The whole content of microeconomic theory is presented in the following chart: It is generally understood that microeconomics does not concern itself with the economy as a whole and an impression is created that microeconomics differs from macroeconomics in that whereas the latter examines the economy as a whole; the former is not concerned with it. Papers … Justify your selections. Scope and Importance of Macroeconomics: As a method of economic analysis macroeconomics is of much theoretical and practical importance. Fifth, it predicts the effect of changes in supply and demand on the market equilibrium. No previous … Share Your Word File Similarly, microeconomics brings out the welfare implications of oligopoly (or oligopsony) whose main characteristic is that individual sellers (or buyers) have to take into account, while deciding upon their course of action, how their rivals react to their moves regarding changes in price, product and advertising policy. Thus, not only does microeconomic theory describe the actual operation of the economy, it has also a normative role in that it suggests policies to eradicate “inefficiency” from the economic system so as to maximize the satisfaction or welfare of the society. He further remarks that microeconomic theory “has many uses. This is to see how fast one variable response to a change in another variable. Topics include choice theory, with and without uncertainty, consumer and producer theory, dynamic choice and dynamic programming, social choice and efficiency, and fundamentals of general equilibrium. To Understand the Working of the Economy: The study of macroeconomic variables is indispensable for understanding the working of the economy. An important part of microeconomics is examining whether and how all the different cells get adjusted at the same time. Download your paper These models at the same time enable the economists to explain the degree to which the actual phenomena depart from certain ideal constructions that would most completely achieve individual and social objectives. As soon as you complete payment for your order we assign a suitable writer capable of handling your assignment immediately. General Motors Company One of the most successful motor companies in the United States is General Motors (GM). “In microeconomics we are more concerned with the avoidance or elimination of waste, or with inefficiency arising from the fact that production is not organised in the most efficient possible manner. Thus, the theory of product pricing and the theory of factor pricing are the two important branches of microeconomic theory. Efficiency in the allocation of resources is attained when the resources are so allocated that maximises the satisfaction of the people. The final microanalysis paper should reflect the incorporation of feedback gained thus far in the course. The Microeconomic Paper tests your ability to apply economic principles to a business decision. This paper will assess the business operations of the Netflix Company from a microeconomics viewpoint examining and discussing how factors such as products supply and demand conditions, price elasticity of demand, cost of production, market entry barriers, market share, and market structure effect Netflix’s performance in their market. Particularly in the wake of the Lucas critique , much of modern macroeconomic theories has been built upon microfoundations —i.e. Specifically, the following critical elements must be addressed: I. Overview: Provide an overview consisting of a brief description of the chosen company and your chosen product or service, including the industry the product or service falls under. Term Paper Writing a) Describe three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service. (Economics) Language ENGLISH Years JUNE 2011 TO JUNE 2018 Course: M.A. Once completed, your order is placed in editing status until Editors approve the order. This midsize company makes 7,500 with products specifically designed for their needs. Just from $13/Page. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Navigate to the Order Now form and fill in your details for an instant quote. Get papers Solutions from Premium Tutors 24/7. Microeconomics studies the economic actions and behaviour of individual units and small groups of individual units. How does the microeconomic theory of fertility relate to the theory. Fourth, it defines the industry and the market equilibrium associated with the product or service. Support your response with data and graphs illustrating two performance variables of your choosing (e.g., sales, net income, stock price) over time. Microeconomic theory spells out the conditions of efficiency (i.e., for the elimination of all kinds of inefficiency) and suggests how they might be achieved. Modern economy is so complex that a central planning authority will find it too difficult to get all the information required for the optimum allocation of resources and to give directions to thousands of production units with various peculiar problems of their own so as to ensure efficiency in the use of resources. c) Select two nonprice factors that impact the supply of your chosen product or service. Research Proposal on General Motors Microeconomic Analysis of General Motors Assignment The General Motors Corporation was founded in 1908 in Detroit, Michigan by William Crapo Durant. This means that the adjusted cells then have to readjust themselves. Content Guidelines 2. 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