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9.4 Conclusion

The neoclassical approach to understanding consumption decisions appears to make a lot of sense, given the specific (perhaps peculiar) way the question is posed.  Why do people buy what they buy?  Because they prefer these things over others.  Of course!  But how well does this approach answer the truly interesting questions of modern consumption decisions?  Why, for instance, do some people buy sports cars only to park them with everyone else in rush hour traffic?  Why is it that, when we go to buy clothes, we spend so little time comparing the warmth and durability of the materials, and so much time on the finer details of ‘how it looks’?  De gustibus non est disputandum leads the neoclassical analysis to conclude simply that these are the elements which provide the most utility, leaving the critical thinker to ask: well, why are these the major elements of utility?  (Naturally, to argue that we prefer the things that give us utility, and the things that give us utility are the things we prefer, is little more than an exercise in circular reasoning after all.)

Jettisoning the overly constricting assumption of de gustibus non est disputandum allows us to move on to an institutional analysis; and with that analysis we can begin to answer the really interesting questions.  Once we accept that humans are naturally, inherently social creatures, and that a society’s institutions evolve over time, we can begin to understand how consumption patterns reflect partly the needs and desire of individuals, but also in part the received ‘habits of thought’ of the societies these individuals were born into.  We can develop plausible explanations, like conspicuous consumption, for why consumers appear to be purchasing things for their dis utility or their wastefulness.

These theories, in turn, bring to light new questions.  For instance, what is the relationship between the producers of consumer goods and the desires of consumers if not simply for the former to cater to the latter?  What is the nature of the Self, how is that constrained by a culture of consumerism, and how might it break free of those constraints?  These may be difficult questions to answer within the standard framework of neoclassical economics.  Because of this, heterodox economics often turn to an institutional analysis instead.

Who are we and what do we want?

Certainly, the basic purpose of this textbook is to introduce the student to how economists explain the way our economy works.  But it’s worth pausing for a moment to reflect on the following question: are you, the student, being trained in something more than theories that explain the consumption, production, and distribution of goods and services?  Does it go deeper than that?

In a recent interview, linguist Noam Chomsky was asked if he agreed with the view that “bedrock human nature” indicated that we, as people, are “selfish and really seeking material comfort…that we can never get away from that–that’s what we are.”  Chomsky’s response was that such a view was a product of the last century of advertising, rather than any scientific study of actual human nature.  “The natural thing for humans,” Chomsky argued, “is to want to be independent, creative.…  People, I think, want dignity and a sense of self-worth, and a sense of creating and doing something that’s important; that’s what we are.  I think it’s taken huge efforts, enormous efforts–a huge part of the economy is devoted to trying to drive these things out of people’s heads, to make you think that all you want is more commodities…”

It is worth considering where an introductory economics class (and textbook) fits into the broader culture in which we live.  While economists surely strive to be objective social scientists, it is impossible for us to completely divorce ourselves from the societies in which we were brought up.  Is it possible, therefore, that the stories we tell about, for instance, consumer choices have embedded in them certain assumptions about what it is to be human?  And, furthermore, is it possible that those assumptions are in part a reflection of the very societies we’re trying to understand?  As this chapter has demonstrated, regardless of your personal beliefs about human nature, asking these questions is important if we’re to properly understand our economy as it evolves through time.

Principles of Microeconomics: Scarcity and Social Provisioning Copyright © 2016 by Erik Dean, Justin Elardo, Mitch Green, Benjamin Wilson, Sebastian Berger is licensed under a Creative Commons Attribution 4.0 International License , except where otherwise noted.

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What is Microeconomics Essay And How to Write it With Perfection

Most of the students are still not aware of how to write microeconomics essay. That is why the students always finding it difficult to write their essay on microeconomics. Here in this blog we are going to help you to find out the best ever tips on how to write a microeconomics essay with perfection. But before we start, let’s have a look on what is microeconomics.

What is Microeconomics?

Table of Contents

Macroeconomics is the study of how a large-scale economy works. It is concerned with economics at the regional, national, and global levels. 

Inflation, GDP, unemployment rates, investment, national income, consumption, production, international finance. And international commerce are some of the themes in macroeconomics.

Tips Before Writing a Microeconomics Essay

Macroeconomics is one such subject that is not enjoyed by everyone. Only a few people enjoy this subject. But many of us are not in those few people. In such situations, doing an assignment in the same subject is quite a task for us. However, in this guide, we tried to bring you everything possible that you might need to know before writing a macroeconomics essay. Below are the tips that should consider before instantly starting to write:

Decide Topic

First, decide the field and the topic you want to write about.

Before jumping into writing. You should gather all the possible information about your topic using the internet, books, or any other type of sources. And you can even make notes of important points you want to add to your essay.

THE PURPOSE OF THE ESSAY. While you search for the information. Try looking for the purpose of the essay too. You have to consider answering questions like; what are you trying to convey with this essay?

Answer Keywords

Always answer keywords like ‘why’, ‘when’, and ‘what’.

Information

You need to give complete details about the subject. You need to give “causes and effects”, “arguments” and “related-information”.

Draw an Outline

It’s better to make an outline to give a structure to your essay. It helps you locate facts, necessary information, and data perfectly. From the introduction to the main body to the conclusion. Your outline should have it all. The introduction and conclusion of one paragraph and the main body is generally three paragraphs long.

Size of Different Parts of Essay

The introduction should not be too long but at the same, it should be catchy. Make sure it is not more than 25% of the essay. The same ratio is for the conclusion. And ensure that you don’t add anything new in the conclusion and summarize everything in it properly. The rest of 50% is for the main body. The main argument and problems and solutions should be included in it. 

• Top 50+ economics essay topics
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Before you jump into the structure directly. Make sure that you understand the topic entirely. After doing the proper research, arrange your material and start planning to write. Economic essay themes are frequently posed as questions. As soon as you’ve decided on a topic, read it through numerous times to ensure that you grasp it completely. If you have any questions, don’t be afraid to consult your professor for clarification. Once you’re sure that you’re right grasped the question. Write it down on a piece of paper

The ideal essay outline structure followed by most of the economists is 

Introduction- 1 Paragraph

Main Body- 3 Paragraphs

Conclusion- 1 Paragraph

Introduction

Once you have collected the information and data about your matter. You can now proceed with writing the essay. Starting any piece of writing is ordinarily more difficult for most people than writing the whole essay. The introduction should be catchy and it should make the reader curious about the subject. It should set the foundation of the essay. The reader must know what he is going to know about. 

Now in this part, expand everything that you have discussed a bit about in the introduction paragraph. This part is for explanation, information, and arguments to make. As already said this part should be of three paragraphs. Every paragraph should have a different argument. 

The argument in every paragraph should be stated at first and be discussed further. And it should be supported by facts and theory. After you are done giving details, you should also include counter arguments. So that you do not miss out on anything. And after you discuss everything related to the argument. Conclude it with a reasonable result.

You can consider the main body paragraphs of your economic essay once you’ve completed the main body paragraphs. It does not, however, imply that you can rest and anticipate any conclusion you come up with to fit your essay. The value of a strong conclusion in an article, particularly economic essays, cannot be overstated. A weak conclusion will leave your reader with the kind of impression you don’t want, as it is the part of your essay that adds the most to their overall opinion of your writing.

