EC4111 Microeconomics Assignment Example UL Ireland
The goal of this module is to introduce students not only to the fundamentals of modern market-oriented microeconomic analysis but also to how it can be applied in the real world. The economic way of thinking introduced in this course involves using key concepts and models so that they can begin to understand how a complex real-world mini economy operates, including all its intricacies like individual decision making as well business strategies for firms.
It also provides general frameworks which will help you better grasp important information about both your own country’s particular situation or another nation’s policies and how they could impact your business. The final goal of the module is to enable the students to apply the understanding they have gained to real-world problems and solutions.
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In this course, there are many types of assignments given to students like individual assignments, group-based assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us.
On completion of this module, students will be able to:
Construct frameworks (primarily by drawing economic models/diagrams/ figures) that provide insights into how a complex real-world micro-economy operates
Microeconomics is the study of how individuals and goods react to each other in a given market. Microeconomic models are used to explain why certain goods have higher prices than others, or why some firms may be more profitable than others.
There are three primary frameworks that provide insights into how a complex real-world micro-economy operates. These are the market framework, the game theory framework, and the signaling framework.
- The market framework looks at how buyers and sellers interact to determine the prices and quantities of goods and services exchanged in a market. This framework is used to explain why certain goods have higher prices than others, or why some firms may be more profitable than others.
- The game theory framework looks at how individuals make choices under conditions of uncertainty, and how these choices can lead to outcomes such as cooperation or conflict. The game theory framework looks at how people interact in games, to determine who wins and who loses.
- The signaling framework looks at how people communicate with each other to determine what goods and services are available. The signaling framework looks at how information is conveyed through economic transactions, and how this information can be used to allocate resources efficiently.
Solve basic mathematical problems using economic variables (e.g. relating to demand and supply; elasticity and a price discriminating monopolist)
- Demand is a function of price. When the price of an item decreases, demand increases because people are now willing to buy that item at that lower price. Conversely, when the price of an item increases, demand decreases because people are now less willing to buy that item–they’ll find something else more affordable instead.
- Elasticity measures how responsive buyers are (or would be) too small changes in income or other factors which affect their spending habits; if someone’s income goes up by 10%, does he spend 10% more or 10% less on all goods and services? The answer tells us something about how responsive his spending pattern is likely going to be over time.
- Price discrimination is when a monopolist charges different prices for different goods or services so that no one buyer gets what they want. A monopolist will charge more for a good because it’s the only one that they have.
Analyze economic problems and issues through the mastery of key economic concepts and development of an economic way of thinking in terms of alternatives and the cost of individual (consumer theory) and firms (producer theory) choices
There are a number of economic problems and issues that can be analyzed through the mastery of key economic concepts. Some of these include inflation, unemployment, gross domestic product, interest rates, and trade balances. -Inflation is when the general price level rises over time. This typically happens when there is an increase in money supply or when the government spends more than it taxes in order to stimulate the economy after it has experienced a recession. The Fed usually tries to fight against inflation by raising interest rates (the rate at which banks offer loans), but this only works if people want those higher-interest loans; if they don’t then prices will keep going up until we reach full-blown hyperinflation where everyone’s wages.
- Unemployment is the percentage of the workforce that is unemployed (for any given period of time). This number can vary depending on the country, but it’s usually somewhere around 14-20%.
- Gross domestic product (GDP) is the value of all final goods and services produced in a country during a certain period of time. This number can vary a lot depending on the country and season, but it’s usually around $15 trillion.
- Interest rates are how much money a bank or lender is willing to pay to borrow money from a borrower. They can go up or down, depending on the interest rate that the bank is approved to offer.
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In economics, there are two key theories that help to explain different types of economic behavior: the consumer theory and the producer theory.
- The consumer theory looks at how individual consumers make choices about what goods and services to purchase, based on their understanding of the costs and benefits associated with each choice.
- The producer theory looks at how firms make decisions about what goods and services to produce, based on their understanding of the costs and benefits associated with each choice.
