ECON 130: Microeconomic Principles Assignment Sample NZ

Microeconomic principles are the study of how individuals, groups, or organizations make decisions to allocate scarce resources. These decisions affect both their own well-being and that of others.

The first two things to know about microeconomics is that it has its roots in the Industrial Revolution during the 19th century when America was transitioning from an agricultural society into a manufacturing society where people were moving out on their own for the first time.

Secondly, Adam Smith introduced his idea of “the invisible hand” which means self-interest can have social benefits as well as costs because if everyone pursues what’s best for them then they’ll pursue what’s best for all people. Just like markets are efficient at figuring out how much apples cost so to do markets figure out how much our time is worth.

There are three key concepts in microeconomics which are supply, demand, and equilibrium. Supply is how much of a good or service is available at a particular price, demand is how much of a good or service people are willing to buy at a particular price, and equilibrium is the point where the quantity supplied is equal to the quantity demanded. This means that the market has reached a balance where the price is right for both buyers and sellers.

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Buy Assignment Sample of (ECON 130) Microeconomic Principles Module

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

Assignment Activity 1: Explain and assess the key principles of economics

Economics is a social science that defines the allocation of scarce resources. It essentially explains production, consumption, and decision-making in society. The following summarizes three key principles of economics.

Production is important because it deals with how goods are created or made. People make products and they sell them to consumers. Producing goods has many factors that must come together including manpower, quality control, material selection, and timely deliveries before they can even begin manufacturing at all. One way there are multiple opportunities for glitches in this process is through foreign markets which require plenty of engagement due to different production schedules than their competitors here domestically; thus creating fewer jobs and more unemployment locally because jobs go overseas where productivity is cheaper.

The second principle of economics is consumption which is the use of goods and services. In order to consume, one needs to produce and purchase items. The purpose of economics is not just to produce but also to have a system where people can enjoy the fruits of their labor. In the last few decades, people have been buying more things than they want now. Businesses have been making ads with information that is not important. Ads are made with colors and fast music so they can sell more products, even if they are not necessary to live.

The third key principle of economics is decision-making. Society has become more globalized because of new technologies, so more consumers are interconnected with producers from all around the world. This has been both a positive and negative impact on people because it is easier to find information about new products from all over the world with a simple click of a button, but these same people need to work hard in order to earn money in order to buy items.

The key principles of economics are production, consumption, and decision-making. These principles have helped our society become more interconnected with one another while allowing individuals to stay competitive in their respective fields because they must continually educate themselves about new innovations that might crop up throughout the years. This will allow them to achieve success on an international scale.

Assignment Activity 2: Explain and analyze the optimal choice of a consumer

An optimal choice is one that does the best it can within the limits specified by a consumer.

Areas of decision deprivation include Resource-sharing, Supply-sharing, and Capital Investments decisions. Decisions made in other areas will be inferior to those made in these areas.

To help consumers make an optimal decision they should first identify their priorities for this purchase then rank them from most important to least important based on importance, the rationale being that those needs not met remain unsatisfied. You should also compare those against your budget as well as determine what externalities may come into play such as the cost of repair or replacement if any externalities arise. After all of these considerations have been taken into account you can finally reach a conclusion on what the best purchase would be for you.

Assignment Activity 3: Explain and analyze the optimal production plan of a firm

The optimal production plan of a firm is the point where marginal revenue equals marginal cost. This point can be visualized on a production possibility frontier diagram with the curves for MR and MC meeting at equilibrium. The slopes of these lines are different values so, when they meet, they intersect at one point which is the optimum location for production. Alongside this intersection are two other points that could potentially be feasible optima for small changes in costs or rates. These potential optima correspond to higher breaks in slope which show how an increase in marginal cost or decrease in income will affect the optimal output level.

The key to finding the optimal production plan is to first understand what changes would need to be made in order for it to move from its current position. This can be done by looking at the slope of each line and determining how much one side would have to change in order for it to meet the other at the optimum point. For marginal revenue, it is the difference between quantity produced and price; for marginal costs, it is how much production has to be changed in order for the firm to make a profit. These changes can then be plotted on a graph and choosing the point where they would meet would allow you to find the optimal plan of action.

Assignment Activity 4: Identify equilibrium and analyze the main influences on equilibrium prices and quantities.

The market for goods and services is one of the most important aspects of a free-market economy. In this market, buyers and sellers interact to determine the price and quantity of goods and services exchanged. The purpose of this paper is to provide an overview of the market for goods and services.

The market for goods and services can be divided into two parts: the market for goods and the market for services. The market for goods is a physical exchange of products while the market for services is a transfer of work between two parties.

The main influences on equilibrium prices and quantities are consumer demand, producer supply, and government intervention.

Consumer demand is determined by how much money people are willing to spend on a good or service. This demand curve is downward sloping, which means that as the price of a good increase, consumers will purchase less of it.

Producer supply is determined by how much a producer is willing to sell at a given price. This supply curve is upward sloping, which means that as the price of a good increases, producers will produce more of it.

Government intervention can take the form of price controls or taxes. Price controls are when the government sets a maximum or minimum price that can be charged for a good or service. Taxes are when the government takes a percentage of the sale price of a good or service.

