The Ins and Outs of Microeconomics
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Ins and Outs of Microeconomics
Microeconomics is a branch of economics that focuses on individual behavior and decisions made by consumers, businesses, and government in markets.
Demand and Supply: One of the core concepts in microeconomics is demand and supply, which refers to the behavior of consumers and producers in the market. When the price of a good is low, demand for it is high, and when the price is high, demand for it decreases. On the other hand, when the price of a good is low, supply is high and when the price is high, supply decreases. The point where the demand and supply curves intersect is called the market equilibrium, and it determines the market price and quantity of a good.
Elasticity: Elasticity is a measure of how sensitive demand or supply is to changes in price. If a change in price causes a large change in quantity demanded or supplied, then the demand or supply is considered to be elastic. On the other hand, if a change in price only causes a small change in quantity demanded or supplied, then the demand or supply is considered to be inelastic.
Market Structures: Microeconomics also studies different market structures, including perfect competition, monopolistic competition, oligopoly, and monopoly. In a perfectly competitive market, there are many buyers and sellers, and the price is determined by the interaction of demand and supply. In a monopolistic market, there is only one seller who has complete control over the price of the good. An oligopoly is a market structure in which a few firms dominate the market.
Production and Cost: Microeconomics also deals with the production and cost of goods and services. Production refers to the creation of goods and services, while cost refers to the resources required to produce them. There are three main types of costs in microeconomics: explicit costs, implicit costs, and opportunity costs. Explicit costs are monetary costs, such as wages, rent, and raw materials, while implicit costs are non-monetary costs, such as the opportunity cost of using one’s own time and resources. Opportunity cost is the value of the next best alternative that must be given up in order to undertake a certain action.
Market Failure: Microeconomics also explores market failures, which occur when the market fails to allocate resources efficiently. This can happen for a number of reasons, such as externalities, public goods, and market power. Externalities are spillover effects that affect parties not involved in a transaction, such as pollution. Public goods are goods that are non-excludable and non-rival, meaning that one person’s consumption of the good does not reduce the amount available for others. Market power refers to the ability of a single buyer or seller to influence the market price.
In conclusion, microeconomics is a crucial field that helps us understand the behavior of individuals and firms in the market. It provides insights into how prices are determined, how goods and services are produced, and how resources are allocated. Understanding microeconomics is important for making informed decisions about personal finances, business strategies, and public policy.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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The Ins and Outs of Microeconomics
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