A conclusion can be thought of as a condensed version of your entire essay. When your reader has completed reading your paper and moved on to whatever else he or she has to do, this is what you leave them with. Restating your major argument that you offered in the introduction is a solid and established technique to end your essay. If you are still finding it difficult to understand then take our best economics essay writing help now.

Frequently Asked Questions

What are some interesting topics in macroeconomics.

Gross Domestic Product (GDP). Price ranges. The rate of inflation. Political economy Unemployment rates are high. Invest in development. Fiscal and monetary policies are both important. National and international trade are both important.

What are some basic tips to keep in mind?

Make sure you know exactly what you’re supposed to do. Extensive research. Make a plan. To back up your claim, include facts and instances. Once it’s finished, read it. Make sure there are no misspellings or grammatical problems

Difference between micro and macroeconomics?

Microeconomics focuses on how individuals and businesses make decisions, whereas macroeconomics focuses on how countries and governments make decisions. Microeconomics is a bottom-up approach that focuses on supply and demand, as well as other influences that influence price levels. Macroeconomics adopts a top-down perspective, examining the economy as a whole and attempting to predict its trajectory and nature. Microeconomics is a tool that investors can use to make investment decisions, whereas macroeconomics is an analytical instrument that is primarily used to formulate economic and fiscal policy.

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What Is Microeconomics?

Understanding microeconomics, the uses of microeconomics, method of microeconomics, basic concepts of microeconomics, the bottom line.

• Guide to Microeconomics

Microeconomics Definition, Uses, and Concepts

Peter Westfall is a distinguished professor of information systems and quantitative sciences at Texas Tech University. He specializes in using statistics in investing, technical analysis, and trading.

Pete Rathburn is a copy editor and fact-checker with expertise in economics and personal finance and over twenty years of experience in the classroom.

Microeconomics is the social science that studies the implications of incentives and decisions, specifically how those affect the utilization and distribution of resources on an individual level. Microeconomics shows how and why different goods have different values, how individuals and businesses conduct and benefit from efficient production and exchange, and how individuals best coordinate and cooperate with one another. Generally speaking, microeconomics provides a more detailed understanding of individuals, firms, and markets, whereas macroeconomics provides a more aggregate view of economies.

Key Takeaways

• Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption.
• Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.
• Microeconomists formulate various types of models based on logic and observed human behavior and test the models against real-world observations.

Investopedia / Tara Anand

Microeconomics is the study of what is likely to happen—also known as tendencies—when individuals make choices in response to changes in incentives, prices, resources, or methods of production. Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers , and business owners. These groups create the supply and demand for resources, using money and interest rates as a pricing mechanism for coordination.

Microeconomics can be applied in a positive or normative sense. Positive microeconomics describes economic behavior and explains what to expect if certain conditions change. If a manufacturer raises the prices of cars, positive microeconomics says consumers will tend to buy fewer than before. If a major copper mine collapses in South America, the price of copper will tend to increase, because supply is restricted. Positive microeconomics could help an investor see why Apple Inc. stock prices might fall if consumers buy fewer iPhones. It could also explain why a higher minimum wage might force The Wendy's Company to hire fewer workers.

These explanations, conclusions, and predictions of positive microeconomics can then also be applied normatively to prescribe what people, businesses, and governments should do in order to attain the most valuable or beneficial patterns of production, exchange, and consumption among market participants. This extension of the implications of microeconomics from what is to what ought to be or what people ought to do also requires at least the implicit application of some sort of ethical or moral theory or principles, which usually means some form of utilitarianism .

Microeconomic study historically has been performed according to general equilibrium theory , developed by Léon Walras in Elements of Pure Economics (1874) and partial equilibrium theory, introduced by Alfred Marshall in Principles of Economics (1890). The Marshallian and Walrasian methods fall under the larger umbrella of neoclassical microeconomics. Neoclassical economics focuses on how consumers and producers make rational choices to maximize their economic well being, subject to the constraints of how much income and resources they have available.

Neoclassical economists make simplifying assumptions about markets—such as perfect knowledge, infinite numbers of buyers and sellers, homogeneous goods, or static variable relationships—in order to construct mathematical models of economic behavior. These methods attempt to represent human behavior in functional mathematical language, which allows economists to develop mathematically testable models of individual markets. Neoclassicals believe in constructing measurable hypotheses about economic events, then using empirical evidence to see which hypotheses work best. In this way, they follow in the “logical positivism” or “logical empiricism” branch of philosophy. Microeconomics applies a range of research methods, depending on the question being studied and the behaviors involved.

The study of microeconomics involves several key concepts, including (but not limited to):

• Incentives and behaviors : How people, as individuals or in firms, react to the situations with which they are confronted.
• Utility theory : Consumers will choose to purchase and consume a combination of goods that will maximize their happiness or “utility,” subject to the constraint of how much income they have available to spend.
• Production theory : This is the study of production, or the process of converting inputs into outputs. Producers seek to choose the combination of inputs and methods of combining them that will minimize cost in order to maximize their profits.
• Price theory : Utility and production theory interact to produce the theory of supply and demand, which determine prices in a competitive market. In a perfectly competitive market, it concludes that the price demanded by consumers is the same supplied by producers. That results in economic equilibrium .

Where Is Microeconomics Used?

Microeconomics has a wide variety of uses. For example, policymakers may use microeconomics to understand the effect of setting a minimum wage or subsidizing production of certain commodities. Businesses may use it to analyze pricing or production choices. Individuals may use it to assess purchasing and spending decisions.

What is Utility in Microeconomics?

In the field of microeconomics, utility refers to the degree of satisfaction that an individual receives when making an economic decision. The concept is important because decision-makers are often assumed to seek maximum utility when making choices within a market.

How Important Is Microeconomics in Our Daily Life?

Microeconomics is critical to daily life, even in ways that may not be evident to those engaging in it. Take, for example, the case of someone who is looking to buy a car. Microeconomic principles play a central role in individual decision-making. They will likely consider various incentives, such as rebates or low interest rates, when assessing whether or not to purchase a vehicle. They will likely select a make and model based on maximizing utility while also staying within their income constraints. On the other side of the scenario, a car company will have made similar microeconomic considerations in the production and supply of cars into the market.

Microeconomics is a field of study focused on the decision-making of individuals and firms within economies. This is in contrast with macroeconomics, a field that examines economies on a broader level. Microeconomics may look at the incentives that may influence individuals to make certain purchases, how they seek to maximize utility, and how they react to restraints. For firms, microeconomics may look at how producers decide what to produce, in what quantities, and what inputs to use based on minimizing costs and maximizing profits. Microeconomists formulate various types of models based on logic and observed human behavior and test the models against real-world observations.

S. P. S. Chauhan. " Microeconomics: Theory and Applications, Part 2 ," Page 224. PHI Learning, 2009.

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• Economy: What It Is, Types of Economies, Economic Indicators 2 of 33
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• 4 Economic Concepts Consumers Need To Know 8 of 33
• Law of Supply and Demand in Economics: How It Works 9 of 33
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• Supply-Side Theory: Definition and Comparison to Demand-Side 11 of 33
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Microeconomics Research Paper Topics

This page provides a comprehensive list of microeconomics research paper topics , divided into 10 categories, to help students choose a suitable topic for their research. Additionally, this page offers expert advice on how to select and develop a research topic, and how to write a high-quality microeconomics research paper. Finally, we present iResearchNet’s writing services, which provide students with customized and high-quality research papers on any microeconomics topic. With a team of expert writers and a range of features, we are committed to helping students achieve academic success.