The equilibrium price is the price where the quantity demanded is equal to the quantity supplied. The equilibrium quantity is the amount that is produced and sold at the equilibrium price.

Assignment Activity 5: Assess the benefits and costs of international trade.

International trade allows nations to specialize in goods and services that they’re able to produce cheaply and sell at a high price. This specialization creates jobs and stimulates economic growth by allowing each nation to do what it does best. The benefits of international trade include improvements for both producers and consumers, the development of new markets through increased competition, lower prices due to increased volume of production, and the spread of technology.

The main costs of international trade are job loss in sectors that can’t compete with companies in other countries, reduced wages for unskilled laborers in the United States due to an increase in low-skill jobs, reduced innovation in domestic markets due to increased competition from foreign markets, and reduced national security due to reliance on other countries for key resources.

Assignment Activity 6: Explain the basic concepts of finance.

Finance is the management of money. It includes activities such as saving, investing, borrowing, and lending.

A savings is when a person saves money for the future. You can put money in a bank or buy things like stocks, bonds, or real estate.

Investing is when you use your money to buy something. You can use it to buy a home or a car.The asset might include stocks, bonds, or real estate. You can also purchase collectibles like art or antiques

Borrowing is when someone takes out money from an institution, such as a bank or credit union, to be able to spend it immediately. Borrowing money can be helpful when you need it for a short period of time, like paying for a vacation or buying a car.

Lending is when someone gives money to another person whom they trust with the understanding that it will be returned in the future, usually with interest added on top. This could include giving your brother $100 to help him pay for groceries.

Assignment Activity 7: Solve and comment on simple games.

The Prisoner’s Dilemma

The Prisoner’s Dilemma is a game that illustrates the problems that can arise when people are not able to cooperate. The game goes like this:

Two criminals are arrested and placed in separate cells. The police offer each criminal a deal. If one criminal agrees to testify against the other, he will go free while his partner will spend 20 years in jail. If neither agrees to testify, the police will sentence both criminals to 10 years in prison. Each criminal agrees to testify against the other, they are both sentenced to 5 years in jail.

The best outcome for both parties is obviously if neither one testifies. This would result in a 10 year sentence for each criminal. However, if one criminal decides to testify against his partner, he will go free while the partner spends 20 years in jail. If both criminals decide to testify against each other, they are both sentenced to 5 years in jail.

The Prisoner’s Dilemma illustrates the problems that can arise when people are not able to cooperate. In the game, both criminals are better off if they don’t testify against each other, but if one criminal decides to cooperate and the other doesn’t, the cooperating criminal will benefit while the other criminal suffers. This is a bad situation because the people in it would be better off if they both cooperated.

But the incentive to cooperate is not strong enough. The Prisoner’s Dilemma can be used to explain a lot of different situations, like business negotiations, international relations, and climate change. It’s important to understand the Prisoner’s Dilemma because it helps explain why cooperation can be so difficult.

Horse Race Betting

Trading is another common activity that can be modeled as a game. One such game is horse race betting, were two bettors pick horses to bet on and the winner gets the pot. If one bettor wins, he keeps all of the money that was in the pot. Let’s look at an example to see how this game works:

Suppose there is a $100 pot and two bettors place their bets (or wagers) before seeing who wins: Bettor A places $50 on Horse A and Bettor B places $50 on Horse B.

If both horses win the race, Bettor A will have bet $100 to gain a return of $150, resulting in a net profit of $50. Similarly, Bettor B will also end up with a net profit of $50.

However, if only one of the two horses wins, Bettor A will have bet $100 to gain a return of $50, resulting in a net loss of $50. Bettor B, on the other hand, will have bet $50 to gain a return of $100, resulting in a net profit of $50.

In this game, Bettor B is better off no matter what happens because he always wins half of the pot. Bettor A, on the other hand, would be better off if both bettors placed their bets before seeing who won since he would have a guaranteed net profit of $50.

Assignment Activity 8: Explain and address the implications of imperfect competition in markets.

In a perfectly competitive market, there are many buyers and sellers, each of which is small enough that no one buyer or seller can influence the price of the good. The goods are also homogeneous, meaning that all of the sellers sell an identical products. In addition, the buyers and sellers are perfectly informed about the prices and products available in the market.

Imperfect competition occurs when at least one of these conditions is not true. For example, if there are only a few sellers in the market who offer similar but not identical products, then they may be able to influence the price of the product. If buyers aren’t well-informed about all of the products available in the market, they may not be able to make perfectly informed decisions.

The difference between these two market conditions is important because the outcomes produced in each market will be different. In a perfectly competitive market, prices and output are higher while profits and economic rents tend to be lower than in an imperfectly competitive market. This occurs because perfect competition encourages firms to produce at their optimal rate because there is no economic profit to be made.

For example, suppose that in the market for cars there are three sellers (Toyota, Ford, and Honda) who sell identical products except for color. Each firm must choose how many cards of each color to produce before seeing what the other firms will do. This type of market is known as a Cournot duopoly, after the economist Augustin Cournot.

If both Toyota and Ford produce the same number of cards in each color, then the price of cars will be $10,000. However, if Honda decides to produce more green cars than either Toyota or Ford, then the price of green cars will rise to $11,000. In this market, Honda is able to exercise some degree of market power and increase the price of green cars.

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