a competitive […]

History and evolution of health care economics Healthcare economics revolves around various issues that are related to effectiveness and efficiency as far as the consumption of healthcare is concerned. This means that it is concerned with the value and behavior of production that will ultimately guarantee good health. In this case, it should be understood […]

The decision of the US government to impose an anti-dumping duty on Chinese importers of solar panels can have both positive and negative affects. First of all, this policy can strengthen the position of American manufacturing companies that cannot fight off the price competition of their Chinese counterparts. Such restrictions can save jobs of approximately […]

The Youth Employment and Demonstrations Projects Act (YEDPA) was enacted in 1977 by the federal government of the United States to control the high levels of unemployment and related issues that affected American youth. Federal funding earmarked for youth employment programs was from then on vastly augmented to cater for the needs of the youth. […]

Writing as a professional economist, my response to the recent article entitled ‘A Reluctance to Retire Means Fewer Openings’, by Catherine Marshall and Matthew Saltmarsh, (published September 2nd 20091), is to welcome it, as a sound contribution to debate, not just in relation to the modern understanding and study of Economics overall, but for its […]

Supply and demand are one of the most elementary concepts of economics and it is the stamina of a market economy. Demand refers to how much (quantity) of a merchandise or service is preferred by buyers. The amount demanded is the quantity of a merchandise people are prepared to buy at a definite price. The […]

Executive summary The Tasmanian forest industry refers to an association that is aimed at the conservation of Tasmanian forest. It achieves this by ensuring that the members of the surrounding community benefit from it. This report looks at the importance of this association to Australia in general and to the members of the communities living […]

Introduction What are conditional cash transfer (CCT) programs: History and mechanism Conditional cash transfer has become a popular welfare program across the world. The program aims to alleviate poverty and encourage investment in human capital among poor households. Today, many countries have adopted or plan to adopt CCT programs. The program has become popular in […]

Introduction Service industries have been dominating the existing economy for a relatively long period and they continue to gain popularity among entrepreneurs. There are different types of service industries, each with unique management characteristics. Since these industries offer different services to consumers, they may be classified in respect to the level in which they relate […]

Introduction People purchase goods and services according to their abilities and needs. Given the scarcity of resources, consumers are usually compelled to make choices not only on the type of commodities to buy, but also on the quantity of the commodities to purchase. The general law of demand states that consumers are likely to reduce […]

Introduction Markets and society is a topic that has triggered hot debate over the last couple of years in the social sciences scene. The relationship between the two is explained in theories, some of which were developed by Thomas Hobbes, David Hume and Adam Smith. These economists made major contributions in their times. The market […]

Both marginal revenue and marginal cost determine how the production of an additional unit in an enterprise contributes to the profit of the enterprise. Therefore, they both play an important role in calculating the point at which an organization maximizes its profit. Marginal cost is the amount of money that the enterprise incurs in producing […]

Introduction Carey (2010) describes Cleveland as a city in the United States of America at the Ohio state. It has the highest population compared to all other states. Cleveland city is located on the Northeastern side of Ohio, and on the south of Lake Erie. This city is bordered by the Pennsylvania. The economy of […]

Introduction Demand and supply are the foundations of any economic analysis as the interaction of the two forms a market. The law of demand and supply works in opposite ways in the sense that, when the prices of commodities changes, demand and supply change in opposite direction holding other factors constant. The magnitude of change […]

Recently, sports have been viewed to be one of the most valuable instruments that can be used in promotion of a region as a tourist attraction centre, a place for business location, and an attractive place where people can live and at the same time, work. Sports also have become a catalyst, which countries are […]

Modeling is crucial in economics because it is used in place of the real experiments that could be expensive, time consuming, and dangerous. Mathematical models describe situations with a few words using tools and theorems for making general statements. Here, the focus is on how to explicitly state assumptions with a clear and precise ease […]

It is surprising that people living in condominiums do not have full control of activities in their home. The board that is elected to oversee the administration of the condominium has almost absolute power over the occupants of the condominium. This means that the board has the power to allocate anyone a unit whenever they […]

The law of diminishing marginal returns states that when a firm mixes variable and fixed inputs, the marginal productivity of the variable input decreases with increases in use. It is the point where marginal physical product curve starts sloping downwards towards x- axis and beyond it. This is due to the fact that if more […]

Introduction In one form or another problems often occur in projects whether they come in the form of delays, cost changes, timeline adjustments or a variety of other problems that create scheduling and planning problems during a project (Lenfle and Loch, 32 – 55). In order to resolve such incidents, it is often necessary to […]

