What is Microeconomics?
The term microeconomics is derived from Greek word ‘mikro’ meaning ‘small’ and economics. It is an important branch of economics that deals with the study of behaviour and performance of market system on a small scale. It is mainly concerned with the behaviour of small units like individual government agencies, individual organization, individual consumers, individual firms, etc. one of the man objectives of microeconomics is to analyse different elements and search reasons responsible for failure occurring in a market. The branches of microeconomics theory include the theory of factor pricing and the theory of product pricing. Students can avail assignments related to microeconomics by referring Microeconomics Assignment Help.
What is Microeconomics Assignment Help?
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Major Topics Covered
Microeconomics Assignment Help covers all the topics related to microeconomics such as- game theory, monopoly, welfare economics, labour economics, market structure, oligopoly, theory of production, measurements and elasticity, etc. Here, in this article, some of the key topics related to microeconomics have been explained by our experts.
- Theory of Production- It is an area in microeconomics that deals with the process of converting input into output. The most important form of production includes public production, household production and market production. Some important models of production comprises of production analysis model, production income model, interpreting model and accounting model.
- Consumer Demand Theory- One of the important area in microeconomics is the consumer demand theory. It operates on the idea to produce a value by fulfilling the needs and demands of the consumer. It also establishes a relationship between price and the consumer’s demand for goods and services. It involves the use of Law of diminishing marginal utility and law of marginal diminishing returns. To know more about this theory, students can refer Microeconomics Assignment Help.
- Monopoly- A monopoly market is a market structure where one firm or single seller produces all of the output in a market. In microeconomics, the term ‘monopoly’ is derived from Greek word ‘monos’ meaning “single or alone” and ‘polein’ meaning “to sell”. In a monopoly market, the seller is the sole seller of goods and services and faces no competition.
- Game theory- It is an important topic under microeconomics that is concerned with the study of human conflict and relation within a competitive situation. Game theory was explored by mathematicians John Nash and John von Neumann, and economist Oskar Morgenstern. It has a wide range of applications in evolutionary biology, economics, politics, war, business, psychology, etc.
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