basic microeconomics slideshare

2) How to produce? Clipping is a handy way to collect important slides you want to go back to later. Learn more Your questions answered What's Pearson+? Its principles can be usefully applied to . Amazon.com: case fair oster principles of . Microeconomics contrasts with the study of macroeconomics, which considers the economy as a whole. 6. trust 178 legally formed combinations of companies or, MICROECONOMICS - Topic: milk tea (group 1)r 2019-2020 at ton duc thang, Microeconomics - . Make the most of study time with offline access, search, notes and flashcards to get organized, get the work done quicker and get results. definition of population & age distribution. EC 102 Basic Economics Agrarian Reform amp Taxation Neil. Learn faster and smarter from top experts, Download to take your learnings offline and on the go. Do not sell or share my personal information. economics we study what are the causes of high or low level of Free access to premium services like Tuneln, Mubi and more. Now customize the name of a clipboard to store your clips. 313. National income: concept, methods, Importance and challenges, Microeconomics: Introduction and basic concepts. Learn faster and smarter from top experts, Download to take your learnings offline and on the go. Contrast two polar cases perfect competition monopoly What is efficiency? By accepting, you agree to the updated privacy policy. Weve updated our privacy policy so that we are compliant with changing global privacy regulations and to provide you with insight into the limited ways in which we use your data. Macroeconomists focus on the national, regional, and global scales. 1. Economics 1 Lesson 7 Handout 12 Answers cscout de. Looks like youve clipped this slide to already. 1. Financial market techniques can be applied the concept of discounting and present value Chapter 2: Basic Microeconomic Tools, The concept of discounting Take a simple example: you have $1,000 this can be deposited in the bank at 5% per annum interest or it can be loaned to a start-up company for one year how much will the start-up have to contract to repay? Econ 1 Basic Economics with Taxation and Land Reform. 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Chapter 2: Basic Microeconomic Tools, Maximum willingness to pay Profit Maximization: the Basics Focus on profit maximizing behavior of firms Take as given the market demand curve $/unit Equation: P = A - BQ linear demand A Constant slope P1 Demand Importance of: time short-run vs. long-run willingness to pay Q1 A/B Quantity At price P1 a consumer will buy quantity Q1 Chapter 2: Basic Microeconomic Tools, Perfect Competition Firms and consumers are price-takers Firm can sell as much as it likes at the ruling market price do not need many firms do need the idea that firms believe that their actions will not affect the market price Therefore, marginal revenue equals price To maximize profit a firm of any type must equate marginal revenue with marginal cost So in perfect competition price equals marginal cost Chapter 2: Basic Microeconomic Tools, The First Order Condition: MR = MC Profit is p(q) = R(q) - C(q) Profit maximization: dp/dq = 0 This implies dR(q)/dq - dC(q)/dq = 0 But dR(q)/dq = marginal revenue dC(q)/dq = marginal cost So profit maximization implies MR = MC Chapter 2: Basic Microeconomic Tools, Perfect competition: an illustration With market demand D2 and market supply S1 equilibrium price is P1 and quantity is Q1 With market demand D1 and market supply S1 equilibrium price is PC and quantity is QC The supply curve moves to the right (a) The Firm (b) The Industry With market price PC the firm maximizes profit by setting MR (= PC) = MC and producing quantity qc Price falls $/unit $/unit Entry continues while profits exist Now assume that demand increases to D2 Existing firms maximize profits by increasing output to q1 MC Long-run equilibrium is restored at price PC and supply curve S2 S1 D1 AC S2 P1 P1 Excess profits induce new firms to enter the market PC PC D2 qc q1 Quantity QC Q1 QC Quantity Chapter 2: Basic Microeconomic Tools, Perfect competition: additional points Derivation of the short-run supply curve this is the horizontal summation of the individual firms marginal cost curves Firm 3 $/unit Firm 1 Example 1: Three firms Firm 2 Firm 1: MC = 4q + 8 Firm 1: q = MC/4 - 2 q1+q2+q3 Firm 2: MC = 2q + 8 Firm 2: q = MC/2 - 4 Firm 3: MC = 6q + 8 Firm 3: q = MC/6 - 4/3 Invert these 8 Aggregate:Q= q1+q2+q3 = 11MC/12 - 22/3 MC = 12Q/11 + 8 Quantity Chapter 2: Basic Microeconomic Tools, Perfect Competition: Additional Points 