ECO162 Microeconomics Assignment Answer Malaysia

ECO162 is a microeconomics course offered at UiTM. The course covers the basic principles of microeconomics, including economic development, pricing, and market structure. Students who complete ECO162 will gain an understanding of how microeconomic theory can be applied to real-world problems. Additionally, students will develop critical thinking and analytical skills that are essential for success in any field.

ECO162 is a great course for students who are interested in pursuing a career in economics, business, or any other field that requires strong analytical skills. The course is also beneficial for students who want to develop a better understanding of how the economy works.

Hire Experts for ECO162 Microeconomics Assignment At the Last Moment!

At Myassignmenthelp.my, we have a team of UiTM-certified microeconomics assignment writers who can help you with your ECO162 assignments, no matter how complex they are. Our writers are well-versed in all the topics covered in this course and can provide you with high-quality, plagiarism-free assignments that will help you get good grades.

We’ve provided you with a few assignment briefs. These are:

Assignment Brief 1: To Describe Basic Microeconomic Concepts, Theories, And Problems.

Microeconomics is the study of how individuals and firms make decisions in the presence of scarce resources. It attempts to explain how hospitals, consumers, factories, and other economic actors choose to allocate their resources.

Concepts of Microeconomics

Basic microeconomic concepts include opportunity cost, marginal analysis, sunk costs, and elasticity.

• Opportunity cost: Opportunity cost is the value of the next best alternative foregone when making a decision. For example, if you decide to go to college, your opportunity cost is the salary you could have earned if you had gone straight into the workforce instead. 
• Marginal analysis: Marginal analysis is a way of analyzing decisions by looking at the extra benefits or costs associated with taking an action. For example, when deciding whether to go to the movies or stay home and watch TV, you would compare the marginal cost of going to the movies (the price of a movie ticket) with the marginal benefit (the value of your enjoyment). If the marginal cost is greater than the marginal benefit, you would stay home and watch TV.
• Sunk costs: Sunk costs are costs that have already been incurred and cannot be recovered. For example, if you buy a movie ticket and then decide not to go to the movie, the cost of the ticket is a sunk cost.
• Elasticity: Elasticity is a measure of how much one quantity responds to changes in another quantity. For example, the gasoline demand is inelastic because people will still need to drive even if the price of gasoline goes up. The demand for luxury goods is more elastic because people can choose to go without them if the price goes up.

Theories of Microeconomics

The microeconomic theory attempts to explain how economic actors make decisions in the presence of scarce resources. The two most important theories are demand theory and supply theory.

• Demand theory: Demand theory is the study of how consumers make decisions about what to buy. It attempts to explain how price changes affect the quantity demanded by consumers.
• Supply theory: Supply theory is the study of how firms make decisions about how much to produce. It attempts to explain how price changes affect the quantity supplied by firms.

Problems in Microeconomics

Many problems can be studied from a microeconomic perspective. Some of the most important problems include market failure, externalities, and public goods.

• Market failure: Market failure is when the market does not allocate resources efficiently. It can be caused by a variety of factors, including monopoly power, externalities, and public goods.
• Externalities: Externalities are when the actions of one economic actor affect another economic actor that is not taken into account by the first actor. For example, when a factory emits pollution, the people who live nearby are affected, but the factory does not have to pay for the damages it causes.
• Public goods: Public goods are goods that are non-excludable and non-rivalrous. That is, they cannot be excluded from use by anyone, and one person’s use of the good does not decrease the amount available for others to use. Examples of public goods include national defense and streetlights.

Assignment Brief 2: Economic Knowledge In Explaining Individual, Firms’ And Market Behaviors.

The decisions of individuals and firms are based on their understanding of the economic environment and how it affects them. In order to make rational choices, people must have some understanding of how prices are determined, what resources are available, and what potential outcomes could result from their actions.

Firms respond to changes in market conditions by altering the prices they charge, the number of goods they produce, or the type of products they offer. They also use pricing policies to try to increase profits or market share. By studying economics, individuals can better understand how markets work and how they can best take advantage of market opportunities.

In general, the main goal of economic theory is to explain and predict human behavior in the presence of scarce resources. The microeconomic theory focuses on explaining how individuals and firms make decisions in specific markets. The macroeconomic theory focuses on explaining how the economy as a whole work.

Assignment Brief 3: To Apply Economic Reasoning To Economic Issues And Policies.

There are several different ways to apply economic reasoning to economic issues and policies. One approach is to use microeconomic principles to analyze specific issues or policy decisions. For example, you could use supply and demand analysis to examine the effects of a minimum wage increase on employment levels.

Alternatively, you could take a more macroeconomic perspective and look at the economy as a whole. For example, you could analyze how changes in interest rates or tax rates might affect aggregate demand and inflation.

Economic reasoning can also be applied at the level of individual companies or industries. For example, you could examine how changes in regulations might affect the competitive landscape for particular businesses.

Ultimately, the goal is to use economic reasoning to improve your understanding of how the economy works and to make better decisions about economic policy.

Buy assignments online from our expert writers and get rid of all your academic worries!

If you want to buy an assignment writing service Malaysia, then you have come to the right place! We offer a wide range of services that will help you with all your academic worries. We provide MPU3113 hubungan etnik soalan dan jawapan assignments, term papers, research papers, thesis, dissertations, and much more!

Our programming assignment helper in Malaysia will help you with all your computer science assignments including coding assignments. We also provide online tutoring services for students who need help with their studies.

We also offer dissertation writing services Malaysia for students who need help with their dissertations. We have a team of expert writers who can help you with all your academic needs.

So, if you are looking for a reliable and affordable academic writing service provider, then look no further than us! Contact us today and let us help you with all your academic worries!