Micro Economics Assignment Help

When we study microeconomics, it is primarily individual human beings and individual firms, agents, that we study. This is in contrast to macroeconomics, where one studies whole economies, and questions such as unemployment and inflation. Roughly speaking, there are three types of decisions that need to be made in an economy: Which goods and services to produce, how to produce them, and who should get them. Often in economic models, the prices of goods (or services, labor, capital, etc.) automatically coordinate these decisions in a market. A market is any mechanism where buyers and sellers meet. That could be, for example, a market square, a stock exchange, or a computer network where one can buy and sell things. Microeconomics is often based on models. We try to describe a real phenomenon as simply as possible by only highlighting a few central features. Many economic models can be used for predictions and can therefore be tested against reality. Such models are called positive. The opposite kind of models, models that are about values, is called normative. For example, to decide about an economic policy one would first use positive economics to make assessments about the consequences of different alternatives. Then one would use one's opinions about what is desirable and what is not to choose between the different alternatives. That is then a normative decision.

We provide Economics online tutoring and Economics homework assignment help in the following areas of Micro Economics:

Supply, Demand, and Market Equilibrium

Demand | The Demand Curve | Supply | The Supply Curve | Equilibrium | How to Find the Equilibrium Point Mathematically | Price and Quantity Regulations

Consumer Theory

Baskets of Goods and the Budget Line | Indifference Curves | Indifference Maps | The Marginal Rate of Substitution | Utility Maximization

Demand

Individual Demand | The Individual Demand Curve | The Engel Curve | Market Demand | Elasticity | Price Elasticity | Income Elasticity | Cross-Price Elasticity |

Income and Substitution Effects

Choice under Uncertainty

Expected Value | Expected Utility | Risk Preferences | Certainty Equivalence and the Risk Premium | Risk Reduction

Production

The Profit Function | The Production Function | The Law of Diminishing Marginal Returns | The Marginal Rate of Technical Substitution | Returns to Scale | The Relation between Long-Run and Short-Run Average Costs

Perfect Competition

Conditions for Perfect Competition | Strategy To Find the Optimal Short-Run Quantity | The Firm's Short-Run Supply Curve | The Market's Short-Run Supply Curve | Short-Run Equilibrium | Long-Run Production | The Long-Run Supply Curve | Properties of the Equilibrium of a Perfectly Competitive Market

Market Interventions and Welfare Effects

Welfare Analysis

Monopoly

Barriers to Entry | Demand and Marginal Revenue | Profit Maximum | The Deadweight Loss of Monopoly | Ways to Reduce Market Power

Price Discrimination

First Degree Price Discrimination | Second Degree Price Discrimination | Third Degree Price Discrimination

Game Theory

The Basics of Game Theory|The Prisoner's Dilemma|Nash Equilibrium|Monopoly with No Barriers to Entry | Finding the Nash Equilibrium for a Game Tree |Backward Induction

Oligopoly

Kinked Demand Curve | How does the Price in the Kinked Demand Curve Arise | Cournot Duopoly | Stackelberg Duopoly | Bertrand Duopoly

Monopolistic Competition

Conditions for Monopolistic Competition| Market Equilibrium | Short Run | Long Run

Labor

The Supply of Labor | The Marginal Revenue Product of Labor | The Firm's Short-Run Demand for Labor|Perfect Competition in both the Input and Output Market|Monopoly in the Output Market |Monopsony in the Input Market|Bilateral Monopoly

General Equilibrium

A Robinson Crusoe Economy| Efficiency | The Edgeworth Box |Efficient Consumption in an Exchange Economy|The Two Theorems of Welfare Economics|Efficient Production|The Transformation Curve|Pareto Optimal Welfare|A Definition of Pareto Optimal Welfare

Externalities

Definition|The Effect of a Negative Externality | Regulations of Markets with Externalities

Asymmetric Information

Adverse selection | Insurance | Used Cars | Signaling and How to Reduce Problems with Adverse Selection | Moral hazard | How to Reduce Problems with Moral Hazard