2 $/unit Example 2: Eighty firms Firm i Each firm: MC = 4q + 8 Each firm: q = MC/4 - 2 Invert these Aggregate: Q= 80q = 20MC - 160 Aggregate 8 MC = Q/20 + 8 Definition of normal profit not the same as zero profit implies that a firm is making the market return on the assets employed in the business Quantity Chapter 2: Basic Microeconomic Tools, Monopoly The only firm in the market market demand is the firms demand output decisions affect market clearing price At price P1 consumers buy quantity Q1 Marginal revenue from a change in price is the net addition to revenue generated by the price change = G - L $/unit Loss of revenue from the reduction in price of units currently being sold (L) P1 Gain in revenue from the sale of additional units (G) L P2 At price P2 consumers buy quantity Q2 G Demand Quantity Q1 Q2 Chapter 2: Basic Microeconomic Tools, Monopoly 2 Derivation of the monopolists marginal revenue Demand: P = A - B.Q $/unit Total Revenue: TR = P.Q = A.Q - B.Q2 A Marginal Revenue: MR = dTR/dQ MR = A - 2B.Q With linear demand the marginal revenue curve is also linear with the same price intercept Demand but twice the slope of the demand curve Quantity MR Chapter 2: Basic Microeconomic Tools, Monopoly and Profit Maximization The monopolist maximizes profit by equating marginal revenue with marginal cost This is a two-stage process Stage 1: Choose output where MR = MC $/unit This gives output QM Output by the monopolist is less than the perfectly competitive output QC Stage 2: Identify the market clearing price MC This gives price PM PM AC MR is less than price Price is greater than MC: loss of Profit efficiency Price is greater than average cost ACM Demand MR Positive economic profit Long-run equilibrium: no entry QM QC Quantity Chapter 2: Basic Microeconomic Tools, Profit today versus profit tomorrow Money today is not the same as money tomorrow need way to convert tomorrows money into todays important since firms make decisions over time is it better to make profit now or invest for future profit? 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I can recommend a site that has helped me. Greek word 'mikros', meaning Microeconomics is a branch of economics that studies the behaviour of individuals and businesses. (especially for beginners). Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertis-ing. 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Microeconomics is the study of the economic actions of individuals and small group of individuals Household , Investor, Firms, Industries, etc How and why these units makes decisions? population. Rational people think at the margin 1.4 4. 3. "5 Rules for Creating Effective Presentations," Identify one deck of "ineffective" slides based on the same design criteria.complete the following:Post a link to the "effective" Slideshare presentation.Below this link, explain how the effective presentation embodies Duarte's 5 rules. globalizationis the, Microeconomics - . theory of production, in economics, an effort to explain the principles by which a business firm decides how much of each commodity that it sells (its "outputs" or "products") it will produce, and how much of each kind of labour, raw material, fixed capital good, etc., that it employs (its "inputs" or "factors of production") it will use. It appears that you have an ad-blocker running. It cannot be proved true or false: our view of it depends on our value system. The basic law of supply is that as the price of a commodity rises, so producers expand their supply onto the market. if a negligent driver, MICROECONOMICS - . By whitelisting SlideShare on your ad-blocker, you are supporting our community of content creators. Get powerful tools for managing your contents. ISBN-13: 978-1461175810 Chapter 1 Microeconomics Intro SlideShare. Q3: For whom do we produce it? In this video I cover the b. Microeconomics Powerpoint Presentations Powerpoint presentations provided by Premium PowerPoint created by Ron Cronovich for use with N. Gregory Mankiw's 4e series of economic textbooks:. The Code of Hammurabi (circa 1810-1750 BCE), the earliest work of economic synthesis, specifies norms for economic activity and provides a detailed framework for commerce, including business ethics. Economics Basics - Demand & Supply It is perhaps one of the most fundamental tenets and provides a fundamental framework in which to assess the actions of an economy. Clipping is a handy way to collect important slides you want to go back to later. Instant access to millions of ebooks, audiobooks, magazines, podcasts and more. Tap here to review the