For example, If you buy an ice cream shake, then the Ice cream Is an intermediate $2, the milk and the chocolate sauce is worth $1, the labor is worth $0. 0 and the shop wants to keep a profit margin of $0. 50, then the price of the milkshake to the consumer is $4 Table of Contents. Introduction. Example of a firm operating in a pure competition market. Example of a pure monopoly. Conclusion. Reference. We will write a custom Research Paper on Microeconomics: competition and monopoly specifically for you. for only $ $11/page. certified writers online produced. 5. Works Cited page 8 This section gives the full details of the references used in this paper. Microeconomics Abstract Microeconomics is a branch of economics which deals with the micro or small aspects of economics like the allocation of resources by firms, consumers or households. The allocation of resources can affect the supply and demand of the goods in the market which determine
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We use cookies to give you the best experience possible. Words:Paragraphs: 25, Pages: Paper type: EssaySubject: Microeconomics. Looks at how individual economic agents I. Macroeconomics: Looks at the overall behavior of the entire economy of a country. So in addition to households and firms, it also looks at the government and frequently at the rest of the world.
They try o maximize this. They try to minimize this. They try to Meltzer this. They try to maximize this. Gross Domestic Product GAP Goods: Tangible things firms produce and consumers buy, microeconomics research paper example.
An example is a Philly cheese steak, microeconomics research paper example. Services: Intangible castles firms provide and consumers buy. An example Is a haircut. Definition of GAP: It is the value of new final goods and services intended for the racetrack produced within a country in a given period of time.
Note: We will concentrate only on gross domestic product in this class. The book also talks about the related concepts of gross national product, net national product, national income, personal Income, etc. You do not need to study them. Keynoters in the definition: Value: This refers to the market price.
New: Only newly produced goods and services are counted as part of the GAP. Don't use plagiarized sources. So if you buy a second hand Toyota Campy, then that will not be counted as a part of the GAP for the year The reason is that this car had already been counted once n the GAP for the year and to count your purchase again would be counting It twice. In other words, the good Is being sold twice, but It was produced only once. Final: A final good is intended for consumption in the form it is in, microeconomics research paper example, whereas microeconomics research paper example intermediate good is a good that is often used to make other goods.
Intermediate goods should not be confused with capital, which is a good that is manufactured for the sole purpose of making microeconomics research paper example goods. Then ice cream would be a final good as you are consuming it in that form. Intended for the Marketplace: We only count as part of the GAP goods and services that are produced for the market.
But if you are a gourmet cook and start a take-out business from your home, microeconomics research paper example, then your cooking will be counted as a service in the GAP as you are selling your culinary skills to others. Microeconomics research paper example money spent on buying pot in Old Town East in Columbus ill not be a part of the U. Even if someone buys recreational marijuana in Colorado or medical marijuana in California both of which are legal at the state levelthe transactions will not be a part of the U.
GAP as they are not legal at the federal level. Within a Country: The good or service has to be produced within the geographical boundaries of the country. In a Given Period of Time: This is usually a quarter or a year. We only count the good ND services that were produced in that quarter or year, as those produced in other periods will be counted as part of the production in those respective periods.
Stock: A stock is a variable whose quantity is measured microeconomics research paper example a particular point in time. For example, capital is a stock, and so is wealth. Flow: A flow is a variable whose quantity is measured per unit of time.
For example, investment is a flow, and so microeconomics research paper example GAP. A few other flow variables are consumption, government purchases and net exports. All three methods give us the same final microeconomics research paper example. a Suppose cotton is harvested in Alabama. c An American Apparel plant in Los Angles then purchases that cloth and manufactures a shirt with it. Multiplying this y the total number of American Apparel shirts produced in the U, microeconomics research paper example.
And repeating this exercise for every other good and service produced, the total number that we get the GAP. In the absence of statistical errors, the three methods should give us the same answer.
In reality, no country uses the value added method as it is extremely cumbersome. Labor Force: Labor force is composed of people who are employed and people who are unemployed. Employed: These are the people who have either a full-time Job or a part-time Job. Unemployed: These are the people who are: and one of the following: IA are without work but have made specific efforts to find a Job within the previous four weeks bib are waiting to be called back to a Job from which he or she has been laid off.
ICC are waiting to start a new Job within the next 30 days. Examples are stay-at-home parents, retired people, college students and discouraged workers I. Unemployed people who gave up looking for a new Job at least four weeks ago. Labor Market Indicators: We use three main indicators to measure the health of the labor market: 1 Unemployment Rate: Percentage of people who are in the labor force who are unemployed.
