Microeconomics

Tacit collusion is actually the reason why oligopolies have kinked demand curves. On page 401 in Paul Krugman and Robin Wells book “Microeconomics”, the graph illustrates how a firms demand curve to the left of the tacit collusion outcome is more elastic, and the part to the right of the outcome is more inelastic. When the demand is elastic, it means that the demand is sensitive to changes…

policy and some of the associate political thought (Eveline & Richard, 2013). This includes the appetizer section whereby they outline the main macroeconomic concepts. Accordingly, the economy is divided into two, including the macroeconomic and microeconomic aspects. Accordingly, the former covers the larger economic perspective of the nation while the former entails the study of how firms and households manage limited resources to meet unending wants and needs (Eveline & Richard, 2013). The…

Africa is marked by the poor economic rate of growth. The poverty cannot be reduced if the market fails. Poverty can be reduced if the living conditions of the poor are improved. The demographics and poverty has relation in two levels, e.g. microeconomic level and macroeconomic level. The government should work properly for dealing with the causes of poverty (White, Killick, Kayizzi-Mugerwa,…

As per the above discussion question, the aim of this paper is to review about the traditional theory of the firm is laid off due to the principal-agent problem. ‘Theory of the Firm ' is a microeconomic concept that states that firms (organisations) subsist and make decisions in order to maximize profits. Trade work together with the market to establish pricing and demand and then distribute resources according to representation that give the impression of being to maximize net profits. The…

Looking into the future can be a daunting process. Trying to decide which major fits one best and what career he will enjoy may be overwhelming at first. Thankfully, over time people will have a deeper understanding for who they are and what they want to do with their life. Additionally, there are many resources out there willing to help people determine where to take their life. These resources range in variety from people to online tests. Recently, I was given the opportunity to take an online…

Thus far all of my college classes been a prolific learning experience, however, if I must narrow it down to one; then it certainly would be “Principle of Microeconomics”. For me the information gleam from this class, was like a light being turned on in a dark room. It is some time very sad to learn just how little you really know about the world you live in; as is the case with this situation. As an African American child reared in a low-income single-parent home, with an incarnated father,…

ADVERTISEMENTS: Advertisements generally focus on consumer behaviour, thereby creating plans that reflect purchase process. It is generally a form of paid communication of firms and other organizations which is directed towards consumers and the broader society. TV and radio ads, bill boards, paid spaces in the press and other means are used to spread key messages about products, brands, brand values, and identities. NEED FOR ADVERTISEMENTS: Advertising follows logically after listening to…

What is basic budgeting? It can be termed as a microeconomic perception that illustrates the interchange made when one good and is traded for another. The Basic Budgeting Book focuses on the budget process prepared by the Oregon Department of Revenue that will guide you through the budgeting process following Oregon’s local budget law (www.oregon.gov). There are four phases that the book references: Phase One (Preparing the Proposed Budget), Phase Two (Approving the Budget), Phase Three…

In return, IMF rewards the member states through the provision of advice on microeconomic policies, financial support in times of needs like payment balances and the technical training and assistances aimed at the improvement of economic management of the nation. To ensure the effectiveness of its mandate, IMF helps in solving of crises…

As stated before, marketing plan is the central instrument for directing and coordinating the marketing effort. Marketing plans help companies to focus on marketing efforts and define their marketing objectives and how they intend to achieve their objectives. We will now have a brief look at constituents of a typical marketing plan here. The marketing plan can be prepared in 5 main stages. These stages are; analysis, objectives, strategies, tactics and controls (Porter,1980). Analysis…