Microeconomics is one of the two most important branches of Economics, while the other is Macro economics. Microeconomics includes the study of the behavior of market/business and individuals in order to understand how the market oriented decisions are made. It also involves the study of the optimum utilization of perishable resources by people. So, Microeconomics is principally concerned with the study of essential elements that shape an individual’s decision making with respect to the market. And thus, students require professional microeconomic assignment writing help to score good marks.

Major concepts of micro economics

While studying micro economics, one studies the fluctuation of price and demand in the market. The major concepts that come under micro economic are:

  • Demand – It is one of the foremost concepts of microeconomics that is taught to students. It involves the study of price and goods available in the market, how much amount a consumer is ready to pay for it. When it is supposed that all the economic elements are constant, then we see a rise in the cost/value of goods and downfall in the demand and vice versa. At every organization, economists study the demand chain and try to forecast a precise demand for their products on the market.
  • Supply and market equilibrium– Supply shares a relation with demand. Supply refers to the amount of goods and services accessible to the customers in a market. When all economic elements are assumed constant, then we see a rise in the value of the product, thus leading to the rise in supply.Market equilibrium is when both demand and supply are equal. This leads to the stability of process in the market.
  • Elasticity – It is the study of change in prices as a result of cause and effect. It is measured by dividing percentage change in quantity with the percentage change in price.
  • Consumer and producer surplus – Consumer surplus theory is rooted on marginal utility. It arises in a situation when the consumer is willing to pay more for the product but its actual price is less than that.Producer surplus includes studying the difference between the least amount producers is keen on accepting and the price they are getting from the market. The surplus is, thus, the difference the production cost and selling price.
  • Scarcity – It is one of the biggest problems that economists are dealing with. It is the study of a situation where there is plenty of population’s necessity and inadequate quantity of resources available to take care of their requirements.
  • Opportunity cost – It includes:
    • marginal labor cost
    • average total cost
    • marginal cost
  • Production decision and economic profit
  • And forms of competition.

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