ECO162- Microeconomics Assignment Sample UiTM Malaysia
This course will teach you how to analyze microeconomic issues by teaching the underlying principles and models. You’ll be able to use these concepts in your everyday life, whether it’s buying a coffee or deciding where to invest for retirement!
This class discusses important economic principles that govern an agent’s behavior as well as its application when analyzing some of the most common microeconomics topics. Topics include supply/demand analysis; elasticity; market equilibrium (how prices are set). We also discuss fundamental theories/models such as marginal cost pricing theory and why monopolies exist – all this knowledge can help with things like purchasing decisions, saving money for college tuition expenses now versus later on down the road.
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Assignment brief of ECO162- Microeconomics UiTM Malaysia
Assignment Task 1: To describe basic microeconomic concepts, theories, and problems
This assignment sample will discuss the basic concepts, theories, and problems in microeconomics.
Microeconomics is a branch of economics that analyzes how markets work. It studies what happens to the price and quantity in an economy of these said goods or services. The theory is mainly based on supply and demand – More people want a good or service, the supply decreases and so does the price.
Microeconomics is the branch of economics dealing with interactions involving individual agents and markets, both buyers and sellers. It analyzes how these entities interact to determine prices, quantities demanded, supply schedules for various products, and the economic equilibrium that results. The microeconomic analysis focuses on quantifying trade-offs in investment decisions taken by many an individual at one point in time. This means that it deals with decisions like allocation (balancing), regulation (subsidizing or controlling), or taxation of large groups of participants over wider populations, all acting independently from other participants.
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Assignment Task 2: Economic knowledge in explaining individual, firms’ and market behaviors
This assignment sample will explain the basic economic knowledge on how individuals decide to spend and which firms or industries they invest in is largely related to the law of supply and demand, as well as the tax implications of each investment.
For example, if an individual knows a particular bank typically offers higher interest rates than most other banks, then it makes sense for that individual to invest their money in that bank rather than one with lower interest.
Similarly, if there was a nationwide gas shortage (which happened way back when Nixon was president), people would be more inclined to buy an economy car instead of a pick-up truck due to gas prices being so high at the time.
Determining the economic environment for an individual is crucial to understanding how opportunities may manifest. Understanding how a particular person will make their decision can be started by looking at various economic views.
For example, behavioral economist Rory Fraser describes people as Planners who are “expressly motivated by the prospect of future pleasure or pain.” Consumers act in a way that makes them feel emotionally better in the present with their purchases; this contrasts with Planners because they focus on avoiding pain and discomfort in terms of finances.
The old adage about spending “paychecks versus credit cards” points to two different types of decision-making.
Assignment Task 3: To apply economic reasoning to economic issues and policies
The assignment example will apply Economic reasoning that can be applied to economic theories and problems. The argument about trade deficits, for example, is rooted in the idea of the balance of payments. One country’s current account deficit with another has to equal at least that other country’s surplus because that other country is sending over more money than it has received. The problem with this reasoning is that many countries have deficits or surpluses with other countries without running a trade deficit overall (for instance China); hence excluding them would not lead to an imbalance in national accounts and its solution requires looking elsewhere.
Economic reasoning applied correctly, is a very powerful tool for analyzing issues. It’s helpful in that it takes into account the real incentives of each participant and responds accordingly, which leads to better predictions instead of flawed falsities like those in theories like “trickle-down” economics. For instance, where capitalist theory deals with the idea that investment by wealthy people will ultimately create jobs and income for poorer individuals, this concept fails when not taken on its own merits. This is because an investor has limited resources; they cannot invest all their money at once anywhere since there are only so many projects on Earth.
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