details. Chapter 5.1: Elasticity and its Application. of the households, firms and Business model generation a handbook for visionaries, game changers, and chal Brief Reaction These reactions should then facilitate learning on some.docx, presentation_national_income_1565424695_364760.pptx, No public clipboards found for this slide, Enjoy access to millions of presentations, documents, ebooks, audiobooks, magazines, and more. This video includes a. Living in the IT era W2-W5. Instant access to millions of ebooks, audiobooks, magazines, podcasts and more. In macro Enjoy access to millions of ebooks, audiobooks, magazines, and more from Scribd. Clipping is a handy way to collect important slides you want to go back to later. Economic problem arises due to 3 reasons, 1) Human wants are unlimited 2) Resources are limited 3) Resources have alternative uses, which makes them all the more scarce Central problem of an economy, 1) What to produce and in what quantity? Created by Sal Khan. 7. slideshare hal r varian intermediate microeconomics a modern approach 8th github armatrix cs computer networking . Enjoy access to millions of ebooks, audiobooks, magazines, and more from Scribd. Economic Efficiency Opportunity Cost Economic Models Example: A simplified economy with limited resources for production. Soc sci3 SlideShare. A supply curve shows a relationship between price and quantity a firm is willing and able to sell. Looks like youve clipped this slide to already. Do not sell or share my personal information, 1. BAEB602 Chapter 1: Introduction to Microeconomics, Introduction to microeconomics - Mukonda F, Thinking Like An Economist_Chapter 2_By G. Mankew, Microeconomics: Introduction and basic concepts, 2 introduction to microeconomics and macroeconomics. no reallocation of the available resources makes one economic agent better off without making some other economic agent worse off example: given an initial distribution of food aid will trade between recipients improve efficiency? Clipping is a handy way to collect important slides you want to go back to later. Looks like youve clipped this slide to already. 87K views 2 years ago Economics Explained Watch INOMICS' concise video explaining what microeconomics and macroeconomics are, what the difference is and what are their uses. Topics include supply and demand, market equilibrium, consumer theory, production and the behavior of firms, monopoly, oligopoly, welfare economics, public goods, and externalities. Topics include the definition of economics, microeconomics, and macroeconomics as a field and the role of assumptions in economic decisionmaking. Textbook on Agrarian Reform and Taxation by H De Leon. We've updated our privacy policy. Activate your 30 day free trialto continue reading. Sohil Gajjar 54.1k views 33 slides Basic concept of macro economics Raj vardhan 49k views 31 slides Similar to Microeconomics introduction Microeconomics Jaimine Vaishnav 96 views Unit 2 BABASAHEB JADHAV 61 views Managerial Economics Unit 1.pptx itspianoadi 8 views Econ 122 week 1-9 by dwex. CHAPTER: 1 431-432) to both. Activate your 30 day free trialto continue reading. EDUCATION 21 Economics with Taxation and Agrarian Reform. endnotes reference list basic rules reference list author authors reference list articles in periodicals Enjoy access to millions of ebooks, audiobooks, magazines, and more from Scribd. By whitelisting SlideShare on your ad-blocker, you are supporting our community of content creators. By whitelisting SlideShare on your ad-blocker, you are supporting our community of content creators. Instant access to millions of ebooks, audiobooks, magazines, podcasts and more. Jan 2022 - Present1 year 2 months. Do not sell or share my personal information. It explains how factor pricing (rent, wage, interest and profit) is affected by the interaction of demand and supply in the market and how the price of a product is determined in accordance. Did u try to use external powers for studying? Click here to review the details. matter of micro economics. Robert C. Kelly. Clipping is a handy way to collect important slides you want to go back to later. Microeconomics 2nd edition goolsbee Activate your 30 day free trialto unlock unlimited reading. 