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7 pages/≈1925 words
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APA
Subject:
Mathematics & Economics
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Essay
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English (U.S.)
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Topic:

Microeconomic Theory (Essay Sample)

Instructions:
Select any current microeconomic event from during THIS QUARTER, and drawing upon the basis of the course content (and without any other outside sources beyond the textbook): 1) Develop in the initial paragraph the major conclusion that you find; and 2) In each succeeding paragraph analyze a SEPARATE microeconomic principle / theory that you studied in this course which relates to your event or topic. Explain its underlying relevance and how it relates to the readings. * While you may use an original article for source of your topic, try to avoid narrative description and retelling of the event. The microeconomic analysis is the goal of this essay assignment. Length: 7 pages, double-spaced. Grading Criteria (rubric): 25%: Following Guidelines / Organization; 25%: Breadth and Variety of concepts; 25%: Depth and Clarity of explanation; and 25%: Quality of overall writing. source..
Content:

Microeconomic Theory
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Microeconomic Theory
The most basic principles of economic transaction are examined by microeconomics through focusing behavior of individuals and businesses. The economic reality is acted upon by individuals’ assumptions, which surmise that decisions that are made by individuals or a company are aimed at maximizing profits. Individual entrepreneurs purchase produce from suppliers who have the best quality raw materials or resources and offering the lowest price possible. This decision enhances the operation of the business to become profitable since many consumers of the product are opting to purchase the product. An increase in rate of return results to entrepreneurs expanding their business to enhance growth and accommodate the ever increasing demand for the product. Using returns to purchase more goods and service is part of the economic model, as spending what is earned has a basic implying that the value of goods and services bought is more that the value of money earned. The decision of individuals forms the basis of microeconomic analysis because it creates the every day choice in business and government.
Oil in the US is considered to be price inelastic since consumers have to purchase the commodity at the same quantity regardless of the price. The microeconomic determines what price per gallon demand of oil that will have the effect of price decrease. Policies usually employ such study in formulating normative question on sustaining overall reduction in dependence of foreign oil. The surge in prices of gasoline in the US oil industry was as a result of increased demand and reduced supply of the commodity. The supply of oil was reduced because of the political instability of oil suppliers which saw a reduced supply of oil in the international market. This saw a reduced supply of the product by national oil venders while the demand oil the product was...
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