The subject of Microeconomics is widely taught in every university so that the students become familiar of the subject which deals in choices of people and the effect of those choices on the economy. It is a significant part of economics and it includes both theoretical and practical part. Microeconomics analyses the demand and supply of the market and determines the equilibrium price. This subject study the decision making of consumer and producer. Learning the difficult concepts and gaining an in-depth knowledge of every part of the subject is one of the problems the students face while attempting the assignments. When they fail to craft these assignments, they are compelled to avail assignment help.
Components of Microeconomics Assignment
Demand, Supply and Equilibrium
Demand is referred as the desire of the consumer and their willingness to pay for the good. it is dependent on various factors like income, preference, substitutes etc. whereas supply is the production by the firm within a specified marginal cost. In Microeconomics, the equilibrium price of the market is computed with the intersection of demand of consumer and supply by the firm.
Elasticity is determination of the responsiveness of a variable due to change in another variable. For quantifying the elasticity, it is change in one variable divided by change in another variable. Elasticity can be divided in two parts, supply elasticity and demand elasticity. The demand elasticity constitutes of price elasticity and cross elasticity of the goods. Whereas the supply elasticity comprises of elasticity of price and elasticity of scale.
Theory of Production
Theory of production is the planning of the total production by the firm depending on different factors. These factors are total cost of production which includes variable and fixed cost, price of raw material, labour, capital. This also includes the selection of policies which results in best quality of product and cheapest combination of factor of production.
A market constitutes of product, entry and exit of sellers, competition, buyers and the strengths and weaknesses of the market. In economics, the market structure can be categorised as, perfect competition, monopoly, oligopoly, monopolistic etc. these markets are divided on the basis of product differentiation, easy entry and exit of sellers, are firms price taker or price givers and number of sellers.
Game theory is a mathematical framework to judge the hypothetical social situations and the players who are competing in that situation. The strategy of game theory is that one player is unfamiliar with the actions of another player and they have to react according to their best pay off. Microeconomics assignments consist of questions on game theory without any doubt.
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