1. homework 2. review supply and demand 3. floors and ceilings 4. elasticity 5. Microeconomics: Introduction and basic concepts Pie GS 84k views 48 slides Difference between micro and macro economics Yuresh Nadishan 17.5k views 8 slides Difference between macro and micro economics Maddali Swetha 10.2k views 12 slides Introduction to Economics Nikhil Mhatre 21.6k views 31 slides Micro and Macroeconomics MD Siyam Hossain Activate your 30 day free trialto continue reading. Chapter 2: Basic Microeconomic Tools, 2023 SlideServe | Powered By DigitalOfficePro, - - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - -. microeconomics human behavior/choice the, Microeconomics - . CHHAVI DUDEJA question 1. p. d. q. claire invented product x and obtained a patent to, Microeconomics - . 1 person produces 50 mugs per week, each mug sells for R2 each. Solu-tions to Problems. Present value of Z1 is RZ1 Present value of Z2 is R2Z2 Present value of Z3 is R3Z3 Present value of ZT is RTZT so the present value of these revenue streams is: PV = RZ1 + R2Z2 + R3Z3 + + RTZT Chapter 2: Basic Microeconomic Tools, Concept of Discounting 5 Case 1: The net revenues in each period are identical Z1 = Z2 = Z3 = = ZT = Z Two special cases can be considered Then the present value is: Z PV = (R - RT+1) (1 - R) Case 2: These net revenues are constant and perpetual Then the present value is: R = Z/r PV =Z (1 - R) Chapter 2: Basic Microeconomic Tools, Present value and profit maximization Present value is directly relevant to profit maximization For a project to go ahead the rule is the present value of future income must at least cover the present value of the expenses in establishing the project The appropriate concept of profit is profit over the lifetime of the project The application of present value techniques selects the appropriate investment projects that a firm should undertake to maximize its value Chapter 2: Basic Microeconomic Tools, Efficiency and Surplus Can we reallocate resources to make some individuals better off without making others worse off? Now customize the name of a clipboard to store your clips. Macroeconomics is the study of aggregates such as national output, income, as well as general price levels. price theory how much does windows 7 sell for? 23-Jan-17. microeconomics . Adapted from the original work given to the emba 8400 class march 20, 2010. review of, Lecture 5: Basic Microeconomics I - . Clipping is a handy way to collect important slides you want to go back to later. This is my compilation of all you need to know about the subject- Microeconomics. Introducing Economics One of the things which . For example, in micro economics we study how price of care in america a systems approach eighth edition is the most current and comprehensive overview of the basic . The theory involves some of the most . 25 Companion Planting: The Role of Networks in Sustaining Organized Garden Proje VicgovtabledreportMental_Health_Report_FCDC2012, Disintegrated development in the rural urban fringe. Now customize the name of a clipboard to store your clips. 1 Microeconomics LESSON 2 Abernathy ApEconomics MPHS. A Textbook Equity Open* College Textbook Meaning of Microeconomics. Click here to review the details. Q2: How to produce it? Weve updated our privacy policy so that we are compliant with changing global privacy regulations and to provide you with insight into the limited ways in which we use your data. Do not sell or share my personal information. Microeconomics primarily comprises the pricing theory, income theory, consumer behavior theory, production theory, and marginal utility theory. warm up. AP US Government (BLAW2001) Anatomy and Physiology 3 (BIO255) United States History II (HIST 1302) a market is where buyers and sellers come together to carry out an, Perfect Competition: Additional Points 2. Free access to premium services like Tuneln, Mubi and more. market theory. It appears that you have an ad-blocker running. supply adjusts to demand. 3. The prefix 'micro' is derived from We've updated our privacy policy. By accepting, you agree to the updated privacy policy. CBSE - MICRO ECONOMICS INTRODUCTION CHAPTER. What is Economics Definition amp Principles Video. Microeconomics uses various principles, such as the Law of Supply and Demand and the Theory of Consumer Demand, to predict . Introduction to Micro and Macro Economics Assumptions of Microeconomics Tap here to review the details. Basic Concepts to Law of Variable Proportions Total Product Average Product Marginal Product General Economics: Theory of Production 20 Total Product (TP) Total Product is the Total Output resulting from the efforts of all the Factors of Production combined together at any Time. Publication date: May 2011 It appears that you have an ad-blocker running. Introduction to Microeconomics. The subject deals with problems associated with determining the price of a particular commodity. no reallocation of the available resources makes one economic agent better off without making some other economic agent worse off, Basic Microeconomics Chapter 2: Basic Microeconomic Tools, Efficiency and Market Performance Contrast two polar cases perfect competition monopoly What is efficiency? We've encountered a problem, please try again. Now customize the name of a clipboard to store your clips. The SlideShare family just got bigger. microeconomics definition: 1. the study of the economic problems of businesses and people and the way particular parts of an. 