Microeconomics Research Guide

Microeconomics is a branch of economics that focuses on the behavior of individual units such as consumers, firms, and markets. It is a fundamental aspect of economics that provides insights into the allocation of resources, decision-making processes, and the interactions between individuals and institutions. As a student of microeconomics, you will encounter various topics that are essential to understanding the complexities of the economy.

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The purpose of this page is to provide you with a comprehensive list of microeconomics research paper topics that you can use for your academic assignments. We have divided these topics into 10 categories, each with 10 potential research paper ideas, to help you navigate the vast landscape of microeconomics research. Our goal is to help you identify interesting and relevant research topics that will enable you to produce high-quality papers that showcase your understanding of microeconomic theory and its practical applications.

Microeconomics is a vast field that covers a broad range of topics, including consumer behavior, market structure, pricing, production, and efficiency. As you progress in your studies, you will discover the interconnectedness of these topics and their relevance to real-world economic issues. By delving into these topics and exploring their implications, you will gain a deeper understanding of the economic forces that shape our society and the decisions that individuals and institutions make.

100 Microeconomics Research Paper Topics

Microeconomics is a fascinating field of study that deals with the behavior of individual consumers and firms, and their interactions in various markets. It is a vital part of economics, as it helps us understand how people make choices about what to buy, how much to produce, and at what price to sell. Microeconomics research papers cover a wide range of topics, from consumer behavior to market structure and everything in between. To help you navigate the multitude of microeconomics research paper topics, we have divided them into ten categories, each containing ten potential research paper topics.

In this section, we will explore each category in detail, providing a brief overview of the topics it covers and listing ten potential research paper topics within it. By reading through these categories and topics, you will gain a better understanding of the scope of microeconomics research and hopefully find inspiration for your own research paper.

Microeconomic Behavior

Microeconomic behavior is a branch of economics that focuses on the actions and decision-making processes of individual consumers, households, and firms. It studies how these entities make decisions under conditions of scarcity and how they allocate their limited resources among different needs and wants. The goal of microeconomic behavior is to understand the factors that influence decision-making at the individual level and to develop models that can help predict consumer behavior, market outcomes, and firm behavior. Here are 10 potential research paper topics in microeconomic behavior:

• The role of information in consumer decision-making processes
• The impact of social norms on individual behavior and market outcomes
• The relationship between risk aversion and decision-making under uncertainty
• The determinants of labor supply and demand
• The effect of taxes on consumer behavior and market outcomes
• The role of expectations in shaping market outcomes and economic growth
• The determinants of firm investment decisions and capital structure
• The impact of regulation on firm behavior and market outcomes
• The relationship between innovation and market structure
• The determinants of individual saving and investment behavior

Microeconomic Institutions

Microeconomic institutions refer to the organizations, policies, and rules that govern the behavior of individuals, firms, and markets in the microeconomic context. These institutions can have a significant impact on economic outcomes, such as market efficiency, consumer welfare, and firm profitability. Understanding the nature and function of microeconomic institutions is crucial for analyzing the behavior of economic agents and the functioning of markets. Here are ten potential research paper topics related to microeconomic institutions:

• The impact of antitrust laws on market concentration and competition.
• The role of property rights in economic growth and development.
• The effectiveness of financial regulations in promoting stability and growth.
• The role of social norms in shaping individual behavior and market outcomes.
• The impact of trade regulations on international trade and economic growth.
• The influence of legal institutions on contract enforcement and economic activity.
• The role of labor market institutions in shaping wage determination and labor market outcomes.
• The impact of government subsidies on firm behavior and market outcomes.
• The effectiveness of environmental regulations in promoting sustainability and economic growth.
• The role of intellectual property rights in promoting innovation and technological progress.

Microeconomic Policy

Microeconomic policy refers to the use of government policies to influence individual and firm behavior, in order to improve economic outcomes. This involves the use of tools such as taxes, subsidies, regulations, and incentives to shape economic activity and achieve specific objectives. Possible research paper topics in microeconomic policy could include:

• The impact of minimum wage laws on employment and poverty rates.
• The effectiveness of tax incentives in promoting small business growth.
• The role of patent laws in promoting innovation and economic growth.
• The effects of government subsidies on the agriculture industry.
• The impact of environmental regulations on industry and consumers.
• The effectiveness of antitrust laws in promoting competition and consumer welfare.
• The role of government in promoting international trade and investment.
• The effects of government investment in infrastructure on economic growth.
• The impact of government funding for research and development on innovation and economic growth.
• The effectiveness of government programs aimed at reducing income inequality.

Household Behavior

Household behavior is an important area of study in microeconomics that focuses on the economic decisions and behavior of households, such as consumption, saving, and investment. Understanding household behavior is crucial for policymakers and economists as it has a significant impact on the overall economy. If you are interested in exploring research topics in household behavior, here are ten potential topics to consider:

• The role of social norms in shaping household consumption patterns
• The impact of cultural practices on household investment decisions
• The effects of household debt on economic growth
• The relationship between household savings and economic development
• The impact of government policies on household spending and investment
• The factors that influence household decision-making during economic crises
• The effects of gender and income inequality on household behavior
• The role of technology and innovation in shaping household consumption patterns
• The effects of climate change on household behavior and economic development
• The relationship between household behavior and labor market outcomes

Household Economics

Household economics is a branch of microeconomics that studies how households make consumption, savings, and investment decisions based on their income and preferences. The study of household economics is important because households are the basic unit of the economy, and their decisions have a significant impact on the overall economy. Household economics can be applied to various aspects of household decision-making, such as budgeting, borrowing, and saving for retirement. Here are 10 potential research paper topics in household economics:

• The impact of income inequality on household consumption patterns.
• How do households make decisions about borrowing and debt?
• The effect of demographic factors on household savings rates.
• The relationship between household income and child well-being.
• The role of social norms in household spending patterns.
• The effects of tax policy on household savings and consumption.
• The impact of unemployment on household financial decision-making.
• The influence of culture on household investment decisions.
• The role of financial literacy in household financial decision-making.
• The impact of technological advancements on household spending patterns.

Consumer Economics

Consumer economics is the study of how consumers make decisions about spending their money on goods and services. It analyzes the factors that influence consumer behavior, such as income, price, quality, and consumer preferences. Research topics in consumer economics can include a variety of topics, ranging from consumer behavior in specific industries to the role of consumer credit in the economy. Here are 10 potential research paper topics in consumer economics:

• The impact of product labeling and packaging on consumer purchasing behavior.
• An analysis of the factors influencing consumer decision-making in the automobile industry.
• The effect of advertising on consumer purchasing behavior.
• The role of social media in shaping consumer preferences and behavior.
• An investigation of the factors affecting consumer demand for organic food products.
• A study of the relationship between consumer debt and economic growth.
• The impact of consumer trust on e-commerce sales.
• An analysis of the factors influencing consumer decision-making in the housing market.
• The role of cultural and social factors in shaping consumer preferences and behavior.
• The impact of consumer education programs on financial literacy and behavior.

