Microeconomics Essay Topics

Chip monopoly

The structure of the market in any industry is important. Which market structure is the best is dependent on whether you are the consumer or the provider of the goods or services. In a monopolistically competitive market place there are many firms providing homogenous products meaning there are similar substitutes available which also means the… View Article

Monopoly – economics

In this chapter, look for the answers to these questions: ? Why do monopolies arise? ? Why is MR < P for a monopolist? ? How do monopolies choose their P and Q? ? How do monopolies affect society’s well-being? ? What can the government do about monopolies? ? What is price discrimination? Economics PRINCIPLES… View Article

Microeconomics and Macroeconomics

Microeconomics is a branch of economics which deals with the study of resource allocation decisions within the confines of the sub-segments of an economy such as households and business firms (Arnold, 2010). Central to this study is an examination of how prices of goods and services in a market influence their demand and supply. Macroeconomics… View Article

Introduction to Macroeconomic Analysis

(a) Explain the meaning of a production possibilities curve. (b) What is assumed to be constant when we draw that curve? (c) How is a point on the curve different from (1) a point inside the curve or (2) a point outside the curve? (d) How does this curve illustrate the concept of opportunity cost?… View Article

Price Guarantee

Introduction Price guarantees have become a popular promotional tool for attracting new customers or selling new products to existing customers. Many business organizations are now adopting the price guarantee concept in their pricing policies. Most notable among them is Walmart. General implications of price guarantees Price guarantees can take two forms. One is price matching… View Article

The amount of profit

In business there are certain factors that have to be evaluated before a company can see if a profit has been made. To even get to the point where a profit will be made there has to be a product that is sold whether it is a tangible or an intangible product. There has to… View Article

Factors That Shift the Ppc

In economics, the Production Possibility Curve (PPC) is based under the field of macroeconomics. The production possibility curve (PPC) is also termed as the production possibility frontier (PPF), a production possibility boundary or sometimes called product transformation curve. It is defined as a curve that illustrates the possibility of producing two goods or services within… View Article

Supply and Demand

Chapter 3—Supply and Demand Question 1. Draw a demand curve with an equilibrium price and quantity, show what happens on your diagram when each of the following events occurs. Explain whether each of the following events represents a (i) shift of the demand curve or (ii) a movement along the demand curve. (a) A store… View Article

Individual Paper

As discussed in week 1; understanding market equilibrium and how to maintain market equilibrium is essential for all business leaders. Market equilibrium is the point at which the demand of the consumers is equal to the supply of the producers. The goal of all organizations is to ensure their output is at market equilibrium, therefore… View Article

The Marketing Aspect

The Marketing Aspect is said to be the lifeblood of all feasibility studies. It makes a big impact on the study because it serves as the basis for the proponents to have a clear picture whether to pursue the business or not. It will determine the factors to be considered in establishing and coming up… View Article

Econ Problem Set

1) Describe the effects on output and welfare if the government regulates a monopoly so that it may not charge a price above p, which lies between the unregulated monopoly price and the optimally regulate price (determined by the intersection of the firm’s marginal cost and the market demand curve). As usual, the monopoly determines… View Article

Microeconomics about Fresh Water Supply

Scarcity of fresh water is emerging as the most critical resource issue which world is facing in recent years. The signs of a shrinking water supply can be seen worldwide. Many restaurants no longer provide a free glass of water to diners and cities restrict its use for private pools and gardens. The supply of… View Article

Cumberland Metal Industries

I.BACKGROUND CMI has developed a new technology using curled metal to create pile driving pads. Compared to existing products on the market, these pad offer several benefits: •Faster pile driving saves contractors rental fees, labor expense , and spreads overhead over more feet driven in a given period of time •Longer life of pads save… View Article

Price Elasticity to Identify a Brand’s Competitors

Firms today are in their perspective industries to maximize consumer satisfaction, increase revenue, and shareholders profits. These tasks require attention to detail when pricing their products. There are always competitors lurking and waiting by the wayside to gain market share and a competitive advantage. When identifying brands competitors, price elasticity is a major determinant. Demand… View Article

Economies of Scale

Definition Reduction in long-run average and marginal costs, due to increase in size of an operating unit (a factory or plant, for example). Economics of scale can be internal to a firm (cost reduction due to technological and management factors) or external (cost reduction due to the effect of technology in an industry). Diseconomies of… View Article

