What is Microeconomics?
Microeconomics can be defined as the social science which mainly deals with the economical tendencies and the implications of the individual human action. In other words we can say that, Microeconomics is also the study of how the decisions of the individual human affect the urbanization or distribution of insufficient resources. Microeconomics also highlights the reason why different goods have different values and how individuals are capable of making more efficient and more productive decisions in order to co – ordinate and co – operate with one another in the best possible way. Students can know the details of Microeconomics from Microeconomics Homework Help.
What is Microeconomics Homework Help?
Microeconomics Homework Help is basically a platform from where a student can seek help in understanding the concept of supply and demand, different types of competitions and different opportunity costs. It is very important as it helps student in understanding the concept of the topics which are related to the economic problems. When it comes to quality, timely delivery, plagiarism free work, Microeconomics Homework Help is the best. It has some best experts who have good reputations for providing accurate and plagiarism free work.
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Major Topics Covered
There are various topics which are covered by Microeconomics Homework Help like demand, supply and equilibrium, measurement of elasticity, consumer demand theory, theory of production, costs of production, opportunity cost, monopoly, game theory, etc. some of the above mentioned topics are explained below: –
- Demand, Supply and Equilibrium- supply and demand is entirely based on economic model of the price determination in a completely competitive market. It gives us the conclusion that in a perfectly competitive market where there is no externalities and price controls, the unit price for a particular number of goods is the price at which the quantity demanded by the consumers is equal to the quantity supplied by the producers.
- Opportunity Cost– Opportunity Cost is somehow related to the idea of the time constraints. The opportunity cost is explained in Microeconomics Homework Help. It is the value of the next best alternative thing which is unavoidable constraints on behavior.
- Cost of Production – the theory of value of the cost of production mainly states that the price of a condition or of an object is determined by the sum of the cost of the resources which were used for its making. The cost of production includes any of the following factors- capital, labour and land.
- Labor Economics– the main aim of the Labor Economics is to make us understand the dynamics and functioning of the markets for the wage labor. It functions through the interaction of workers and employers. Labor is defined as the measure of the work done by the human beings. The theories have developed a concept which is known as human capital usually referring to the skills possessed by the workers.
- Economics of Information– It is a branch of microeconomics which deals with the study of how information and information technology affects the economy and its decisions.
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