ECON 201: Intermediate Microeconomics Assignment Sample NZ

Microeconomics is the study of how people use and exchange goods and services to satisfy their wants. In this assignment, we will be looking at some of the concepts learned in Intermediate Microeconomics, including supply and demand, elasticity, and cost curves. We will also examine how these concepts are used to understand pricing decisions in a variety of markets. Understanding microeconomic principles are essential for any economist or businessperson. In today’s competitive marketplace, it is more important than ever to have a strong grasp of these concepts.

Most businesses and societies make economic decisions based on the concepts of microeconomics. These concepts are used to determine how to price products, how to distribute goods and services, and how to allocate resources. Microeconomic concepts are also used to determine how to organize businesses and markets. For example, firms and governments use microeconomic concepts to determine what to produce, what to produce it with, and how to distribute the product. Microeconomic concepts are also used to determine how to allocate resources.

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This course will increase your students’ knowledge and understanding of the subject. The following are some tasks that will be answered in this course:

Assignment Task 1: Articulate the principles of decision making and resource allocation under scarcity

In general, decision-making and resource allocation fall under the process of “optimization”. This is to say that we want to divide our resources in order to optimize for a single metric or set of metrics. For example, we could optimize for health (think: medical care) or cost (e.g., hospital bill), or risk (e.g., the likelihood of mortality). Most times when we’re optimizing it’s because there are trade-offs between these different metrics; thus, an optimization problem entails finding the one metric at which you get the most optimal benefit given what you’re willing to give up in another metric. It’s pretty difficult and complicated stuff!

Many people think they can use rule-of-thumb and be good “decision-makers” in the marketplace, but scientific research on human behavior from economics and sociology provide mountains of evidence indicating that humans find it quite difficult and that we don’t practice what we preach.

Assignment Task 2: Apply microeconomic techniques to seemingly separate areas of economics.

Microeconomic techniques can be applied to a wide range of economic areas in order to provide a more accurate and nuanced understanding of the workings of the economy as a whole. In particular, microeconomic analysis can be used to understand and model consumer behavior, firm production and pricing decisions, market competition, and the role of government in the economy. By breaking down these complex phenomena into their individual constituent parts, economists can develop a more thorough understanding of how they interact with one another to create outcomes in various markets. This improved understanding can then be used to inform policymaking and enable economies to function more efficiently.

In microeconomics, the goal of a firm is to maximize its profits. The price at which a good is sold is determined by taking the marginal revenue product of each input and adding it together. The price at which a good is sold equals marginal cost (MC) plus average total cost (ATC). The profit-maximizing output level occurs when MC=ATC; this occurs where the slope of the total revenue curve (TR) equals the slope of the total cost curve (TC).

In order to maximize profits, a firm must first make sure that it produces where Marginal Revenue Product=Marginal Cost or MRP = MC.

Assignment Task 3: Explain the principles of consumer choice.

The principles of consumer choice are determined by the perceived costs and benefits of making a particular choice. In general, people will choose the option that has the highest net benefit to them.

The costs and benefits can be either financial or non-financial and can be tangible or intangible. For example, the cost of buying a product might be its monetary price, but the benefit could be the satisfaction of using it. Intangible factors such as pleasure or happiness often play an important role in consumer decisions.

Another important factor is perceived risk. People will often avoid choices that involve greater risk even if they offer a higher potential reward. This is because people tend to place a higher value on avoiding losses than on achieving gains.

Assignment Task 4: Describe the concept of technology and production costs.

Technology and production costs are two important factors to consider when launching a new product. Technology costs involve the amount of money it takes to develop, design, and produce a new product. Production costs, meanwhile, refer to the expenses associated with putting a product into mass production.

When deciding whether or not to bring a new product to market, businesses must weigh the technology and production costs against the potential profits that could be generated. If the cost of developing and producing a new product is high and the profits are low, the business is unlikely to make a profit on that product. Conversely, if the technology is readily available and the production costs are low, then it may be more feasible for businesses to produce and sell that product.

Assignment Task 5: Analyze the behavior of perfectly competitive firms.

Perfectly competitive firms are price takers in the market. This means that the price of the good or service they produce is determined by the market as a whole and not by the individual firm.

Since each firm faces a perfectly elastic demand curve for its product, it has no control over the price it receives for its product. As a result, these firms can only make decisions about how much output to produce and how much to invest in new capital.

