Urgenthomework.com provides microeconomics homework help and microeconomics assignment help. Microeconomics is the branch of economics that analyzes the market behaviour of individual consumers and firms in an attempt to understand the decision-making process of firms and households. It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers. In particular, microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets (e.g. coffee industry).
Microeconomics is a branch of economics economics that studies the behaviour of individual households and firms in making decisions on the allocation of limited resources. Typically, it applies to markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviours affect the supply and demand for goods and services, which determines prices and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.
This is in contrast to macroeconomics, which involves the "sum total of economic activity, dealing with the issues of growth, inflation and unemployment.” Microeconomics also deals with the effects of national economic policies (such as changing taxation levels) on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'micro foundations'— i.e. based upon basic assumptions about micro-level behaviour.
One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics analyzes market failure, where markets fail to produce efficient results and describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system. Urgenthomework provides online tutoring for microeconomic assignment help services for the field of economics. It provides economics homework, assignment help services.
Problem 1 Consider an economy with the following data: Real GDP Dec 2018: $462,417 million Real GDP Mar 2019: $463,613 million Real GDP per Capita Dec 2018: 18,351 Real GDP per Capita Mar 2019: 18,327 Total labour hours Dec 2018: 8,743 Total labour hours Mar 2019: 8,693 Part (a) Calculate the economic growth rate and the per capita growth rate (provide answers to two-decimal points). (2 marks) Part (b) Calculate the labour productivity for Dec 2018 and Mar 2019. Calculate the growth rate of labour productivity over the period (provide answers to one-decimal point). (3 marks) Part (c) Briefly explain the difference between labour and human capital in the production function: Y = A f(K, H, N). Where is human capital incorporated in the Solow-Swan model? (3 marks) Part (d) The Solow-Sawn model assumes that all nations have the same per-person production function and that technology is freely available to all countries. Thus, what is the model’s explanation for the failure of poor nations to ‘catch up’? (2 marks) Problem 2 Consider the links between the product market, the money market and the foreign exchange market. Part (a) What do you expect will happen in the money market because of the economic slowdown as a direct consequence of the COVID-19 crisis – what curve will shift, why and in which direction? In your answer do NOT include action taken by the central bank, ie monetary policy impact. (2 marks) Part (b) What is the impact on the interest rate as a result of part (a) above? (0.5 mark) Part (c) Based on the change in the interest rate of part (b) above, consider the foreign exchange market: (i) Which curve(s) will shift? (0.5 mark) (ii) In which direction will the curve(s) in part (i) above shift and why? (3 marks) (iii) What is the impact on the exchange rate as a result of parts (i) and (ii) above? (0.5 mark) (iv) How will the change in the exchange rate from part (iii) above affect exports, imports and thus net exports. (1.5 mark)s (v) How will this affect the AD-AS model – which curve(s) will shift, in which direction and why?
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