Economics is the study of a group of factors that determine production, consumption and distribution of scarce resources in an economy. It is the perfect blend between arts and science, embedding mathematical equations in economic theories and proposing models relevant to welfare of the economy as a whole. It is branched into two:
There are other branches too like Development economics, Gender economics, Environmental economics, Welfare Economics, etc. but the two most essential classifications that emphasises on the functioning of the economy and its behaviour is strongly prioritized while pigeonholing economics. We here, will be dealing with the first branch, Microeconomics.
Microeconomics is all about individual behaviour and their repercussions on the economy as a whole. This lays into consideration the rationale behind individual choices and allied decision making. There can be two sides to the theory:
On this side, the producers’ behaviour plays the pivotal role. They need to make important decisions like how much to produce and how much to sell, what price to charge per unit of the good produced such that there will be no accumulation of inventory?
It aims at finding out the reservation price of consumers which is the maximum that the consumer is willing to pay for that good and sell the good at that price.
This leads to supply decisions in the economy which is the reason behind availability and unavailability of some goods and services.
This is the buyers’ side of the theory of Microeconomics. The subject deals with the behaviour of consumers of the goods produced in the economy. It tends to study the logic that the buyers envision before buying a certain good in a certain quantity.
In this side of the theory, budget of the consumers allows them to choose some of the goods out of everything available. This acts as the constraint imposing restrictions on the consumers and is hence often referred to as ‘budget constraint’.
The consumers who are rational individuals end up choosing optimal amounts of the goods available, such that their utilities could be maximised.
Besides, their thought process is largely guided by the pricing patterns as developed by the producers who again base their decision on the consumers’ behaviour. So this eventually leads to a circular flow in the economy which has been summed up below:
In a nutshell, this gives the basic idea of what goes on in an economy. Beginning with producers, they engage in productive activities employing workers. These workers are compensated for their hard work through hourly or monthly wages which could be soured down from the profits made while selling the produced good to the consumers.
Now assuming zero unemployment, it is the workers and their family who end up consuming the goods, bought from different producers who again pay these workers their income, i.e., the wages. So this is how goods move back to where it originated from and so does money, in a circular way.
The above theories were simpler versions of highly complicated stuff, inculcated in you at your schools and colleges. It is a petty demonstration of our highly student-friendly services intended at providing help to all serious students.
But this is just a tiny part of the entire complicated subject of Microeconomics which you chose to specialise in. This means, there are bigger hurdles ahead of you, which you will have to face sooner or later. If consumer behaviour homework bothers you so much, think of what will be your condition once your teacher starts with general equilibrium theory?
We at universityhomeworkhelp.com do not intend to add to your anxieties. Rather with Microeconomics Assignment Help we would like to resolve your internal conflicts by providing you the right guidance you are in need of. But first things first:
It is two way process which is clearly explained to you.
As a matter of fact it does. This could be well understood from our clients’ review as also from the qualitative panorama we strongly believe in.
You will find no error, be it grammatical or spelling, in any of our works.
You will get cent per cent original work that has passed all tests of piracy.
We believe in timely submission of work so any service opted by you from us will be delivered on or before the pre decided time. This would enable you to stick to your project deadlines and submit all your homework to your teachers within the deadlines.
With just the initial payment, you can get your assignment done by our excellent staff as also seek their help anytime you come across a problem in your assignment.
Our complete package of sound solutions to all your microeconomics problems comes at a reasonable price. You may conduct a comparative study to estimate the market rate, and if we are found to charge more than that, we will return your money.
As per testimonials, our clients have always been expressing their gratitude towards us for our services. And we are sure, you too will write back to us expressing how happy you are with our work.
If you still have any doubt, have a quick chat with us before opting for Microeconomics Homework Help and we will answer every question or doubt you have in mind.