This tells us how many people of working age are willing to take a Job. Hence the number of unemployed was 13, and he population that was not in the labor force was 86, ,OHO. The unemployment rate would then be 8. Inflation Price level is the average price for all goods and services in the economy. Inflation is an increase in the microeconomics research paper example level.
We can then have two other possible situations: 1 Deflation: This is the case when prices are falling. Measuring the price level and the inflation rate: Inflation is measured by calculating the percentage change in the price level.
Hence, in order to measure inflation, we need to be able to measure the price level, microeconomics research paper example. The three most common ways of measuring the price level are: 1 Consumer price index ICP or Cost of living index: This measures the change in prices of goods used by consumers.
In order to construct the ICP, the U. Bureau of Labor Statistics monitors the spending habits of consumers over a certain time period which is currently and microeconomics research paper example a basket of the goods consumers commonly buy.
It chooses basket in that period. It then adds up the individual prices of all these goods to get the total price of the basket in the base period. Next they find the prices of all goods contained in the basket in the current period say January The inflation rate is simply the argental change in the price level, microeconomics research paper example.
Recently the government has switched from using the ICP-W ICP for urban wage earners and clerical workers to the C-ICP-U chained ICP for all urban consumers. The C-ICP-U takes substitution effects into account for example, microeconomics research paper example, if the price of pork goes up then pork is now more expensive but consumers might switch to less pork and more beef to keep their expenditure on meat at around the same level ; ICP-W does not.
As a result, C-ICP-U increases more slowly than ICP-W 0. This saves the government money as it slows cost of living adjustments given to social security payments. The PIP leads the ICP. The PIP measure price change from the perspective of the seller. Pips measure average changes in prices received by domestic producers of commodities in all stages of processing I.
For both intermediate and final goods. Because producer price indexes are designed to measure only the change in prices received for the output of domestic industries, imports are not included. The U.
Bureau of Labor Statistics conducts surveys and releases approximately 10, Pips for microeconomics research paper example products and groups of products each month. Pips are available for the products of virtually every industry in the mining and manufacturing products of industries in the transportation, utilities, trade, finance, and services sectors of the economy.
The PIP and the inflation rate based on it are calculated in exactly the same way as with the ICP. Distinction between nominal and real variables: Nominal means that the variable has not been adjusted for inflation.
Real means that the variable has been adjusted for inflation. Whenever we need to meaningfully compare between two time periods, we need to invert the variables into real terms. Otherwise we will end up with erroneous results. To see why, consider the following example. Let us consider an economy that only produces books. In it produced 10 books, while in it produced 12 books. Hence the growth rate of nominal GAP was: 84 — 50 50 Obviously this number is wrong.
The reason because of which this number is so high s that we did not adjust it for the increase in price. The right way to compare the situations in and is to use the same price level to calculate the value of the GAP for the two different years. For example, if we use the base period I. Therefore, microeconomics research paper example, new expenditure patterns are allowed to show up in the deflator as people respond to changing prices.
However, the disadvantage of this approach is that the GAP deflator measures changes in both prices and the composition of the basket, and so should not be used as a measure of pure microeconomics research paper example changes in the economy.
In practice, the difference between the deflator and a price index on the same set microeconomics research paper example goods and services is relatively small. The GAP and GAP deflator are both calculated by the Bureau of Economic Analysis SEA. Economic Growth short period of time in which producers can only vary the labor they employ, and not the capital stock.
Long run: A longer period of time, in which both labor and capital stock employed in a firm can be changed.
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Apple in Microeconomics. As inter-specific competition increases between companies, especially in the same product line, there is need to come up with better and innovative ways to market their brand. These product enhancement techniques need to meet the current consumer demands and tastes and preferences. However, there are other factors like Microeconomics Research Project. Microeconomics is the study if individual economic units. These single units too have a great impact on the overall economic status. Microeconomics focuses on the factors that affect individual economic choices. The reason for the study of the microeconomics is to give the student a thorough understanding of /10() 4/19/ · Research paper help; Economic research papers; Management paper writing; Sociology papers; Analysis papers; Editing service; Proofreading service; Writing papers for money; Action term paper; Accounting term papers; Business term papers; Essay writing service; English term papers; Personal statement; Research proposal; Research paper writing service; Custom college papers/10()
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