Running head: MICROECONOMIC ANALYSIS 1. Do you think that economic incentives and disincentives influence family size decisions? Externalities are said to exist when the production or consumption of a commodity affects other people than those who produce, sell or buy it. Disclaimer Copyright, Share Your Knowledge Advantages and disadvantages of hiring full-time workers for business. During this process, you can track your order with our customer support team who will keep you updated with all progress. Essay # 7. The writing process Particularly in the wake of the Lucas critique , much of modern macroeconomic theories has been built upon microfoundations —i.e. Microeconomic Analysis, Third Edition by Hal R. Varian (1992-03-17) Hardcover – January 1, 1720. However it does not study the totality of behaviour of all units in the economy for any particular economic activity. Overview. Second, it analyzes the factors that impact your choice of inputs to produce the chosen product or service. But this is not fully correct. Johnson & Johnson is a United States based multinational company that has been dealing its business in pharmaceutical, medical devices, and few other consumer packaged goods. Third, it explains how two nonprice factors impact the supply of your chosen product or service. Microeconomic theory spells out the conditions of efficiency (i.e., for the elimination of all kinds of inefficiency) and suggests how they might be achieved. Explain your answer, giving some specific examples of s It is highly helpful in the formulation of economic policies that will promote the welfare of the masses. The existence of these externalities requires government intervention for correcting imperfections in the price mechanism in order to achieve maximum social welfare. This milestone should be a 2–3-page paper structured as follows: First, it describes the price elasticity of supply or demand for your product or service. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Microeconomics shows how monopoly leads to misallocation of resources and therefore involves loss of economic efficiency or welfare. Support your response with data and graphs illustrating two performance variables of your choosing (e.g., sales, net income, stock price) over time. “Microeconomics consists of looking at the economy through a microscope, as it were, to see how the millions of cells in the body economic-the individuals or households as consumers, and the individuals or firms as producers—play their part in the working of the whole economic organism.”- Professor Lerner. Further, microeconomic analysis is applied to show the damage done to the social welfare or economic efficiency by the imposition of a tax. He writes, “Microeconomic theory facilitates the understanding of what would be a hopelessly complicated confusion of billions of facts by constructing simplified models of behaviour which are sufficiently similar to the actual phenomena to be of help in understanding them. This paper will assess the business operations of the Netflix Company from a microeconomics viewpoint examining and discussing how factors such as products supply and demand conditions, price elasticity of demand, cost of production, market entry barriers, market share, and market structure effect Netflix’s performance in their market. The completed paper is a professional study and is due in Week 3 ( 230 points ) . Similarly, microeconomics brings out the welfare implications of oligopoly (or oligopsony) whose main characteristic is that individual sellers (or buyers) have to take into account, while deciding upon their course of action, how their rivals react to their moves regarding changes in price, product and advertising policy. Part I Final Submission: Microeconomic Analysis Paper. It should be a complete, polished artifact containing all of the critical elements of Final Project Part I, including Sections I and IV, which were not covered in the milestones. Share Your PDF File Instead, in microeconomics we discuss equilibrium of innumerable units of the economy piecemeal and their inter-relationship to each other. The vast task can be achieved, and in the past has been achieved, only by the development of a decentralised system whereby the millions of producers and consumers are induced to act in the general interest without the intervention of anybody at the centre with instructions as to what one should make and how and what one should consume. Be sure to support your decisions with examples or data. This is in contrast to macroeconomics, which focuses instead on the economy of an entire nation as a whole. Economic efficiency in production involves minimisation of cost for producing a given level of output or producing a maximum possible output of various goods from the given amount of outlay or cost incurred on productive resources. Topics include choice theory, with and without uncertainty, consumer and producer theory, dynamic choice and dynamic programming, social choice and efficiency, and fundamentals of general equilibrium. Such inefficiency means that it is possible, by rearranging the different ways in which products are being produced and consumed, to get more of something that is scarce without giving up any part of any other scarce item, or to replace something by something else that is preferred. Request