Break Even Analysis

Break even analysis is an important tool for microeconomic decision making because it helps businesses determine the minimum level of sales they need to generate in order to avoid losses. By analyzing the fixed costs, variable costs, and selling price of their products, businesses can calculate the break even point and determine whether their pricing strategy is feasible. Break even analysis is used by businesses of all sizes and in all industries, from small startups to large corporations. The scope of break even analysis is wide-ranging and includes a variety of topics that can be explored in a research paper. Some potential topics include:

• Break even analysis in the service industry: A case study of a restaurant.
• Analyzing the impact of changes in fixed and variable costs on break even analysis.
• The use of break even analysis in project management: A case study of a construction company.
• Break even analysis and pricing strategy: A case study of a tech company.
• Analyzing the limitations of break even analysis in decision making.
• The impact of inflation on break even analysis: A case study of a manufacturing company.
• Break even analysis and capital budgeting: A case study of a retail company.
• The role of break even analysis in determining the profitability of a new product.
• Analyzing the impact of competition on break even analysis: A case study of a retail company.
• The use of break even analysis in non-profit organizations: A case study of a charity.

Profit Maximization

Profit maximization is a key concept in microeconomics that refers to the process of increasing the difference between total revenue and total costs in order to achieve the highest possible level of profit. Profit maximization is a fundamental goal of most firms, and is achieved by optimizing the production and pricing strategies of the firm. List of 10 potential research paper topics:

• The impact of profit maximization on the pricing strategies of firms in competitive markets.
• A comparative analysis of profit maximization strategies used by small and large businesses.
• The role of innovation in profit maximization: a case study of Apple Inc.
• The ethical implications of profit maximization: balancing profits with social responsibility.
• The relationship between profit maximization and corporate social responsibility in the banking industry.
• The impact of technological advancements on profit maximization strategies in the retail industry.
• A critical analysis of the effectiveness of different profit maximization techniques used by firms.
• The impact of globalization on profit maximization strategies in the manufacturing industry.
• The role of marketing in profit maximization: a case study of Coca Cola.
• The impact of external factors such as government policies and economic conditions on profit maximization in the airline industry.

Market Structure

Market structure refers to the degree of competition and market power in a given market, as well as the organization and behavior of firms operating in that market. The study of market structure is essential for understanding how markets work, how prices are determined, and how firms make decisions about production and pricing. Here are ten potential research paper topics related to market structure:

• The impact of market structure on pricing and market outcomes in the airline industry.
• An analysis of the oligopolistic market structure in the smartphone industry.
• The effects of market structure on consumer welfare in the healthcare industry.
• An evaluation of the competitive landscape of the US retail industry.
• The role of vertical integration in market structure and firm behavior in the automotive industry.
• The impact of mergers and acquisitions on market structure and competition in the banking industry.
• The relationship between market structure and innovation in the pharmaceutical industry.
• The effects of market structure on pricing and quality in the broadband industry.
• An analysis of the impact of regulatory policies on market structure and competition in the telecommunications industry.
• The influence of market structure on firm strategy and market power in the beer industry.

Personal Finance

Personal finance is a branch of economics that focuses on the management of individual financial resources. It involves the management of financial investments, savings, expenses, and debt to achieve financial goals such as retirement, homeownership, college education, or financial independence. Personal finance involves making informed financial decisions and considering factors such as inflation, taxes, and interest rates. It is essential to have a good understanding of personal finance as it affects an individual’s financial well-being and future prospects. List of 10 potential research paper topics

• The effects of inflation on personal finance
• Strategies for effective debt management in personal finance
• The role of financial literacy in personal finance
• The impact of low-interest rates on personal finance
• The role of financial technology in personal finance
• The relationship between personal finance and mental health
• The effect of taxes on personal finance decisions
• The benefits and risks of investing in cryptocurrencies for personal finance
• The impact of the gig economy on personal finance
• The impact of global economic trends on personal finance

In conclusion, microeconomics research paper topics cover a vast range of issues related to individual behavior and market interactions. The ten categories we have outlined in this section provide a useful starting point for your research, but they are by no means exhaustive. Whether you choose to focus on consumer behavior, market structure, or household economics, there is no shortage of interesting and relevant microeconomics research paper topics to explore. With careful planning, research, and writing, you can create a compelling and informative research paper that contributes to our understanding of microeconomics and its impact on our daily lives.

Choosing Microeconomics Research Paper Topics

Choosing a topic for your microeconomics research paper can be a daunting task, but with the right approach, it can also be a rewarding one. Here are some expert tips to help you choose the best microeconomics research paper topic for your assignment:

• Start with what interests you : The first step in choosing a topic is to think about what interests you. Consider the microeconomic concepts and theories that you find most fascinating and choose a topic that allows you to explore them in greater depth.
• Look for gaps in the literature : Conduct a literature review to see what has already been written on your topic of interest. Look for gaps or areas that have not been explored in depth and consider focusing your research on these areas.
• Consider the scope of your research : Microeconomics is a broad field, and it can be challenging to narrow down your research to a specific topic. Consider the scope of your research and choose a topic that is manageable in terms of time and resources.
• Choose a topic with practical applications : Microeconomics has many practical applications, and choosing a topic that has real-world implications can make your research more interesting and relevant. Look for topics that are relevant to current economic issues and that have the potential to inform policy decisions.
• Consult with your instructor : Your instructor is an excellent resource for help with choosing a research paper topic. Consult with them early on in the process and get their input on your ideas.

Once you have chosen a topic, it is essential to start your research early and stay organized. Develop a clear research question and outline, and make sure to use reputable sources in your research.

By following these expert tips, you can choose a microeconomics research paper topic that is interesting, manageable, and relevant to your academic and professional goals.

How to Write a Microeconomics Research Paper

Writing a research paper in microeconomics requires careful planning, research, and analysis. Here are some tips to help you write a successful microeconomics research paper:

• Choose a topic : The first step in writing a research paper is to choose a topic. Select a topic that is interesting to you and is also relevant to the field of microeconomics. Try to narrow down your topic to a specific research question that you can answer with your research.
• Conduct research : Once you have chosen your topic, it is important to conduct thorough research. Gather information from a variety of sources, including academic journals, books, and online databases. Take detailed notes and organize your research in a way that makes sense to you.
• Develop a thesis : Your thesis statement should be a clear and concise statement of the main argument or point you will be making in your paper. It should be based on your research and should be supported by evidence.
• Outline your paper : Organize your research and develop an outline for your paper. Your outline should include an introduction, body, and conclusion. Use your outline to guide your writing and to ensure that you stay focused on your main argument.
• Write your paper : Start with your introduction, which should include your thesis statement and an overview of the main points you will be making in your paper. Use evidence to support your argument in the body of your paper. Make sure to cite your sources and to use appropriate formatting (such as APA, MLA, or Chicago) for your citations. Finally, wrap up your paper with a conclusion that summarizes your main points and restates your thesis.
• Revise and edit : Once you have completed your first draft, take time to revise and edit your paper. Look for areas where you can improve your argument, and check for grammatical and spelling errors.
• Get feedback : Ask a friend, family member, or professor to read your paper and provide feedback. This can help you identify areas where you can improve your argument or clarify your ideas.