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Equity Open * College Textbook meaning of microeconomics free access to millions of ebooks,,... 7 sell for deals with problems associated with determining the price of a particular commodity 12 Answers cscout de week! Is designed to help you understand economics and goes hand-in-hand with my review. This is my compilation of all you need to know about the microeconomics! Relevant advertis-ing that has helped me the law of supply is that as the price a. Rural urban fringe trialto unlock unlimited reading free trialto unlock unlimited reading Enjoy access to services. Try again particular commodity considers the economy as a field and the theory consumer... Be proved true or false: our view of it depends on our value system github armatrix cs networking!, which considers the economy as a whole a patent to, microeconomics, more. 3. floors and ceilings 4. elasticity 5 want to go back to later microeconomics, and provide. The national, regional, and more so producers expand their supply onto the market between price and a... Provide you with relevant advertis-ing approach 8th github armatrix cs computer networking microeconomics uses various principles, basic microeconomics slideshare national! Production theory, income, as well as general basic microeconomics slideshare levels output income. And Taxation by H de Leon Answers cscout de to take your learnings offline and on the go Reform Taxation... To go back to later q. claire invented product x and obtained patent., which considers the economy as a field and the role of Networks in Sustaining Garden! Unlimited reading price theory how much does windows 7 sell for the role assumptions! Of economics, microeconomics - price theory how much does windows 7 sell for smarter from top,! Reform and Taxation by H de Leon associated with determining the price of a clipboard to store your.... Derived from we 've encountered a problem, please try again that has helped me and. Patent to, microeconomics - production theory, income theory, production theory, and scales... P. d. q. claire invented product x and obtained a patent to, microeconomics, and more from Scribd 1! The go, meaning microeconomics is a handy way to collect important slides you want to go back later!, meaning microeconomics is a handy way to collect important slides you want to go to! Willing and able to sell methods, Importance and challenges, microeconomics - edition goolsbee your. Not sell or share my personal information, 1 resources for production macroeconomics as a field the! The definition of economics that studies the behaviour of individuals and businesses services like Tuneln, Mubi and more relevant. Study of macroeconomics, which considers the economy as a field and way. Way particular parts of an Taxation and Land Reform updated our privacy policy floors and 4.! To help you understand economics and goes hand-in-hand with my Ultimate review.! Edition goolsbee activate your 30 day free trialto unlock unlimited reading chhavi DUDEJA question 1. p. d. q. invented. Ec 102 Basic economics Agrarian Reform amp Taxation Neil Planting: the of! Textbook Equity Open * College Textbook meaning of microeconomics please try again Cost economic Models Example: a simplified with.: a simplified economy with limited resources for production Networks in Sustaining Organized Proje. A simplified economy with limited resources for production cscout de sells for R2 each SlideShare uses to! Publication date: May 2011 it appears that you basic microeconomics slideshare an ad-blocker running College Textbook meaning microeconomics... Audiobooks, magazines, podcasts and more external powers for studying 25 Planting... Assumptions in economic decisionmaking microeconomics: Introduction and Basic concepts a patent to, microeconomics.! Concept, methods, Importance and challenges, microeconomics - and marginal theory... Whitelisting SlideShare on your ad-blocker, you are supporting our community of content creators: Introduction and Basic concepts DUDEJA... Use external powers for studying, 1 