the removal Post navigation. Like monopoly, monopsony (that is, when a single large buyer or a combination of buyers exercises control over the price) also leads to the loss of welfare and therefore needs to be controlled. The theory of product pricing explains how the relative prices of cotton cloth, food grains, jute, kerosene oil and thousands of other goods are determined. If satisfied with pricing, set up an account or log in as a returning customer and submit your order. b) Analyze the factors that impact your choice of inputs to produce the chosen product or service. When such efficiency is achieved it is no longer possible by any redistribution of goods among the people to make some people better off without making some other ones worse off. In other words, what is the price elasticity of supply or demand for your product or service? Keep your company’s current business strategy in mind in your response. For your first project, you will produce an individual microeconomic analysis paper related to a publicly traded company that you will choose from a given list. This is to see how fast one variable response to a change in another variable. Be certain to utilize the … It also makes important and useful policy recommendations to regulate monopoly so as to attain economic efficiency or maximum welfare. Before being able to understand macroeconomics, or national and global trends for indicators like Gross Domestic Product, it is helpful to know how economics works on a small scale. In other words, allocative economic efficiency implies that pattern of production (i.e., amounts of various goods and services produced) should correspond to the desired pattern of consumption of the people. This essay on Microeconomic Analysis was written and submitted by your fellow student. Elasticity. The usefulness and importance of microeconomics has been nicely stated by Professor Lerner. Here is a list of general topics that a micro-economics paper question can be formulated around: The balancing of supply and demand. Modern economy is so complex that a central planning authority will find it too difficult to get all the information required for the optimum allocation of resources and to give directions to thousands of production units with various peculiar problems of their own so as to ensure efficiency in the use of resources. Download your paper 2308 words (9 pages) Essay. In Module Three, you will submit the supply, demand, and market equilibrium component of your microeconomic analysis paper. Microeconomic theory reveals that when the externalities exist free working of the price mechanism fails to achieve economic efficiency, since it does not take into account the benefits or harms made to those external to the individual producers and the consumers. This paper presents an analysis of the distribution of households’ participation in the debt market and their indebtedness level according to some relevant socio-economic and demographic characteristics of households. Just from $13/Page. Research Proposal on General Motors Microeconomic Analysis of General Motors Assignment The General Motors Corporation was founded in 1908 in Detroit, Michigan by William Crapo Durant. We do not resale papers are your papers are kept safe and secure, Our Professional Team of Writers and 24 Hour Support/Response are always here to provide you with High Quality Essay Writing Services, On time Delivery and Plagiarism Free, Research Paper Writing 2. Thesis Writing Moreover, all our papers are scanned for plagiarism by our editor before they are ready for submission. Student Assignments. Lecturer: Greg Randolph Linh Nguyen 1/25/2016 A. Both microeconomics and macroeconomics analyse the economy but with two different ways or approaches. This means that the adjusted cells then have to readjust themselves. a) Describe three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service. Select one situation from the items outlined below: A toD. Custom Essay Writing Fourth, it defines the industry and the market equilibrium associated with the product or service. Dissertation Writing Services After editing, you can check your paper in the preview mode. As Professor Watson says, “microeconomic theory explains the composition or allocation of total production, why more of some things are produced than of others.”. It is the microeconomic analysis which is used to explain the factors which determine the distribution of the incidence or burden of a commodity tax between producers or sellers on the one hand and the consumers on the other. Get papers Solutions from Premium Tutors 24/7. But microeconomic theory, as stated above, also concerns itself with general equilibrium analysis of the economy wherein it is explained how all the economic units, various product markets, various factor markets, money and capital markets are interrelated and interdependent to each other and how through various adjustments and readjustments to the changes in them, they reach a general equilibrium, that is, equilibrium of each of them individually as well as collectively to each other. These would have to include directives for adjusting to continual changes in the availabilities of millions of productive resources and intermediate products, in the known methods of producing everything everywhere, and in the quantities and qualities of the many items to be consumed or to be added to society’s productive equipment. Economics thus has descriptive, normative and predictive aspects.”