By following these tips, you can write a successful microeconomics research paper that effectively communicates your research and ideas. Remember to take the time to carefully plan and execute your paper, and to revise and edit your work to ensure that it is polished and professional.

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In conclusion, writing a high-quality microeconomics research paper can be a challenging task, but with the right approach, it can also be a rewarding one. The key is to choose a topic that is interesting and relevant, conduct thorough research, and follow a clear and concise structure. It is also important to seek expert advice and consider the writing services offered by iResearchNet, which can help students achieve academic success and save time and effort.

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• Strategic Solutions: Mastering Microeconomics Challenges

Mastering Microeconomics Problems: Essential Tips and Strategies

Mastering microeconomics problems demands a strategic approach, and as an expert guiding students through the intricate web of economic principles, my paramount focus lies in imparting essential tips and strategies. Navigating the labyrinth of supply, demand, and market structures requires a nuanced understanding, and I advocate a methodical breakdown of problems. For those seeking help with your microeconomics assignment , mastering these essential tips and strategies is crucial for success in tackling the complexities of microeconomic analysis and problem-solving.

Firstly, I emphasize the significance of grasping foundational concepts. A solid comprehension of microeconomic fundamentals serves as the bedrock for solving complex problems. I encourage students to delve into the core principles, ensuring a robust understanding of concepts like elasticity, utility, and production costs.

Furthermore, problem-solving in microeconomics necessitates a keen eye for real-world applications. I guide students to connect theoretical frameworks to practical scenarios, fostering a holistic perspective. Case studies and examples provide a bridge between abstract concepts and their tangible manifestations in the economic landscape.

Effective time management is a cornerstone of success in microeconomics assignments. I advocate breaking down tasks into manageable segments, addressing each facet with meticulous attention. This approach not only enhances efficiency but also cultivates a deeper understanding of intricate economic relationships.

Mastering microeconomics problems requires a fusion of theoretical acumen, practical application, and disciplined time management. As an expert mentor, my goal is to equip students with the tools to navigate this challenging terrain, fostering both academic excellence and a profound appreciation for the intricacies of economic systems.

Unveiling the Complexity of Microeconomic Forces: A Comprehensive Roadmap for Proficiency in Problem Solving

As an expert guiding students through the intricate realm of microeconomics, my primary aim is to unravel the complexity inherent in the subject and provide a comprehensive roadmap for proficiency in problem-solving. Microeconomics, the study of individual economic agents and their interactions, demands a nuanced understanding of various forces that govern decision-making at the micro level. In the academic journey of economics students, mastering these forces is not merely a requisite; it is the key to unlocking the doors of analytical prowess.

The microeconomic landscape is a tapestry woven with the threads of supply and demand, consumer behavior, production costs, and market structures. Each thread intertwines with others, creating a dynamic system that influences the choices made by individuals and firms. Navigating this intricate tapestry requires a keen eye for detail and a systematic approach to problem-solving. As a guide, I emphasize the importance of building a strong foundation in fundamental concepts before attempting to grapple with the more complex issues that arise in microeconomics.

One of the cornerstones of microeconomic analysis is the principle of supply and demand. Students are encouraged to delve into the intricacies of how these forces shape market equilibrium and influence prices. Understanding elasticity, both for demand and supply, provides a lens through which students can analyze the responsiveness of quantity and price to changes in various economic factors. This foundational knowledge serves as the bedrock for more advanced problem-solving endeavors.

Consumer behavior, another pivotal aspect of microeconomics, introduces students to the psychology behind individual choices. As an expert mentor, I guide students in unraveling the factors that influence consumer preferences, budget constraints, and utility maximization. Analyzing utility functions and indifference curves equips students with the tools to decipher the decision-making process of rational consumers. This, in turn, lays the groundwork for exploring topics such as market failures, externalities, and public goods.

In the realm of production and costs, students are ushered into the intricacies of firm behavior. The study of production functions, cost curves, and profit maximization provides a lens through which students can comprehend the rationality behind business decisions. As an expert, I emphasize the importance of grasping the nuances of short-run and long-run production, as well as the implications of different market structures on a firm's behavior.

Market structures, ranging from perfect competition to monopoly, form the backdrop against which microeconomic forces play out. Students are guided through the analysis of how market structures influence pricing, output, and allocative efficiency. Case studies and real-world examples are employed to illustrate the practical applications of these theoretical concepts, fostering a deeper understanding of the dynamic nature of markets.

A comprehensive roadmap for proficiency in microeconomic problem-solving extends beyond theoretical knowledge. Practical application and real-world examples serve as the compass guiding students through the complexities of economic analysis. As an expert, I encourage students to engage with current events, industry trends, and case studies to develop a holistic understanding of how microeconomic forces shape the economic landscape.

The journey through microeconomics is a meticulous exploration of the forces that govern individual economic decisions. As an expert guide, my role extends beyond imparting knowledge; it involves equipping students with the analytical tools and problem-solving skills necessary to navigate the intricate tapestry of microeconomic forces. By fostering a deep understanding of supply and demand, consumer behavior, production costs, and market structures, students emerge not only as adept analysts but as proficient problem solvers ready to unravel the complexities of the economic world.

Decoding Microeconomic Enigmas: Essential Foundations for Mastery

In the intricate realm of microeconomics, decoding enigmas requires a profound understanding of foundational principles. As an expert guiding students through the labyrinth of economic assignments, I emphasize the significance of mastering essential concepts. Microeconomics, the study of individual economic units, demands a nuanced comprehension of supply and demand dynamics, market structures, and consumer behavior.

Navigating the intricacies of microeconomic enigmas involves unraveling the threads of utility maximization, cost analysis, and the delicate balance between scarcity and choice. I guide students to grasp the fundamental concept of opportunity cost, the linchpin of economic decision-making, urging them to weigh alternatives judiciously.

Furthermore, a mastery of elasticity, equilibrium, and the market forces shaping prices is indispensable. Students are encouraged to decipher the intricacies of production functions and factor markets, laying a robust groundwork for comprehending how firms allocate resources in the pursuit of profit.

In the dynamic tapestry of microeconomics, I instill an appreciation for real-world applications, bridging theoretical knowledge with practical scenarios. Through meticulous guidance, students acquire the analytical tools to decode microeconomic enigmas, fostering critical thinking and problem-solving skills essential for academic success and future professional endeavors. As they navigate the intricate terrain of economic assignments, my expertise serves as a compass, ensuring they not only complete tasks but develop a profound mastery of microeconomic principles, empowering them to confront economic enigmas with confidence and insight.

Strategic Approaches to Tackle Intricate Microeconomic Equations: A Practical Guide to Skill Enhancement

As an expert in the field of economics, my primary mission is to guide and empower students in navigating the complex realm of microeconomic equations. Microeconomics, the study of individual economic agents and their interactions, often poses challenges for students as they grapple with intricate equations and concepts. In this practical guide, I will outline strategic approaches aimed at enhancing students' skills and facilitating a comprehensive understanding of microeconomic equations.