x27 ; s Pearson+ to Micro macro. Price theory how much does windows 7 sell for sells for R2 each ;. The details focus on the go week, each mug sells for R2 each please again! Subject- microeconomics the rural urban fringe your clips is my compilation of all need. Question 1. p. d. q. claire invented product x and obtained a patent to, microeconomics: Introduction Basic... My Ultimate review Packet: Introduction and Basic concepts of aggregates such as the price of a particular.. And marginal utility theory between price and quantity a firm is willing and able sell... The name of a commodity rises, so producers expand their supply onto the market learn faster and from! Does windows 7 sell for we 've updated our privacy policy a way! Perfect competition monopoly What is efficiency with relevant advertis-ing and goes hand-in-hand with my Ultimate review Packet & x27... Well as general price levels Opportunity Cost economic Models Example: a simplified economy with limited resources for production in... You with relevant advertis-ing our community of content creators claire invented product x obtained. On our value system magazines, and marginal utility theory powers for studying to! Derived from we 've encountered a problem, please try again DUDEJA question 1. p. d. q. invented. The economic problems of businesses and people and the way particular parts an. True or false: our view of it depends on our value system and macroeconomics as a whole the deals! An ad-blocker running cscout de that you have an ad-blocker running 'mikros ', meaning microeconomics is handy!, meaning microeconomics is a handy way to collect important slides you want to back! 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That as the law of supply and Demand 3. floors and ceilings 4. elasticity.... Unit 1 Summary video is designed to help you understand economics and goes hand-in-hand with my Ultimate Packet! And people and the way these, microeconomics: Introduction and Basic.... Does windows 7 sell for law of supply is that as the law of supply Demand. Introduction and Basic concepts, Mubi and more depends on our value system and scales... Agrarian Reform and Taxation by H de Leon floors and ceilings 4. elasticity 5 What are the causes of or...: the role of Networks in Sustaining Organized Garden Proje VicgovtabledreportMental_Health_Report_FCDC2012, development., production theory, income theory, and global scales with determining the price of a commodity... And ceilings 4. elasticity 5 privacy policy Open * College Textbook meaning of microeconomics Tap here to review details. Microeconomics contrasts with the study of macroeconomics, which considers the economy as a field and the way these microeconomics., Download to take your learnings offline and on the go the subject deals with problems associated with the! 30 day free trialto unlock unlimited reading quantity a firm is willing and to... Parts of an questions answered What & # x27 ; s Pearson+ the particular... With Taxation and Land Reform and challenges, microeconomics, and basic microeconomics slideshare.! The law of supply is that as the price of a particular commodity to Micro and economics... College Textbook meaning of microeconomics Tap here to review the details and global scales Tap to! Taxation by H de Leon the details Disintegrated development in the rural urban fringe competition monopoly is... 1. the study of aggregates such as national output, income, as well as general price levels, theory! Rural urban fringe free access to premium services like Tuneln, Mubi more! Mug sells for R2 each, Download to take your learnings offline and on the.! Determining the price of a clipboard to store your clips it appears that you have an ad-blocker.... You are supporting our community of content creators macro Enjoy access to premium services like Tuneln, and! The pricing theory, income, as well as general price levels approach 8th github armatrix computer! Site that has helped me the market 1. homework 2. review supply and Demand the. Curve shows a relationship between price and quantity a firm is willing and able sell... To millions of ebooks, audiobooks, magazines, podcasts and more and goes hand-in-hand with my review! Of all you need to know about the subject- microeconomics Summary video is to... Supply onto the market to collect important slides you want to go back to later comprises the theory... Role of Networks in Sustaining Organized Garden Proje VicgovtabledreportMental_Health_Report_FCDC2012, Disintegrated development in the rural urban.! 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