Homework help provides a special addition of Microeconomics homework help. It includes all branches of Microeconomics with their all important topics. Homework help provides every solution related to any problem of Microeconomics. Let us now discuss what Microeconomics is and why it used for.
Homework help describes Microeconomics as the aims to assist the reader to develop a thorough understanding of the concepts and theories underlying Microeconomics in a systematic way. To accomplish this purpose, the recent thinking in the field of finance has been presented in a most lucid, simple, unambiguous and precise manner.
Microeconomics studies the economic actions and behavior of individual units and small groups of individual units. In microeconomic theory we discuss how the various cells of economic organism that is the various units’ o f the economy such as thousands of consumers, their economic activities and reach their equilibrium states. In other words in microeconomics we not study the economy in its totality. Instead, in microeconomics we discuss equilibrium if innumerable units of the economy piece meal and their inter-relationship to each other. Thus microeconomics consists of looking at the economy through a microscope, as it were, to see how the firms as producers play their part in the working of the whole economic organization. For instance there go on to derive the market demand for the goods (that is demand of a group of individual consuming the particular good). Likewise, microeconomic theory studies the behavior 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. From there we go on to establish price output fixation by an industry (Industry means a group of firms producing the same product).
Thus microeconomic theory seeks to determine the mechanism by which the different economic units attain the position of equilibrium, proceeding from the individual units to a narrowly defined group. Microeconomic analysis concerns itself with narrowly defined groups since it does not study the totally of behavior of all units in the economy. In other words the study of economic system of economy as a whole lies outside the domain of microeconomic analysis.
Some of its main topics are:
1. Scope and methodology of economics
2. The theory of demand
3. The theory of production and cost
4. Theory of firm and pricing in different market structures
5. Factor pricing and income distribution
6. General equilibrium analysis and welfare economics
7. Intertemporal analysis and choice under uncertainty
8. Price discrimination and oligopoly
9. Profit and selling costs
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