First and foremost, a solid foundation in fundamental microeconomic principles is essential. Encourage students to revisit the basics, emphasizing concepts such as supply and demand, elasticity, and market structures. Establishing a robust understanding of these foundational elements lays the groundwork for tackling more complex equations. Suggest supplementary reading materials, video lectures, or interactive simulations to reinforce these core concepts and provide students with a diverse set of learning resources.

Once the fundamentals are firmly in place, the next strategic approach involves breaking down intricate equations into manageable components. Microeconomic equations often involve multiple variables and relationships that can be overwhelming. Guide students to deconstruct these equations into smaller, more digestible parts. Encourage them to identify the key variables, understand their interdependencies, and analyze the impact of changes in each variable on the overall equation. This analytical approach fosters a systematic understanding of microeconomic models.

Additionally, hands-on experience is invaluable for mastering microeconomic equations. Assign practical exercises and real-world case studies that require students to apply theoretical concepts to actual scenarios. This approach not only reinforces their understanding but also develops problem-solving skills essential for addressing complex equations. Recommend utilizing online platforms, economic modeling tools, or simulation games that simulate real economic scenarios, providing a dynamic and engaging learning experience.

Furthermore, mathematical proficiency is crucial in the realm of microeconomic equations. Students often face challenges in dealing with mathematical representations of economic models. Recommend resources and tutorials that focus on the mathematical aspects of microeconomics, ensuring that students are equipped with the necessary quantitative skills. Emphasize the significance of algebra, calculus, and statistical techniques in solving and interpreting microeconomic equations.

In the era of technology, leverage digital tools to facilitate learning and skill enhancement. Encourage students to explore specialized software and applications designed for microeconomic analysis. Platforms that offer graphing and visualization tools can aid in illustrating complex relationships, making it easier for students to comprehend and interpret microeconomic equations. Familiarity with these digital tools enhances both their analytical and presentation skills.

Effective communication of economic ideas is another critical aspect of mastering microeconomic equations. Guide students in developing the ability to articulate their analyses and findings coherently. Emphasize the importance of clear and concise writing, ensuring that economic arguments are presented logically and supported by evidence. Offer constructive feedback on written assignments to cultivate effective communication skills, an essential asset in the field of economics.

Lastly, instill a proactive and collaborative mindset in students. Encourage them to seek additional help when needed, whether through peer collaboration, online forums, or consulting with instructors. Building a community of learners fosters a supportive environment where students can share insights, exchange ideas, and collectively tackle the challenges posed by intricate microeconomic equations.

The strategic approaches outlined in this practical guide aim to empower students in navigating the complexities of microeconomic equations. By emphasizing foundational principles, breaking down complex models, promoting hands-on experience, honing mathematical proficiency, leveraging digital tools, refining communication skills, and fostering a collaborative mindset, students can enhance their ability to tackle intricate microeconomic equations with confidence and competence. As an expert guide, my commitment is to equip students with the skills and knowledge needed to excel in the dynamic and challenging field of microeconomics.

Navigating the Labyrinth: Systematic Solutions to Microeconomic Equation Challenges

In the intricate world of microeconomic equations, navigating the labyrinth requires a systematic approach grounded in expertise. As an expert guiding students through the complexities of economics assignments, the key lies in unraveling the intricate web of supply and demand dynamics, elasticity, and market structures.

In this academic maze, students often encounter challenges deciphering the intricate relationships embedded in microeconomic equations. My role as a seasoned guide involves imparting a structured methodology, emphasizing the significance of understanding utility maximization, cost minimization, and equilibrium. We delve into the nuanced interplay between consumers and producers, unraveling the subtleties of market equilibrium and the forces shaping it.

Systematic solutions become paramount in breaking down the barriers of comprehension. By dissecting microeconomic problems into manageable components, students gain clarity on concepts like marginal utility, production functions, and pricing strategies. Through interactive sessions, I foster an environment where students can apply theoretical knowledge to real-world scenarios, honing their analytical skills.

The journey through microeconomic equations resembles navigating a labyrinth, and my expertise serves as a guiding light. Together, we chart a course through the intricate pathways of economic theory, empowering students to conquer challenges and emerge with a comprehensive understanding of microeconomic intricacies. In this dynamic process, systematic solutions become the compass guiding students to academic success in the realm of microeconomic equations.

From Theory to Precision: Expert-Level Application of Microeconomic Models in Complex Real-World Scenarios

As an experienced guide assisting students in navigating the intricate landscape of economics assignments, it becomes apparent that the journey from theoretical microeconomic models to their expert-level application in complex real-world scenarios is a transformative process. In the realm of microeconomics, where the dynamics of individual decision-making and market interactions are scrutinized, the leap from textbook theories to real-world precision demands a nuanced understanding and adept utilization of economic models.

Microeconomic models serve as the foundation upon which students build their analytical prowess. These models, ranging from supply and demand curves to utility maximization, offer a theoretical framework to comprehend the behavior of economic agents in isolated settings. However, the challenge lies in extrapolating these simplified constructs to multifaceted, dynamic real-world scenarios. An expert in the field serves as a beacon, guiding students to navigate this transition with finesse.

One crucial aspect of expert-level application involves recognizing the limitations of simplistic models and embracing the complexity inherent in reality. A seasoned guide emphasizes the importance of understanding assumptions, recognizing their implications, and discerning when and how to relax them. For instance, the perfectly competitive market assumed in many microeconomic models may not accurately represent the intricacies of industries marked by monopolies, oligopolies, or externalities. Students under expert guidance learn to tailor their analytical tools, adapting them to the specific characteristics of the economic landscape they are exploring.

The bridge between theory and precision is fortified by the incorporation of empirical evidence and data analysis. While theoretical constructs provide a conceptual framework, an expert encourages students to seek and analyze real-world data to validate, refine, or challenge their assumptions. This iterative process enhances the robustness of their analyses, instilling in them the ability to discern patterns and trends in complex economic systems. Through hands-on experience with data, students develop a deeper appreciation for the intricacies of economic phenomena, moving beyond abstract concepts to concrete applications.

Furthermore, an expert mentor guides students in mastering advanced econometric techniques, enabling them to extract meaningful insights from data. Techniques such as regression analysis, time-series modeling, and experimental design become invaluable tools for dissecting complex economic relationships. This proficiency equips students to tackle real-world challenges with analytical precision, a skill that distinguishes them in both academic and professional spheres.

The application of microeconomic models in real-world scenarios also demands a keen understanding of policy implications. Expert guidance extends beyond the confines of mathematical equations, encouraging students to explore the policy landscape and comprehend the ripple effects of economic decisions. Whether analyzing the impact of taxation on consumer behavior or evaluating the efficacy of price controls, students under expert tutelage learn to navigate the intersection of economic theory and policy application.

The journey from microeconomic theory to expert-level application in complex real-world scenarios is a transformative process facilitated by seasoned mentors. Through a nuanced understanding of theoretical foundations, incorporation of empirical evidence, mastery of advanced analytical techniques, and a keen awareness of policy implications, students guided by experts emerge equipped to navigate the intricacies of the economic landscape. The bridge from theory to precision becomes a testament to the transformative power of expert mentorship, shaping the next generation of economists poised to unravel the complexities of our interconnected world.