Introduction The relationship between supply and demand, in terms of markets, prices and price setting, is closely intertwined, a change in one variable results into a corresponding change in other variables. For instance, an increase in price of a commodity in the market might result in a decrease in the demand for that particular item. […]

Binding price ceiling The forces of demand and supply in the market determine the prevailing market price. This is the equilibrium price. However, there are instances where market conditions do not regulate prices. These are instance when government comes in to set either minimum or maximum prices. This is especially when government feels that the […]

In the current world, education has become a necessity that individuals strive to acquire. The degree to which the demand and supply for education react to changes in fees is what defines elasticity. Each product has a different elasticity depending with the level of its necessity. Products which are essential to the consumer tend to […]

Executive Summary This report discusses demand and supply in United Arab Emirates (UAE). UAE is made up of seven emirates. UAE is popular for oil and natural gas reservoirs. It is recognized for tourism, urban trade centers and real estate developments which have led to a rapid economic growth. The demand for water, energy and […]

Introduction: Economies of Scope as an Object of the Research The role of economics of scope has increased considerably since recently, which presupposes that the changes occurred in the given sphere should be considered closer and analyzed to understand the methods that enhanced the growing development of the given economics. Therefore, the elements that economies […]

Introduction A market is best described as a group of willing sellers and able buyers of a certain product or service. Competitive markets are constituted by many sellers and buyers hence they have remarkably little influence on the prices of commodities. Therefore, supply and demand curve becomes a powerful model in such markets, and it […]

The firm I chose deals in large scale production of furniture especially cabinets and chairs for learning institutions, the main input being wood. 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. To begin with, policies have […]

Basically, there are four principles to individual decision making. The first principle is that of scarcity. Economic decisions are characterized by tradeoffs. Individuals face tradeoffs when they have to decide to have one thing in place of another because resources are scarce. The second principle is that of opportunity cost. Opportunity cost simply means the […]

Introduction The death of Osama bin Laden this week has seen the price of oil fall and the dollar gain some ground against other world major currencies. As a matter of fact, this paper is talking about the demand and supply aspects that have been seen in the last two days of the week since […]

Introduction Decision making is very crucial in any context of economic decision making. Part of this decision making is individual decision making. 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 (Mankiw, 2008 p.6) The principle of trade-offs According […]

Abstract Price mechanism is used to allocate scarce resources in a free market economy. The decisions made consumers and suppliers determine the equilibrium price in the market. This is done through price signals whereby when demand is high, prices are raised by suppliers so as to increase their potential profit leading to an increase in […]

Introduction The eradication of poverty is one of the major goals of the United Nations and governments all over the world. Despite this, poverty has continued to plague many nations; impeding economic development and reducing the quality of life for many. This poverty crisis which has had the biggest impact on developing nations has resulted […]

Introduction The February cyclone which hit most of the fruits farms between Caddwell and Innisfail in Australia has greatly affected the demand and supply of bananas in the markets compared to previous years. From the article it is clear that after the catastrophe, the supply of this crop lowered greatly leading to a rise in […]

Abstract Technology has greatly improved the efficiency of firms to deliver services to their clients in a more effective way. Automation of services has highly reduced the amount of labour required to carry out the services and hence reducing the overall cost of production. An increase in the wage rate and labour being a factor […]

Introduction What Is Economics? Economics is a social science that focuses on relationships between individuals, businesses, countries, and continents in terms of how the resources are being used in order to meet the wants of humans. This subject can be divided into two major categories, in particular employment-government, and business-government relations. The first one is […]

Introduction While cash rewards programs are an essential factor in many companies’ employee retention strategies, they do not alone guarantee satisfied employees. In every organization, there are managers assigned to ensure that employees complete their assignments in an efficient manner. In order to achieve this obligation, the managers should have the capacity to motivate the […]

Economics calculate elasticity and use the consumer choice theory to determine marketability of various commodities. Elasticity differs among items since some items are more essential to consumers than others are (Davis). The consumer choice theory is essential in determining the most attractive markets. However, it has certain shortcomings. The difference in elasticity is caused by […]

Introduction Economics can be defined as the study of how scarce resources are utilized by people either individually or collectively. A specialist in the study of economics is referred to as an economist. A number of reasons have been advanced in the study of economics not necessarily by economists only (Ashby, p. 1). Importance of […]

