microeconomics help.

timer Asked: Jun 6th, 2018
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Question description

Purpose of Assignment

In Week 1, students are introduced to the ten fundamental principles on which the study of economics is based. Throughout this course, the students will use these ten principles to better develop their understanding of economics and how society manages its scarce resources. Students will see how markets work using supply and demand for a good to determine both the quantity produced and the price at which the good sells. The concepts of equilibrium and elasticity are used to explain the sensitivity of quantity supplied and quantity demanded to changes in economic variables. Students will see how government policies impact prices and quantities in markets.

Assignment Steps

Resources: Principles of Microeconomics, Ch. 1, 2, 3, 4, and 6.

Prepare an 875-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.

Identify the fundamental lessons the Ten Principles of Economics teaches regarding:

  • How people make decisions
  • How people interact
  • How the economy works as a whole

Explain the following to help the committee members understand how markets work:

  • How society manages its scarce resources and benefits from economic interdependence.
  • Why the demand curve slopes downward and the supply curve slopes upward.
    • Where the point of equilibrium is and what does it determine?
  • The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices.

Tutor Answer

School: Duke University




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Course Name

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Microeconomics is concerned majorly with the distribution of scarce resources
towards the satisfaction of unlimited wants (ECN, 2005). In the quest to seek knowledge on
how the society manages scarce resources, knowledge of the fundamental principles of
economics is crucial. This paper will hence set to determine the demand and supply
terminologies and their relationship in establishing the equilibrium. For purposes of
development in the communities, this paper will isolate various impacts likely to affect the
demand and supply curve. This paper will look at the impacts of legislation on the
equilibrium prices and quantities as well as elasticities.
1. Criteria for Decision Making
The economic decision process relies on the idea that people face trade-offs in their
day to day activities. The cost of the product plays a role in the decision making since
it is the price the buyer has to pay for the commodity. Additionally, the decisionmaking process puts into consideration the idea of rational thinking while at the same
time being aware that the market responds to incentives. Decision making involves a
keen comparison of c...

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