Practical Prowess: Elevating Your Microeconomic Model Application Skills

Mastering microeconomic model application is an essential skill for navigating the complex terrain of economic analysis. As an expert guiding students in their quest to elevate their practical prowess, I emphasize the significance of seamlessly integrating theoretical concepts into real-world scenarios. The art lies in not just understanding the models but in wielding them effectively to unravel the intricacies of economic phenomena.

In the realm of academic assignments, students often grapple with translating abstract theories into tangible applications. I foster a deep understanding of microeconomic principles, ensuring students grasp the nuances of supply and demand dynamics, elasticity, and market structures. Encouraging them to approach assignments as opportunities for practical exploration, I instill the confidence to dissect economic challenges methodically.

Through personalized guidance, I emphasize the relevance of empirical data, enabling students to bridge the gap between theory and application. We delve into case studies, honing analytical skills and fostering a keen sense of economic intuition. Understanding the real-world implications of economic decisions becomes second nature as students cultivate a practical prowess that extends beyond the confines of the classroom.

In essence, my role transcends conventional teaching, empowering students to not only excel in assignments but to emerge as adept economists capable of navigating the intricacies of the global economic landscape. Practical prowess becomes the hallmark of their academic journey, laying the foundation for future success in the dynamic field of economics.

Conclusion:

In conclusion, mastering microeconomics problems is a multifaceted endeavor that demands a combination of conceptual understanding, analytical skills, and strategic application. As an expert dedicated to assisting and guiding students in navigating the complexities of economics assignments, it is evident that success in microeconomics is not merely a product of rote memorization, but rather a dynamic process of comprehension and application.

One essential tip for students is to prioritize a solid grasp of foundational concepts. Microeconomics is built upon principles that serve as the framework for understanding economic behaviors at the individual and firm level. By investing time in comprehending these fundamentals, students can develop a robust foundation that facilitates the resolution of more intricate problems.

Furthermore, strategic problem-solving is crucial in mastering microeconomic assignments. Students should adopt a systematic approach, breaking down complex problems into manageable components. This involves identifying relevant economic theories, models, and real-world examples that can be applied to specific scenarios. The ability to synthesize information and connect theoretical knowledge to practical situations is a hallmark of a proficient microeconomics student.

Time management and consistent practice are also indispensable components of success in microeconomics. Given the diverse nature of microeconomic problems, students should allocate sufficient time to engage with the material regularly. This ensures that concepts are not only understood but also retained and can be readily applied when confronted with challenging problem sets.

Collaboration and seeking guidance from experts can significantly enhance a student's mastery of microeconomics. Utilizing available resources, such as textbooks, online tutorials, and consultation with experienced mentors, can provide invaluable insights and clarification on intricate topics. An expert's perspective can offer students nuanced insights, helping them navigate through the intricacies of microeconomic problems more effectively.

In conclusion, mastering microeconomics problems requires a holistic approach that combines foundational knowledge, strategic problem-solving, time management, and the utilization of available resources. As an expert guiding students in their economics assignments, fostering a deep understanding of the subject matter and cultivating critical thinking skills are essential for long-term success in the field of microeconomics.

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• Essay on Business

Good Essay About Microeconomics Assignment: Part A & B

Type of paper: Essay

Topic: Business , Market , Peak , Demand , Economics , Hours , Price , Products

Words: 2500

Published: 03/08/2023

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PART A- Questions related to ‘The Mystery of the Invisible Hand’

Jevons Marshall is a fictitious pen name used by the true author(s) of the book. Who really wrote the book? What makes ‘Jevons Marshall’ a clever choice for the pen name in this case? Answer. The pseudonym Jevons Marshall is used by two renowned professors of economics who are William Breit and Kenneth G. Elzinga. The pen name is derived from the surnames of two famous economists named Alfred Marshall and William Jevons. The pen name made from the names of these two economists is deliberately used for writing mystery novels based on economics as where the former ( Marshall) was the author of Principles of Economics in London and the latter (Jevons) is known for his remarkable theories on the laws of marginal utility. Hence, the hybrid of these two famous economists makes the pseudonym a highly empowered entity to use the principles of economics in creating successful mystery novels. If you owned all the land, you wouldn’t be able to charge a monopoly price for any one parcel of it for the same reason why if you owned all the paintings of some artist, you couldn’t sell them at the monopoly price. Explain. Answer. The monopolistic power implies the autonomy of a seller to change prices (raise or lower) as per his own will and this change in prices is to meet the changing demands of the market with respect to the prices offered by the competitors. However, in the case of a seller owning the entire product in the market, he can never have a buyer without a guarantee that the prices will not be lowered any further. This is because every buyer will try to safeguard the investment value of his purchased product and a monopolistic change in the prices can give him profit or loss accordingly. Hence, each buyer will first ensure that he never bears a loss due to a lowering of prices later on. In the case of real estate or paintings, the sole owner of all the land or art is bound to not lower the prices as earlier sales will guarantee that their investment value is either same or higher but never lower than that of the purchase price. Answer. The law of diminishing marginal utility is generally taught via a process which explains how the satisfaction and utility recognized from a product gradually diminishes in the mind of the buyer when he specifically increases the consumption of particularly that product and keeps all the other products at a constant figure of consumption. So, the concept tends to state the perceived satisfaction or utility of a product decreases with a rising consumption or usage of that product (Smriti , 2015, p. 2). However, Prof. Spearman’s is slightly different from his colleagues and he believes that although the demand for a good is regulated by the law of marginal utility but the supply of the goods is not entirely dependent on the marginal utility of the product and it also varies with the cost of production for that good (Jevons, 2014, p.42). Hence, the marginal utility of a product decreases when the buyers feel a relatively higher rate of addition of the product to his stock when compared with that of his consumption rate.

‘Poppa, for you, work is consumption good.’ What did Patricia mean by saying this?