Both theories are helpful in analyzing different types of economic problems and issues. For example, by understanding how consumers make choices about what to buy, policymakers can develop policies that encourage people to buy certain products or services. And by understanding how firms make decisions about what to produce, policymakers can develop policies that encourage people to produce certain goods or services.
Manipulate basic economic constructs (e.g. demand & supply diagrams) so as to understand how market equilibrium prices and quantities are determined and change
Market equilibrium prices and quantities are determined by the supply and demand for a good or service in the market. When the demand for a good or service increases, the equilibrium price will increase, and when the demand decreases, the equilibrium price will decrease. The same is true for supply; when the supply of a good or service increases, the equilibrium quantity will increase, and when the supply decreases, the equilibrium quantity will decrease.
When it comes to market equilibrium prices and quantities, there are three main factors that affect how they are determined and changed.
- The first factor is the number of buyers and sellers in the market. When there are more buyers than sellers, the price will go up as demand exceeds supply. And when there are more sellers than buyers, the price will go down as supply exceeds demand.
- The second factor is the availability of substitutes or alternatives in the market. When there are close substitutes available, prices tend to be more stable. But when substitutes are less available or not as desirable, prices can be more volatile.
- The third factor is government regulation or intervention in the market. Government policies can have a big impact on how equilibrium prices and quantities are determined. For example, governments may interfere in the market to try to increase the supply of a good or service. This can lead to a decrease in the equilibrium price and an increase in the equilibrium quantity.
Analyze how cost and revenue variables impact firms’ price and output decisions in different market contexts, mainly Perfect Competition and Monopoly
In a perfect competition market context, the firm’s price is determined by the intersection of its marginal cost curve and its marginal revenue curve. The firm will produce until it reaches the point where its marginal cost curve intersects its marginal revenue curve, and it will continue to produce up to that point even if it is incurring losses. In a perfectly competitive market, firms sell an identical product and there are so many sellers that no one seller can influence the price. In this context, a firm’s only decision is how much to produce given the market price.
In a monopoly market context, the firm’s price is determined by the intersection of its marginal cost curve and its demand curve. The firm will produce until it reaches the point where its Marginal Cost = Marginal Revenue, and it will stop producing once MC > MR (i.e., it will operate at a loss). In a monopoly market, the firm is the only seller of the product and can set any price it wants. A monopolist will charge a high price to maximize profits but will produce less than if it were in a perfectly competitive market in order to increase demand (and thus revenue).
Apply market principles and systems to analyze contemporary global economic issues from a microeconomic perspective e.g., the soaring price of oil (2008), the international food crisis, global warming and environmental degradation, taxation issues, and more
Microeconomics is the study of how consumer and producer choices affect market outcomes. Microeconomic theory can be used to analyze contemporary global economic issues from a microeconomic perspective, including price discrimination, adverse selection, externalities, and monopoly power.
Microeconomics principles are often applied by governments in order to set policy that affects economic outcomes at the national level (e.g., monetary policies such as interest rates). The microeconomic theory also has implications for how individuals make decisions about consumption (i.e., consumer choice) and investment (i.e., investor rationality).
For example, the soaring price of oil in 2008 was a result of several factors, including increased demand from developing countries and political instability in oil-producing regions. Price fluctuations can also be affected by market principles such as supply and demand. When the demand for oil is high and the supply is low, prices will naturally increase. This is what happened in 2008 when the global demand for oil surged while production levels plateaued. Investors also contributed to the high prices by bidding up the cost of oil futures contracts. This caused the spot price (the actual price of oil) to be much higher than the futures price (the price at which investors are willing to buy or sell oil contracts).
The international food crisis of 2008-2009 was a global economic issue that had far-reaching consequences for all aspects of society. The causes were complex but can be summarized as a confluence of factors including droughts in key growing regions such as the US Corn Belt, overproduction due to increased production technologies that have enabled farmers to produce more crops per acre at lower prices, and huge spikes in food prices driven by weather-related events or political instability.
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