Microeconomics

from 1930 to 1970 the price of gasoline remained around .50 to .70 cents and was mostly in a state of equilibrium until an oil embargo was placed on Iran in the 1980 and prices began to fluctuate upwards. Microeconomics looks directly at the individual or company in their decision making relative to the economy. Whereas Macro economics looks at the entire economy and what choices everyone makes as a…

Introduction This paper focuses on the microeconomic concepts of price elasticity as it relates to supply and demand of a given product; non-price factors that affect supply and demand; and finally market equilibrium and the effects of changes in supply or demand on it. The product selected for this analysis is Tide PODS®, launched in 2012 by Procter and Gamble (Procter and Gamble, 2016a, para. 11). Tide PODS® is an innovative product that Procter and Gamble introduced to the laundry…

government issued health care insurance has since being initiated have cause many insurance companies to back out of services and allow an increase in premiums to all that are enrolled within this service. Theoretically, the in many cases the microeconomic responses would gradually reflect that in a sense based on the major increases that are inspiring change from health insurance in today’s market the quality of services will surely cause for an…

What is the minimum wage? Minimum wage can be defined as the amount of compensation an employee must receive for a specific job by an employer. These are special acts enforced to prevent employers compensating employees less than the minimum wage set by the government. Before the minimal wage was introduced in the United States in the early 1900s, New Zealand was the first country to enacted minimal wage laws in 1894. This law covered businesses and industries across its entire nation. The…

The Microeconomics of International business Market structure creates market power and investment. The four market structures: Perfect competition, Monopolistic competition, Oligopoly and Monopoly, divides industries by (Sloman, Hinde and Garratt, 2010, p. 213) “the degree of competition.” Thus, a firm’s market structure depends upon its competition. Perfect competition (Sloman, Hinde, Garratt, 2010, p. 213) “A market structure that has many firms producing identical products, price takers and…

of the People BUS 1103 Unit 1: Principles of Microeconomics By Camille Telesford In this paper I will discuss the difference between microeconomics and macroeconomics along with their phenomenon examples, a summary of an article and why it is interesting, an example of sunk cost and how it differs from a marginal cost and finally an explanation of marginal analysis in my problem solving. According to the Principles of economics textbook, Microeconomics is concerned with the study of the market…

What I have learned in microeconomics. It has been a great journey taking, and being part of the online economics class. It has been great learning more than one lesson in this class. The study of this class has taught me a lot both in the economics field, and also in life experiences. The economics class has made a different person than I was before taking the course. It has helped me increase my knowledge, skills and thus increasing my human capital. My economics class has…

O2 This class ties in to my social relationships quite a bit. I am one of the most open minded people I believe, when I look at certain people I don’t consider myself to be one to judge off just anything. I know a lot of people who judge just based solely off looks such as color, tattoos, appearance in the way the other person may dress. I don’t believe that you can really judge someone based off what they look like or their religion or cultures. This mindset that I have has helped me a lot in…

Fundamental Factors #9 Yi Zhan Crude Oil Scenarios 1. Weather Bearish By checking and comparing the weather condition this week to next week in State College, PA, I found the temperature next week will be a little bit higher than this week. These data came from (https://weather.com/weather/tenday/l/USPA2267:1:US). The demand of heating oil will be decreased next week. So, I think it would be bearish in effect. 2.…

Supply And Demand Paper Jennifer Anderson ECO/365 Principles of Microeconomics 2-1-16 Cope Norcross SUPPLY AND DEMAND Some example of the microeconomics is the supply and demand of the apples. The supply goes down as the demand of the apples goes up. If you have a lot of apples in demand then there will be more people wanting the apples. Another example is that you have an advertisement where the apples prevent cancer more people will buy these so they can refrain from getting cancer. If…