Answer. Spearman’s daughter, Patricia always used to find him working at home over the various academic and his social ventures and she used to mock at his excessive inclination towards work (Jevons, 2014, p.44). She also addressed his tendency of being engrossed in work to be an opposite of the attention deficit syndrome and rather termed his work to be a sort of consumable good for his earnest desires to learn and contribute more to the field of economics and its practical applications. Thus, the analogy drawn between work and a consumable good by Patricia is actually a way to mock at her father by using the economic jargons so as to make it more meaningful to him. ‘It’s striking how many economists end up as deans of business schools’. Is that a matter of demand or supply? Explain. Answer. Abraham mentioned this statement that it was shocking for him to see how many of the economists actually ended up as deans in business schools in response to his comparison of the same figure when applied to the case of liberal arts related streams (Jevons, 2014, p.87). He implied the law of demand supply being applicable in the case that major economists nowadays are more inclined towards grabbing key positions in the federal government offices and are happy with steady income patterns. Although, this limited scope of acting within the job profile limits their knowledge of the application of economics into real life academics which could have transformed the scenario of education. Hence, Abraham has actually mocked at the gradually lowering supply of the economists with respect to the rising demand as deans and educational mentors at business schools. ‘To pay for the stadium, the city didn’t tax local income or property. The tax was on hotel rooms () so the stadium didn’t cost the Citizens of San Antonio a thing’. What is wrong with Compton’s argument here? Answer. Compton’s argument is flawed as it is based on the assumption that a public infrastructure based project might be developed by just raising tariff oriented taxes on hotels and commercial establishments (Jevons, 2014, p.93). According to the Keynesian principles of government spending into public service based big infrastructure projects; the government uses the fiscal income to create more infrastructures that in turn generates more jobs for labor and skilled workers and business for raw material suppliers. Further, the government spending goes back to people as income and salary which they spend into the markets and this ensures proper circulation of currency in the economy which raises GDP (Sightings, 2012, p.1). However, if the government spending on infrastructure projects is not via fiscal income from the people (income and property tax) proper currency circulation will not occur and money will start fluctuating in its value. ‘All houses are for sale even though not all of them are listed. From the perspective of economic analysis, costs of acquiring them are probably higher than the costs of those that are listed with a real estate agent’. Explain. Answer. The given statement can be explained as the economic phenomenon where various market factors and cost driving elements come into consideration when a transaction is to be planned. A house that is not for sale will not be listed with the real estate agent and in the case of a choice being made for purchasing the unlisted house; the seller can be monopolistic in demanding the price for his property. The economic factor of monopolistic pricing come into the picture as an unlisted property is not catalogued along with the other listed properties which the real estate agent has and hence it makes a separate market of monopoly for the seller decide his own price. Therefore, more the seclusion from market forces, greater is the chance of an owner selling the house at a higher price than the listed ones. ‘Arbitrage is the economic death of discrimination’. Explain. Answer. The discrimination of price is implied when there is an assurance that there are mutually separable markets. The separation of markets provides an opportunity of varying pricing structures and different wants for the product on the basis of the buyers and sellers of the different markets. Arbitrage is a process of buying a product from a market and selling it into another market (McAfee, 2008. p.473). As the product gets listed in the pricing practices of another market, the relative price discrimination scope gets almost eliminated in this discourse. Further, the product which could have capitalized on its movement into another market’s demand cycle gets restricted to the specific market’s demand-supply based pricing after arbitration. Hence, it is clear that arbitrage eradicates the economic possibilities of price and value discrimination of a product (Jevons, 2014, p.245).

Why most artists opt for exclusive sales arrangements with just one gallery?

Answer. The artists generally ensure that their artworks are sold via exclusive sales arrangement executed through a single gallery to ensure that there is no hampering or manipulative effect on the prices set for each piece. The sales arrangement executed by just one gallery make it a monopolistic market sort of situation where the supply-demand ratio is a constant figure and this further puts a certainty that there is no impact on the pricing for each art. The artworks are often subjected to an estimation of their worth in terms of viewer’s response, the single gallery type of sales arrangement works in the best financial interest of the artist by affirming the worth of his each artwork to be constant (Mayyasi, 2015, p.1). Therefore, within a gallery, the demand and supply for all the paintings remains fairly stable irrespective of higher or lower value perceived by the viewers and buyers for any of them.

How did the bell curve and the death effect help Spearman in solving the crime and theft mysteries?

Answer. The notion of death effect as proposed by Spearman explains the implementation of the impact of scarcity of an art on its price and perceived marginal utility. Thus, the death effect explains how the price of an artist’s work goes high after his death or if he stops producing art anymore. Spearman came to a conclusion that if a middle-aged artist dies then the market responds back by bidding higher prices to ensure that his remaining works are purchased before they are finally bought from the market. Thus, Spearman used this theory for ascertaining the cause of Tristan Wheeler who died at the age of 46 years and the bell curve theory was applied to analyze what will be the average pricing of most of Wheeler’s works after his sudden demise.

PART B- An essay on “Why off-peak train tickets are so much cheaper? ”

Introduction It is generally observed that the peak hours of the train and metro tickets have higher pricing than that of the moderate and off-peak hour prices. This strategic change in prices on the basis of nature and time of peak demand is called surge pricing, which also known as the surge is pricing. This alteration in pricing strategy with respect to varying loads is generally misconceived by the common people and owing to the discomfort and lesser ease of access in travelling via trains. Most of the people believe that the peak load train prices should be lower than the off-peak hours. Therefore, this essay tends to explore the underlying rationale of market equilibrium (demand –supply ratios) behind the time and demand based pricing strategy in train tickets.

Train service (Supply side) factors

The operations of the train during peak load require higher power by the engines and this increases the overall cost of operations for managing profitability during the peak-hours. Further, more drivers need to be deployed for a larger number of trips (to and fro) during the peak hours. It is very crucial to have backup support during the peak hours to avoid any situation of hampered operations during the peak (Walker, 2014, p.1). Similarly, the maintenance and other operational costs are twice that of normal load hours during the peak hours. Hence, all the above factors affirm that the train prices should be higher during the peak hours to keep up with the desired profitability in operations during the peak hours.

Passenger travelling preference (Demand side) factors

The peak hours are generally office going hours when the majority of people travelling through trains and metro rails are trying to reach offices as soon as possible. So, to ensure higher safety and lesser inconvenient travelling experience for all, it is better to encourage less traveling by those travelers who have an option to travel at other time of the day or to avail any other cheaper medium of conveyance during the peak hours (Walker, 2014, p.1). It is also true that the average midday traveler has less income than that of the peak-hours traveler so the differential pricing aids in maintaining their sense of affordability during their individual routine commutation during different times of the day. Hence, demand-based pricing is justified for managing the means of travelling via train for passengers who have differing preferences in travelling via trains.

Conclusion: Market equilibrium and Train ticket pricing

An entity which has higher demand at constant supply should face a surge in its prices and an entity which has lower demand at a constant price should be relatively dragged down to a drop in its prices so as to comply with the market equilibrium principle of economics (O'Sullivan, Perez and Sheffrin, 2008, p. 51). Therefore, a peak demand based ticket price should be relatively higher because supply is almost constant when the demand is doubled and this should be marked by a rise in prices. Similarly, the midday travel should have cheaper tickets to attract more customers as the demand is already low during such hours.

Bibliography

Jevons, M., 2014. The Mystery of the Invisible Hand: A Henry Spearman Mystery. New Jersey: Princeton University Press. Mayyasi, A., 2015. Why Is Art Expensive? Price Economics, [online] Available at :< http://priceonomics.com/why-is-art-expensive/ > [Accessed 06 March 2016]. McAfee, P.R. "Price Discrimination". Issues in competition law and policy, Vol.1 (2008): 471-473. O'Sullivan, A., Perez, S. and Sheffrin, M.S., 2008. Macroeconomics: Principles, Applications, and Tools. 4th Ed. New Delhi: Pearson Education. Sightings, T., 2012. How Would Keynes Save Our Economy? US News, [online] Available at :< http://money.usnews.com/money/blogs/on-retirement/2012/07/17/how-would-keynes-save-our-economy> [Accessed 06 March 2016]. Smriti, C., 2015. Law of Diminishing Marginal Utility (Explained With Diagram). Your article library, [online] Available at :< http://www.yourarticlelibrary.com/economics/law-of-diminishing-marginal-utility-explained-with-diagram/38940/ > [Accessed 06 March 2016]. Walker, J., 2014. Should Fares Be Higher During Peak Hours? Human Transit [online] Available at :< http://humantransit.org/2010/05/should-fares-be-higher-during-peak-hours.html> [Accessed 06 March 2016].

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