. We accept a variety of payment methods such as VISA, PayPal, MasterCard, American Express, Amex, Discover, Maestro among others. See the rating rubric at the terminal of this papers. Supply, Demand, and Market Equilibrium. Assess how the type of market structure impacts the business strategies and financial performance of companies for informing business decisions. Microeconomic theory takes the total quantity of resources as given and seeks to explain how they are allocated to the production of particular goods. Papers … NBER Working Paper No. Company is headquartered in New Brunswick, New Jersey and was founded in 1886. The final microanalysis paper should reflect the incorporation of feedback gained thus far in the course. Microeconomic Analysis has been a fixture of graduate programs in economics for fifteen years, providing unique authority, clarity, and breadth of coverage. You should include key details about the company, including its main products and/or services, number of employees, and annual sales. The microeconomic analysis paper should be a complete, polished artifact containing all of the critical elements of Final Project Part I, including Sections I and IV , which were not covered in the milestones. The final submission should first determine whether the market structure of the industry in which your chosen company operates is perfectly competitive, monopolistically competitive, oligopolistic, or monopolistic. II. All Rights Reserved. Moreover, as described above, microeconomic theory explains the conditions of efficiency in consumption and production and highlights the factors which are responsible for the departure from the efficiency or economic optimum. They thus help not only to describe the actual economic situation but to suggest policies that would most successfully and most efficiently bring about desired results and to predict the outcomes of such policies and other events. Furthermore, the determination of the foreign exchange rate of a currency, if it is free to vary, depends upon the demand for and supply of that currency. In other words, in microeconomics we make a microscopic study of the economy. Keep your company’s current business strategy in mind in your response. From there we go on to establish price-output fixation by an industry (Industry means a group of firms producing the same product). It is in this context that a large part of microeconomic theory is concerned with showing the nature of departures from perfect competition and therefore from welfare optimum (economic efficiency). Likewise, microeconomic theory studies the behaviour of the individual firms in regard to the fixation of price and output and their reactions to the changes in the demand and supply conditions. Privacy Policy3. Efficiency in the allocation of resources is attained when the resources are so allocated that maximises the satisfaction of the people. Each cell is then said to be in equilibrium.’ But these adjustments in turn affect the quantities supplied and demanded and therefore also their prices. Another class of departure from welfare optimum is the problem of externalities. TOS4. The Microeconomic Paper tests your ability to use economic rules to a concern determination. to. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. c) Select two nonprice factors that impact the supply of your chosen product or service. It shows how the relative prices of various products and factors are determined, that is, why the price of cloth is what it is and why the wages of an engineer are what they are and so on. It is the microeconomic analysis which is used to explain the factors which determine the distribution of the incidence or burden of a commodity tax between producers or sellers on the one hand and the consumers on the other. find best Microeconomic Analysis Papers solution. Finally, it describes the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium. SUPPLY, DEMAND, AND MARKET EQUILIBRIUM I. External economies prevail when the production or consumption of a commodity by an individual benefits other individuals and external diseconomies prevail when the production or consumption of a commodity by him harms other individuals. It is microeconomics that tells us how a free-market economy with its millions of consumers and producers works to decide about the allocation of productive resources among the thousands of goods and services. Microeconomic theory shows that welfare optimum of economic efficiency is achieved when there prevails perfect competition in the product and factor markets. When such productive efficiency is attained, then it is no longer possible by any reallocation of the productive resources or factors among the production of various goods and services to increase the output of any good without a reduction in the output of some other good. There we go on to establish price-output fixation by an industry ( industry a! And how all the different cells get microeconomic analysis paper at the terminal of this paper reports on selected! Should reflect the incorporation of feedback gained thus far in the industry and theory. 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