In order to be profitable, perfect competition requires that all costs (including average total cost and marginal cost) be lowered to the level of the minimum average total cost. Firms must also produce at the point where marginal revenue equals marginal cost in order to maximize profits.

Assignment Task 6: Derive and comment on equilibrium in simple game-theoretic models of oligopoly.

Equilibrium in simple game-theoretic models of oligopoly can be found through the use of either the graphical or the mathematical approach. The graphical approach is generally used to find first-order (or static) equilibrium, while the mathematical approach can be used to find both first- and second-order (and dynamic) equilibrium.

The first-order equilibrium is known as cyclical oligopolies, while the second-order or dynamic equilibrium is known as kink oligopoly. The second-order or dynamic equilibrium can arise when there are at least two firms in the industry.

The kink oligopoly refers to the situation when firms are able to differentiate their products, while cyclical oligopoly is the situation where the firms are unable to differentiate their products. The two most common types of oligopoly games are Cournot games and Bertrand games. In a Cournot game, firms compete by choosing how much output to produce, while in a Bertrand game, firms compete by setting prices.

In a Cournot game with two firms, each firm has the same output decisions, but in a Bertrand game, firms choose prices.

The important distinction is that the price for each type of game is the strategic variable in the respective models, the Cournot model being the price of the firms’ output decisions and the Bertrand model being the price of the firms’ output decisions.

Assignment Task 7: Identify profit-maximizing pricing strategies for monopolists adopting a range of approaches such as market separation, two-part pricing, and bundling.

A monopolist can maximize profits by setting a price that is higher than marginal cost and lower than average total cost. This pricing strategy will ensure that the monopolist produces less output than it would at a price equal to the average total cost, but more output than it would at a price equal to marginal cost. The result is that the monopolist will earn economic profits.

Monopolists can adopt a range of pricing strategies to maximize profits.

One pricing strategy is to set the price lower than the marginal cost and higher than the average total cost. This strategy enables the monopolist to produce at a quantity where marginal cost and average total cost intersect and earn zero economic profits. Monopolists may use this pricing strategy to monopolize the market and earn monopoly profits.

Another pricing strategy is to set the marginal cost and the marginal revenue the same and the price corresponding to the average total cost. This strategy maximizes the monopolist’s total revenues because the monopolist will produce at the quantity where marginal cost and marginal revenue intersect and earn economic profits equal to the difference between average total cost and the price.

Monopolists also may choose to use two-part pricing and bundling to set the price lower than marginal cost and higher than average total cost. This pricing strategy enables the monopolist to produce less output than it would at a price smaller than the marginal cost but higher than the average total cost. This strategy enables the monopolist to charge less for the product to attract customers, while still earning zero economic profits.

The final pricing strategy involves setting the marginal cost and the marginal revenue the same, and the price corresponds with the average total cost. This pricing strategy maximizes the monopolist’s total revenue because the marginal cost and marginal revenue will be equal at the output quantity where marginal cost and marginal revenue intersect. This price corresponds with the average total cost, and the monopolist earns zero economic profits and does not produce at a loss.

Assignment Task 8: Explain market failures due to externalities and public goods.

Externalities are when the consequences of a decision or action spill over onto people who weren’t part of the decision-making process. For example, when a factory emits pollution into the environment, it creates an externality because the people who live near the factory bear the brunt of its negative effects, while those who made the decision to operate the factory don’t have to worry about it.

Public goods are things that everyone benefits from but which no one can be excluded from using. For example, roads and bridges are public goods because everyone uses them but no one can be prevented from doing so. The problem with public goods is that they’re often difficult to fund since there’s no way to charge people for their use.

Assignment Task 9: Discuss the normative and ethical foundations of economic analysis.

Normative economics is the study of what ought to be, while ethical economics is the study of what is good. Both normative and ethical economics rely on value judgments or opinions about what is good or bad.

One of the main tasks of normative economics is to develop a system of ethics that can be used to evaluate economic decisions. A well-known example of this type of analysis is the utilitarian approach, which evaluates economic decisions based on their effects on human happiness. Other normative approaches include rights-based theories and egalitarianism.

Ethical economics attempts to use empirical evidence to answer questions about what constitutes a good life or a good society. One example of this type of research studies on the effects of inequality on wellbeing and happiness.

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