ECO162- Microeconomics Assignment Sample UiTM Malaysia
Microeconomics is the study of how people, firms and nations behave when they’re making decisions about what to buy or sell; it can be used as an economic theory for understanding why certain decisions may lead us towards success while others don’t.
This course will explore concepts like supply & demand curves which show where market prices occur along with other important factors such students might want to keep in mind during their careers.
Additionally, students will also be introduced to topics like market failure and government intervention. By the end of this course, students should have a strong understanding of how microeconomic principles can be applied to real-world situations.
One important concept that students will learn about in this course is the law of supply and demand. This law states that when there is more demand for a product than there is available supply, the price of the product will go up. The opposite is also true: when there is more supply than there is demand, the price of the product will go down. This law is one of the most basic and important concepts in microeconomics, and students need to understand how it works so that they can make informed decisions when they’re participating in the marketplace.
Another important concept that students will learn about in this course is market failure. Market failure occurs when the market doesn’t produce an efficient outcome, meaning that there is a situation in which someone can be made better off without making anyone else worse off. There are a variety of reasons why this might happen, but some of the most common causes include externalities, public goods, and information asymmetries. Students need to understand market failure so that they can identify when it might be occurring and take steps to mitigate its effects.
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Assignment Activity 1: To Describe Basic Microeconomic Concepts, Theories, And Problems
Microeconomic concepts, theories, and problems can seem daunting to those who are just starting in economics. However, once you break down the individual concepts and theories, they become much easier to understand. In this article, we will take a look at some of the most basic microeconomic concepts and how they can be applied to real-world situations.
Production functions: A production function is a mathematical relationship between inputs and outputs. It tells us how much output (of a good or service) we can generate from a given input (of labour or capital). There are many different types of production functions, but the most commonly used one is the Cobb-Douglas production function.
To understand the Cobb-Douglas production function, we need to first understand the concept of marginal product. Marginal product is simply the additional output that is generated from adding one additional unit of input. For example, if a factory can produce 10 widgets per hour with 100 workers, then the marginal product of labour would be 10 widgets per worker.
Assignment Activity 2: Economic Knowledge In Explaining Individual, Firms’ And Market Behaviors
It is important to have a basic understanding of economic concepts to be able to explain individual, firm and market behaviours. For instance, one needs to understand the concept of supply and demand to understand why prices change and how quantity supplied or demanded affects the price.
Similarly, one needs to understand the concept of scarcity to understand how it drives human behaviour. Scarcity is the root cause of most economic problems because it forces people to make choices between alternatives. People are also motivated by self-interest, which is another key concept in economics. When all these factors are taken into account, it becomes easier to explain why people and firms do the things they do in the marketplace.
Several other important concepts in economics can help to explain behaviour. These include, but are not limited to, opportunity cost, marginal analysis, and game theory. By understanding these concepts, one can gain a deeper understanding of how the economy works and how people make decisions within it.
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Assignment Activity 3: To Apply Economic Reasoning To Economic Issues And Policies
It is important to apply economic reasoning to economic issues and policies to make the best decisions for the economy as a whole. The goal of economics is to understand how people use resources to satisfy their needs and wants. When making decisions about economic policy, it is important to take into account how those decisions will affect people’s ability to do just that.
Economics can help us understand things like why some people are unemployed, why prices change, and how government intervention can impact the economy. By applying economic reasoning to these types of issues, we can develop policies that will help improve the economy for all people involved.
Several different economic theories can be used to help make policy decisions. One of the most important is the theory of supply and demand. This theory helps us understand how prices are determined in the marketplace. It also helps us understand how changes in demand or supply can impact prices.
Another important economic theory is the theory of marginal utility. This theory helps us understand how people make decisions about what to consume. It also helps us understand how changes in the prices of goods can impact people’s consumption decisions.
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