Supply and Demand and Study Guide - 20292 Words

ECO11 (ver8) MICROECONOMICS 1 STUDY GUIDE ECO11 MICROECONOMICS 1 STUDY GUIDE  © University of South Australia 2009 This work was printed from camera-ready copy submitted by the Unit Coordinator. The Flexible Learning Centre of the University of South Australia was not involved in its production. CONTENTS Contents 3 Introduction 5 An introduction to the economic perspective 13 Demand and supply 17 Elasticity 21 Market applications 25 The behaviour of firms and costs 31 Perfect competition 37 Monopoly 43 Monopolistic competition 47 Oligopoly 51 Economic performance, market failure and government intervention 55 Appendix: Guide to working†¦show more content†¦Economic ideas provide a conceptual framework for understanding the forces that shape our personal and public lives. Economies (people!), faced with scarcities, have to make decisions about the way resources are allocated. First, they have to decide what goods and services have to be made and how they are to be made. Then they have to decide how much of each good and service to produce as well as who receives the proceeds of production in what proportions. These inter-connected allocation and distribution decisions must be resolved so that production and satisfaction can simultaneously occur. The complex system of human values, shared beliefs and accepted behaviour associated with the resolution of allocation and distribution decisions is known as an economic system. Economic systems have varied from the traditional systems based on beliefs and social hierarchies, to planned or command economics through to a mixture of market and planned systems of production and exchange. Economic systems are judged in terms of their efficiency and equity. Criticisms of planned systems invariably focus on aspects of inefficiency. Criticisms of market behaviour are invariably driven by equity considerations. This unit does not examine economic systems on the large scale (this is the area called macroeconomics) but rather,Show MoreRelatedOutline Of An Project On Inflation Essay1141 Words   |  5 Pages Declaration I Poonam Pillai hereby declare that the term paper report titled study on Inflation in India that I have submitted is original. I was in regular contact with nominated guide and contacting him for discussing the project. Date of project submission Signature of Student Signature of faculty guide ACKNOWLEDGEMENT Management is a profession wherein no work can be accomplished without the help and assistance of a large number of people, be it your superiors or subordinatesRead MoreMacroeconomic Policy Essay858 Words   |  4 Pagesbetween the rich and the poor. Monetary policies can be referred to as demand-side macroeconomic policies. They operate by promoting or restraining spending on goods and services. Economy-wide recessions and booms reflect rises and falls in collective demand instead of in the economy’s productive capacity. Monetary policy attempts to reduce, or remove these variations (Pechman). It utilizes modifications in the money supply to alter interest rates and accelerate economic activity. Two types ofRead Moreeco/365 week 2 individual1293 Words   |  6 Pagesï » ¿ Supply and Demand Simulation ECO 365 Supply and Demand Simulation The Supply and Demand simulation was reviewed on the student website demonstrated the concepts of the concepts of microeconomics and macroeconomics. The principles of microeconomics and macroeconomics were explained and applied throughout the simulation demonstrate the rationale for the shifts in the supply and demand curve. Each shift is analyzed showing the effects of the equilibriumRead MoreSupply Demand Paper Eco/3651105 Words   |  5 PagesSupply and Demand Simulation University of Phoenix May 9, 2013 ECO/365 - Principles of Microeconomics The Supply and Demand Simulation consist of microeconomics and macroeconomics concepts. The concepts are explained and how they apply to the principle of microeconomics and macroeconomics. The simulations presents shifts in the supply and demand curve, the rationale for the shift is given. Each shift is analyzed showing the effects of the equilibrium price, quantity, and decision makingRead MoreCase Study : Gray Wolves894 Words   |  4 PagesCase Study 1 Gray wolves were native to Michigan in the early 19th and 20th centuries and were driven to near extinction due to over hunting of the animal. By 2007 the conservation efforts aided in bringing the Gray wolf population back up to 500 wolves in Michigan. In 2012 the wolves became a problem in the Upper Peninsula for farmers, as the wolves were attacking their livestock for food. A bill ensued, to name the gray wolf a game animal, meaning there would be a wolf hunting season. The billRead MoreSupply, Demand, and Government in the Markets803 Words   |  4 PagesModule 1_Assignment 3 Assignment 3: Supply, Demand, Government in the Markets 1. Using Microsoft Excel, draw a graph illustrating the supply and demand in this market. 2. What is the equilibrium Price and Quantity in the market? This is where the quantity demanded and the quantity supplied are equal. The corresponding price is the equilibrium price and the quantity is the equilibrium quantity. *Let us take the first line of data from the Spreadsheet as an example: Price- $200 QuantityRead MoreEconomic Guide to Everyday Life Decisions Essay522 Words   |  3 PagesEconomics guide everyday life decisions As my major is economics, I have leant how economics guide everyday life decision. Economics is the study of how people seek to satisfy their needs and wants by making choice. Because we all have limited resources, we have to make decisions daily. For example, gasoline. Are we going to stop at the first stop on the way home or are we going to check the price first and get gas in the morning. When decisions are made, they are usually based on supply and demandRead MorePaper: Our Workforce Matters1486 Words   |  6 Pages Abstract: This paper is an evaluation of the state of New Yorks work force planning guide titled Our Work Force Matters. It evaluates whether or not the guide is well-informed and usable, how much it is in line with established texts in this field, and where the guide falls short. The paper provides supporting arguments for the evaluation. The key to the success of any business is the strength of its staff or work force. However, to remain economical, a companys work force must be able toRead MoreApplication Of A Solar Panel Installation Contracting Business1007 Words   |  5 Pages â€Æ' Table of Contents I. Introduction 2 II. Demand Determinants 3 a. Individual Determinant Research Analysis b. Current Demand Data Analysis c. Price Elasticity of Demand d. Demand Graph Analysis III. Supply Determinants 5 a. Individual Supply Determinant Research Analysis b. Current Supply Data Analysis c. Price Elasticity of Supply d. Supply Graph Analysis IV. Recommendations 8 V. References 9 â€Æ' Introduction Cindy is looking to start a Solar Panel Installation contracting business. SheRead MoreAssignment 3: Supply, Demand, Government in the Markets1517 Words   |  7 PagesStudy Aide and TIPS for Module 1-Written Assignment 3 Rubric for grading: M1-Assignment  3 Grading Criteria | Maximum Points | Points Earned | Correctly constructed the supply and demand graph. It is recommended that you use the EXCEL study aide I posted to do this. | 12 | 12 | Answered questions 2-5 correctly, 15 points each. | 60 | 60 | Answered question 6 correctly. | 8 | 8 | Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation