Reflection on Microeconomics Class

1. All firms, no matter what type of firm structure they are producing in, make their production decisions based on where:

Microeconomics analyzes economic decisions on the micro or small level. This includes how a household or consumer will spend their money. One of the crucial aspects of microeconomics is that a business owner needs to have the basic understanding of demand. Demand seems to be the most basic and yet a necessity for small business to be familiar with. The basic concept of demand is that if a consumer sees the price of something rising, they will look for substitutes. Quality demanded is an important aspect of understanding demand as a whole. The quantity demanded on a market depends on many factors. Some of which quantity demanded plays a role in is the price of a good, the price of competitive goods, consumer income, consumer's preferences, and the length of time period. Having knowledge about quantity demanded allows one to one to really understand the relationship between a price and the

Discussion 1: Elasticity. Analyze the determinants of the price elasticity of demand and determine if each of the

Looking back, I did not have a clue. My days were filled with doing long division homework, attending football practice, and hanging out with my friends. I was living a happy and carefree life, loving every minute of every day - until I faced a test. Mater Dei was an all-boys school that had its fair share of traditions such as “Griffin Day,” when school was called off and a complete day of activities and camaraderie filled the day. When I was in the sixth grade, the aftermath of the economic recession truly hit home. I could detect an undercurrent of upset in my house, judging by the worried looks on my parent’s faces and their short fuses when I crossed the line. To their credit, they shielded me from the harsh reality of my father losing his job at a real estate firm. With private school tuition bills on the line, they did not know how they were going to come up with the funding to finance my education. Seeing how well-adjusted I was in a school that focused on shaping character and imparting a value-system, they would sacrifice at all costs to maintain my educational placement. During that difficult time period, I

This past year, I made the desion to take the AP Government and AP Economics class. I made this desion because i wanted to challenage myself in my thinking process. At the beginning of the government class, we were told to read each chapter every night wether is 12 pages or 38 pages. Every time we readd a chapter we were allowed to take nptes that would help us on the test. After so long, our teacher told us that every week we had to cut back on notes. Instead of using two or three pages we were only allowed 1 page, then three-fourth a page, then eventcallyy only half a page. This made it so hard for me to remeber all the things i thought were importtant, but my teacher said the if you can remember something word for word or the main point

a) Textbook Definition: “the PPC captures all maximum output possibilities for two (or more) goods, given

We will make these calculations automatically for each student—you don’t have to “opt in” or “opt out” of one or the other weighting. We will make certain you receive the highest grade to which you are entitled.

During my freshmen year of college here at the University of Northern Iowa I took the class Microeconomics. Microeconomics is a course that was required of me to take since I am a business major. After being about halfway through the semester, my grade in that class was not very good. In fact it was so bad that I was borderline failing the class, my grade was a sixty percent at this point. Despite the fact that I was almost failing the course I decided to stay in the class instead of dropping it. In my mind I thought I could bring my grade up and everything would be fine. I thought if I just studied more and tried harder that I would end up with at least a 70 percent in the class. Even though I tried my best to improve my grade, I ended up

Microeconomics Essay The price of electricity has increased substantially in the last three years, as a result of that; there have been apparent changes in the demand for electricity for the consumers and it has affected the producers supply market. In the following essay, we are going to look at the effect of the increase in the price of electricity in South Africa, using the supply and demand framework. The reason for the increase of the price of electricity is to balance out the supply and demand of electricity. The National Energy Regulators of South Africa (NERSA) has approved a 25% increase of the price of electricity for 3years starting from 2010 (Roodt, 2012). Supply and demand are fundamental principles of economics, it is what

The paper will analyze a management firm known as Goodlife Management who possesses apartments in the metropolitan of Atlantis. Microeconomics has an effect on the direct supply and demand of the company. I suggested that all 2500 apartments should be leased. Although if all apartments are leased still we were unable to do so at the present rental rate due to the fact that preservation charge will rise as the renter and apartment rate increase. So, we increased the rental rate to $1,550 to reimburse for preservation fees for the increase of renter and apartments. These are the two scenarios that represent the idea of microeconomics, for the impact and result only influence the direct company. The two situation that had outside effect on GoodLife such as, Lintech Inc shifting to Atlantis, and the raise in residents in Atlantis are both example of macroeconomics, as these two variables not only effect GoodLife also it affects the entire city of Atlantis.

Monopolistic competition differs from perfect competition in the fact that production does not take place at the lowest possible cost. Because of this, firms are left with excess production capacity. Monopolistic competition is a type of competition within an industry where all firms produce similar substitutable products, all firms are able to enter the industry, all firms are profit maximizers and finally where all firms have some market power, which means none of them are price takers. Whereas perfect competition is a market structure where all the firms have to follow those five criteria: sell identical products, be price takers, have small market share, buyers have full knowledge, freedom of entry and exit.

Microeconomics and the Law of Demand as reviewed in the Khan Academy videos are a simple enlightening of the business cycle. The descriptive teaching and evolving facts of real life cause and effects in the cycle of business production and supply are an exquisite piece of material. The concepts relation to microeconomics are demand, markets cost and price, they are listed in true relation to the area’s they occupy in analysis of the mathematical formula of how they are defined in economic literature and explanation. Through each cycle of change they apply to business production. The concepts role is used to identify economical factors that allow adjustment in areas that may affect revenues in-put and out-put or Short run or Long run, margins cost and market distribution tied to overall success. In the form of efficiency and growth, if a solid understanding is applied using a structured fiscal plan with total cost, resources cost, production cost, market and demand will provide an upper hand in preventing fiscal self destruction. The mathematical approach and visual graphing, price vs. quantity of production will provide a stopping point for the companies buyer, providing reason for limitations as the identifier to prevent probable revenue/cost inflation or loss. As identified above Demand, Marketing and Price are categorized as microeconomics, due to the cause and effect they share in relation to one another. If there is a

. Through the process of reading, I learned many things about the economy. First of all, I learned that it is a much more difficult decision to come to in regards of how much government involvement in the nation’s economy is enough, how much is too little, and how much is not enough. I also learned that trying to keep the economy stable and productive is a constant and difficult struggle, and that it is often difficult to even know what needs to or can be done in order to stabilize it. While I find economics to be somewhat boring (I am a music major and largely emotionally driven, which means that my entertainment is usually emotionally involving somehow), I actually enjoyed how Wheelan explained economics in this book. While I would not read it for fun, reading this book as an assignment was not painful.

Cross-price elasticity is the percentage change in the quantity demand of one product occasioned by a given percentage change in the price of a related product. With the variation in the prices, the demand of a particular item does not solely rely on its price but that of other products as well that may be a substitute or a complement to it. Cross-price elasticity is used to classify and group items that may compete against each other. For instance if the increase in the price of item X results in the increase of demand for item Y with the price of Y remaining constant, then the items or products X and Y are said to be substitutes.

Economics plays a crucial part to understand the world in which we live and work. It helps us to understands how we are saving, buying, selling, not working, working, when to do and when not to do things. It shows us how and why things in which we live by are affecting our ways of living in this world around us. Economics is an ever-present and inherent part of our lives. The changes in micro and macro economics are causing an impact on various industries and markets. For instance, there are two primary factors that impacts the price of oil are demand (which is willingness and desire of a consumer to pay a price for goods and services) & supply which is (amount of a product that firms and producers are willing to sell at given price) Hubbard.et al: 2014, 120-148) of the oil and market segment of fuel stations.