branches that is micro and macroeconomics MICROECONOMICS: Micro means ‘Small’ so it indicates study of small economic units. The word micro is derived from a Greek word Mikroos. Microeconomics is the study of the economic system from the perspective of households and business firms; it focuses on the nature of individual consumption and production units within a particular market or economic system. Also Microeconomics is the study of decisions that people and organizations make
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What is the difference between micro and macroeconomics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one. Micro and macroeconomics describe the same concept of economics at different levels hence they are intertwined ideas. Microeconomics is concerned with individuals in the economy like households‚ workers and business (Taylor & Greenlaw‚ 2016). It concentrates on how business establishes prices‚ how it is affected by taxes and it explains the concept of demand
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UNIT 3 Microeconomics MULTIPLE-CHOICE SAMPLE QUESTIONS Sample Multiple-Choice Questions Circletheletterofeachcorrectanswer. 1. True statements about the theory of the firm in the short run and long run include which of the following? I. All input costs are fixed in the short run. II. All input costs are variable in the long run. III. At least one input price is fixed in the short run. (A) I only (B) II only (C) III only (D) I and II only (E) II and III only 3. Whichofthefollowingstatementsabouta
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Between microeconomics and macroeconomics. Identify each of the following topics as being part of microeconomics or macroeconomics‚ and state your reason why: 20 Marks (2 Marks each) a. the impact of an increase in consumer income on the purchase of luxury automobiles Answer to A. Microeconomics because it looks at economic problems faced by individual within the overall economy. b. the effect of a change in the price of Coke on the purchase of Pepsi Answer to B. Microeconomics because
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Reading: Microeconomics of Customer Relationships Reading: Microeconomics of Customer Relationships The follow is a critique and review of the reading of Microeconomic of Customer Relationships by Fred Reichheld. I will review the article and evaluate Mr. Reachheld. I will also apply economic theories into why and how I came to my conclusions. Overview on the Reading Microeconomic of Customer Relationships by Fred Reichheld is based on a simple survey based customer-relationship metric
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Essential Graphs for Microeconomics Basic Economic Concepts ( Production Possibilities Curve Nature & Functions of Product Markets ( Demand and Supply: Market clearing equilibrium (Floors and Ceilings (Consumer and Producer Surplus (Effect of Taxes Theory of the Firm (Short Run Cost (Long Run Cost
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According to the principles of microeconomics market structures can be identified as perfect competition‚ oligopoly or monopoly. In our society today and the way business is conducted‚ market structures are not strictly defined by on of these particular types. They can be composed of a mix of them. A market structure that has a higher level of competition can be more efficient than those that have lower levels of competition. We know this since lower competition increases the producer’s surplus;
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Main Factors affecting product pricing in the UK In the UK‚ there are factors which affect how a company chooses to price their products. This is known as product pricing. Having a good product pricing strategy is essential to maintain a high profit margin‚ creating brand loyalty or superiority and remaining competitive. We will discuss the factors affecting product pricing‚ to see why it is so important for firms to take into different factors and variables when deciding their product price.
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Price discrimination Price discrimination is the practice of selling the same product at different prices to different customers‚ when there is no difference in the cost to produce the product. Price discrimination is done to maximize profits. This occurs when market prices are set differently to different buyers‚ according to the willingness of each buyer to pay (demand curve) rather than setting a uniform price. It can be seen in the image below how if the seller kept the uniform price of Africa’s
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PRINCIPLES OF ECONOMIC (DIFFERENCE BETWEEN MICROECONOMICS AND MACROECONOMICS) CERTIFICATE IN ESTATE AGENCY (CEA) HAFIFI BINTI HAMDAN 940113-10-5504 LECTURER: MRS. NORZIHA BINTI ISMAIL DIFFERENCE BETWEEN MICROECONOMICS AND MACROECONOMICS The study of economics is divided into microeconomics and macroeconomics by the modern economists. Both of them discuss the economic activities but are used in different sectors under different circumstances. In spite of having some similarities‚
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