Microeconomics and the Law of Supply and Demand

During the simulation of Goodlife Inc. I was able to see how the effects of a lower rent verses a higher rent had on the vacancy percentage. In our simulation the town of Atlantis had only one rental agency with apartments available. There were single family homes available too but the need for renting was… View Article

Market Equilibration in the Oil Industry

An understanding of the ways market equilibrium is attained after changes occur is critical for decision makers within any business. The elements of supply and demand are important economic principles and understanding the determinants are part and parcel in everyday decisions in a business. The process of equilibration is the movement between two equilibrium points… View Article

Learning Team Deliverable

This week we learned that industries consist of all firms making similar or identical products. Their market structure depends on the number of firms in the industry and the ways in which they compete. Our text discussed four basic market structures. The first market structure is perfect competition. Perfect competition occurs when numerous small firms… View Article

Case Study: Orange Electronics Ltd.

After studying this case study, we end up in the next key points: Orange Ltd is a TV producer and needs a strategy in order to maintain its market share, given that the MNCs may work as threaten due to their global financial strength and network. As the TV market has been very volatile and… View Article

Market Equilibration Process Final Paper

A condition or state, which the economic forces are at a balance, characterizes Economic Equilibrium. This paper outlines the process of market equilibrium and the restoration factor of the invisible hand. The paper discusses the several factors and the relevant laws governing the market demand and market supply, overall market theory, and shortages/surpluses due to… View Article

Economics – Puerto Rico

In this paper will identify, describe and production costs of the Company San Juan Cell Phones compares. In turn, the potential risks are identified in making management decisions. In addition, will analyze and assess what are the best ways to prevent negative consequences for the company. The term cost refers to the amount or representing… View Article

Market Equilibration Process Paper

The market equilibration process occurs when the market can reach and maintain a balance between the supply and demand. It also includes what manufacturers take in consideration of what can help lead their firms so they can maximize profits with units sold and match what consumers are willing to spend on an item. This will… View Article

Managerial Economics

Q.1.0) For each of the following events, assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift. a.From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased. b.During the same period the… View Article

The factors, which affect demand

Demand is the quantity of goods or services consumers will buy at a particular price, at a particular time period. Market demand refers to the sum of individual demand for a good or service. It is assumed that the demand being represented is effective demand- the ability of consumers not just to want, but be… View Article

The law of diminishing returns

The law of diminishing returns only applies in the Short Run, when only one factor of production is variable and can be increased. The other factors of production are fixed. Thus as the variable factor of production is increased the marginal product of that factor will rise at first, but will at some point begin… View Article

The Importance For Price Elasticity of Demand

The Price Elasticity of Demand for goods indirectly dictates the function of today’s economy, it does this by using the wants and needs of the consumer and in-turn governs the prices for individual goods. Below, scenarios in which government or firm have to look at the PED are presented and how they react to create… View Article

Principles of Economics

Suggest how an economist would approach the problem of alcohol abuse. Economics is about scarcity and choice. It is assumed that all human beings are rational thinkers hence would always choose to consume products that would give them maximum satisfaction or utility. Mankiw (2011, p. 6) argues that rational people ‘systematically and purposefully do the… View Article

Prestige Telephone Company

1.Identify the costs that are relevant to the analysis to discontinue Prestige Data Services: Relevant costs in the analysis by Prestige Telephone Company decision to discontinue Prestige Data Services include: fixed costs which must be absorbed by the parent company (Prestige Telephone) upon shutdown; outstanding Prestige Data Services debts; costs of retraining retained employees; costs… View Article

Elwyn Company

In the Elwyn Company, the relationship between output (Q) and the number of hours of skilled labor (S) and unskilled labor (U) is Q 300S 200U – 0.2S2 – 0.3U2 The hourly wage of skilled labor is 10, and the hourly wage of unskilled labor is 5. The firm can hire as much labor as… View Article

Economics Terms and Health Care History

Introduction The healthcare economics have changed so much over the years. The changed was because of the evolutionary changes that happened in the United States which cause the dramatic change in the economics medical technology. One of the main reasons that moves all things are by health care economics is the money and the money… View Article