Costs In order to make a business profitable, one must maximize revenues and minimize costs. Maximizing profits does not necessarily mean making great profits. A business should make profits that would make it competitive in the market. At times, reducing the losses a business incurs might be likened to a profit. Profits are made when […]

Define Supply and explain what Causes Change (shifts) of Supply and how Supply Determines Prices Supply refers to the ability and readiness of sellers to create and offer different quantities of a commodity at different prices, or during a certain phase (Arnold 2010). Similar to demand, supply can also change. The supply of a commodity […]

Executive Summary The question as to whether companies should lease or buy vehicle can best be answered from a case by case analysis. There are several issues that first have to be addressed in order to answer the question. Businesses need to bear in mind that both options are financing alternatives. When it comes to […]

An organization is referred to as a collective entity of people, methodically controlled and administered to congregate a want or to follow combined objective on an ongoing basis. All organizations do have a basis of management that give each of the participant a role in the running of the affairs in order to hit the […]

Economics lessons include both demand and supply analysis. The research focuses on the analysis of demand. The research centers on supply analysis. Price influences both supply and demand. Demand. Demand is the economic term for the quantity needed, wanted, or desired by the buyers or customers. Different persons have different supply type demands. Each individual […]

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 (Bradford, 2007). During this period, the technology that affects the process of production is assumed to be constant. This ensures that the rates of production of these two […]

The firm’s output price is $25.00 per unit. This is against the average variable cost of $22.0 per unit. This means that if the firm has no fixed costs it can operate at a profit of $3.00 per unit. However, adding the $1,000,000.00 fixed cost, the total costs exceed the total revenues and the firm […]

Historical Trends in Corn Prices and Supply And Demand of Previous Years Prices have largely been influenced by the supply and demands rates. Regarding the supply factors for corn prices, specific attention should be paid to the analysis of stocks, production, and imports. The presented numerical data was premised on the situation with carryover and […]

Price discrimination strategy is appropriate for the sub shop in a college town, since a lot of potential revenue is lost when using single price strategy for visitors who are willing to pay high prices for similar products. Price discrimination strategy is applicable in businesses where sale of similar goods and services can be transacted […]

Introduction Microeconomics is a field in economics that studies the individual behavior of modern households and firms and how they make decisions to allocate resources (Arnold 303). Microeconomics seeks to examine how decisions made and behavior patterns affect demand and supply of goods and services. Supply and demand concept Demand and supply are the fundamental […]

Introduction Economics plays an important role in the healthcare industry in the US. The relationship between different organizations and individuals involved in the production and consumption of health goods and services in the US is a complex one. The economic need of an individual in terms of healthcare is main idea behind the consumption while […]

Whether or not money can buy happiness is a continued debate. Billions of people in all parts of the world sacrifice their ambitions and subconscious tensions on the altar of profitability and higher incomes. Millions of people dream to achieve the level of wellbeing, when earning money will no longer be a problem to them. […]

The biggest problem facing developing countries across the globe IS unquestionably, disease. By 2006, there were as many as 40 million people living with HIV/AIDS worldwide. Interestingly, majority of these infected persons—up to 40 percent of the adult populations—are living in sub-Saharan. Undoubtedly, the disease has become a formidable force and the biggest challenge to […]

Introduction An industry consists of many closely related firms offering differentiated goods and services. These firms offer similar products with minor modifications that make them different. The modifications are in terms of shape, size, or form of the products that make them different. Before starting a company, it is crucial to determine the industry structure […]

Ice-cream is one of the most popular food products in all parts of the world. In 2001 alone, the worldwide production of ice-cream reached an unprecedented 14.1 billion litres (Clarke, 2004). The United States remains an unchangeable leader of the ice cream market, with the annual consumption of approximately 22 litres per capita (Clarke, 2004). […]

Milk prices are soaring. Millions of consumers all over the world buy milk products on a daily basis and are not willing to give them up. Climate change, competition among biofuel producers, trade policies and other factors drive global milk prices and turn milk into one of the most expensive food products (Arnold, 2007). “Cows […]

Professional sports have one of the most competitive and challenging labor markets. Thousands of athletes fight to find their place under the sun. Superstars are common, but true talents are rare. As a result, those who prove themselves unique have sufficient opportunities to win the labor market Olympus. Scarcity is the defining feature of the […]

