social science that studies the choices that individuals‚ businesses‚ governments‚ and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Economics divides into Microeconomics and Macroeconomics. Microeconomics is the study of the choices that individuals and businesses make‚ the way these choices interact in markets‚ and the influence of governments. Macroeconomics is the study of the performance of the national economy and the global
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Concentration Ratios ECO204: Principles of Microeconomics Name Instructor: XXXXXXXX XXX March 16‚ 2012 Oligopoly is a very common market form where the sellers are so small in numbers that the actions of any one of them would affect the cost of the products and competition would significantly visible. “Oligopoly is defined as an industry dominated by few firms that‚ by virtue of their individual sizes are large enough to influence the market price” (Case‚ Fair
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Lectures On Intermediate Microeconomics Kotut c Samwel‚ M. Phil (Economics) Moi University. Chapter one 1.0 Introduction Economics is the science of scarce resource allocation to meet endless human desires. The modern economics science has two major branches i.e. Micro-economics and Macro-economics. Compared to micro-economics Macro-economics is a younger branch of economics. Until the economic depression of 1930s economics was limited to what is
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ECONOMIC THEORY EET 200: MICROECONOMICS THEORY II Copyright © Kenyatta University‚ 2011 All Rights Reserved Published By: KENYATTA UNIVERSITY PRESS INTRODUCTION OBJECTIVES TABLE OF CONTENTS CONSUMER THEORY LECTURE ONE. LECTURE OBJECTIVES In your elementary microeconomics‚ the basic principles of consumer
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ECO 213 MICROECONOMICS (100 points) NAME: Chapters 12-15: Homework DUE: April 16‚ 2012 1. A regulated natural monopoly is more likely to spend more money on employee healthcare under which of the following types of regulation? A. Price regulation. B. Profit regulation. C. Output regulation. D. Social regulation. 2. Hiring over 260‚000 U.S. federal workers to oversee and operate regulatory agencies involves: A. Zero costs since the market outcomes will be improved. B. Government
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Macroeconomics and microeconomics explained Macroeconomics and microeconomics forms the two major important studies within the branch of economics that are both essential in sustaining the overall growth and standard of the economy. They are interdependent and work in liaison with one another. However they differ in a number of ways both in terms of their scope and implementation. Whereas microeconomics tends to focus on smaller business sectors‚ macroeconomics focuses on the larger income of a
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1 FIRST SEMESTER Managerial Economics Subject Code:1001 Contact Hours: 60 Work Load: 4hrs/week Credit Points: 04 Semester End Exam Marks: 80 Internal Marks: 20 OBJECTIVES: 1. To familiarize students with Micro Economic Concepts used in Decision Making. 2. To develop application and analytical skills by using these concepts to make managers effective in economic decision making. Module: 1 (10 Hours) Introduction to Economics - Introduction to Managerial Economics- concept‚ Nature‚ Scope
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Microeconomics Topic 6: “Be able to explain and calculate average and marginal cost to make production decisions.” Reference: Gregory Mankiw’s Principles of Microeconomics‚ 2nd edition‚ Chapter 13. Long-Run versus Short-Run In order to understand average cost and marginal cost‚ it is first necessary to understand the distinction between the “long run” and the “short run.” Short run: a period of time during which one or more of a firm’s inputs cannot be changed. Long run: a period of time during which
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Licensed to: iChapters User PRINCIPLES OF MICROECONOMICS: A G U I D E D T O U R PART ONE: INTRODUCTION Chapter 1 Chapter 2 Chapter 3 Ten Principles of Economics Thinking Like an Economist Interdependence and the Gains from Trade The study of economics is guided by a few big ideas. Economists view the world as both scientists and policymakers. The theory of comparative advantage explains how people benefit from economic interdependence. PART TWO: SUPPLY AND DEMAND I: HOW MARKETS
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macroeconomics is different from microeconomics. Please give examples. What is economics? Before we start to learn about economics‚ we have to understand that what is the different between macroeconomics and microeconomics. Macroeconomics and microeconomics are the main branches of economics. (Karl E. Case‚ Ray C. Fair and Sharon M. Oster (2012): Principles of Economics‚ 10th ed. Global Edition‚ Chapter 1). And‚ I will describe that with examples. Microeconomics seems likes the “trees”. It studies
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