Introduction Conventionally, human wants far exceed the available resources to satisfy them. Resources are always scarce in an economy and in order to satisfy human needs, it becomes imperative to make choices concerning which needs are to be satisfies first and the one’s to be deferred or forgone. This brings in the concept of opportunity […]

Speculative demand is the command for monetary worldly goods that is not dictated by real dealings such as buying and selling, while speculative risk is the consequence in indecisive amount of put on or hammering. All speculative risks are made with intent and not out of unmanageable state of affairs. It is therefore understandable that […]

Microeconomics involves observing the behavior of an economy to understand how to distribute resources. This study is very important in business world because it influences supply and demand of goods and services, which are used to set the cost of products and services. Both buyers and sellers use the two elements to make financial decisions. […]

Introduction This paper seeks to examine the effect of bad weather on a wheat season. The effect of bad weather on wheat affects different markets that has relations with it and hence will trigger a chain of events. Based on the changes arising from the main event, we shall discuss five of them and study […]

The term macroeconomics is mostly confused with microeconomics and so there is need to first put up a clear distinction of the two. The online Business dictionary site, by the Walden University, defines macroeconomics as the “Study of the behavior of the whole (aggregate) economies or economic systems instead of the behavior of individuals, individual […]

Summary This is a summary of the article “The Effect of Customer Value, Customer Satisfaction, and Switching Costs on Customer Loyalty: An Empirical Study of Hypermarkets in Taiwan, by the authors Tsai, Ming-Tien; Tsai, Chung-Lin; Chang, and Han-Chao”. The study was conducted in Taiwan focusing on hypermarkets in retail industry sector, due to their increasing importance in […]

The most important virtue of a market economy is efficiency when it comes to the use of resources, capital, and labour. The main goal of the efficient use of the three is for the market to supply the demand for products and services. And this can only be achieved if ideal conditions are in existence. […]

Introduction Economics is a process of making decision using scientific tools of research and analysis. This paper is a presentation of distinction between microeconomic and macroeconomics. These terms are critical in economics since they offer insight into economic discipline. Examples of each Distinctive difference between microeconomics and macroeconomics will be discussed in depth. It will […]

Introduction One of the most fundamental basics of micro-economics is the supply and demand of services or products of a given nature. Despite its frequent use, the analysis of the supply and demand of the products in the market provides a very basic understanding of the market nature and what should be done to promote […]

Profit maximization is the primary objective of each business enterprise. Whether a business is operating under a perfect competitive market, a monopoly market or a perfect competitive market, the business should strive to maximize its profits by determining prices that would help them achieve profit maximization and determining the level of output that helps them […]

A Monopolistic competition is a market structure which is identified through the large quantity of comparatively small firms with the products of the firms being similar with only a slight variation to differentiate them. Therefore, the similarity in products makes the firms that exist in a monopolistic competition to be very competitive. However, due to […]

#1: The article: “Judging Stimulus by job data Reveals success” by David Leonhardt, was published on February 16, 2010 on nytimes.com. 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 […]

In economics, the opportunity cost is defined as the value of the best-foregone alternative that could have been pursued using the available resources (Pindyck & Rubinfeld, 2008). The concept is used in trading activities and it incorporates two other concepts that is the comparative and absolute advantage. The below given scenario can be used to […]

Introduction Demand and supply is possibly one of the major economic concepts and the backbone of free market economy. Demand is the quantity of services or products needed by consumers (Mankiw, 2012). The amount of products desired at a particular price is referred as quantity demanded; the relationship between quantity demanded and price is referred […]

Virtually, all enterprise firms appear similar when it comes to the primary objective: to increase the output in order to maximize proceeds. However, in order to increase production of output, the firm must incur additional expenses, which might trim down the profits realized. Thus, in any firm, the liaison between costs and profits is so […]

Brief summary of economic costs Economic costs may be fixed or variable. Fixed costs refer to those costs that a firm cannot control and are usually not linked to the quantity of goods produced. In other words, they are not proportional to quantity; a graphical representation of total fixed costs versus quantity is a horizontal […]

The chosen Firm The company of interest from the list of 500 companies is Days Inn hotels (Entrepreneur, 2011). The company of choice from among the list of 500 companies was based on the micro economic principle of opportunity cost, among other principles, as the decision variables in the typical hotel business environment. Opportunity cost […]

Monopoly is an economics term, used to mean an organisations operation in a certain sector as a sole producer; the singlehood in production makes the firm have control over a particular product or service. Sometimes the product produced may be for the public or may be a business with an advantage that gives it superiority. […]