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About our Do my Microeconomics Homework Help Service: Topics Covered

Our do my microeconomics homework help offer help with microeconomics homework in all microeconomics topics including:

• Diminishing marginal utility and demand.
• Elasticity.
• Market structures.

Diminishing Marginal Utility and Demand Assignment Help

Diminishing marginal utility is a concept in classical economics that was originally used to explain why people consume less as the price of products goes down; this happens because high prices cause us to think long and hard about buying, which has an unpleasant effect. As soon as we buy something it is put into use by somebody else.

If you have just bought something, there will be another buyer waiting for you if the item suits them better than yours or not at all.

The diminishing marginal utility has subtopics including;

1. Demand and supply- supply and demand curves.

2. Market equilibrium.

3. The law of demand.

4 . Price elasticity.

5. Cost curve, transport cost, and elasticity ratios.

Elasticity Assignment Help

Price elasticity, income elasticity, and elasticity of demand and supply are all subtopics behind price elasticity.

Elasticity measures how sensitive a particular demand or supply curve is to changes in income. It is defined as the percentage change in quantity demanded or supplied when the income (d) rises by 1%.

Price Elasticity

A price elasticity greater than 0 implies that if we increase incomes by one then consumption will rise overall, and vice versa.

The Elasticity of Demand and Supply

Many markets exhibit significant elasticities of demand (ECDs), which is pronounced in low-income households for regular household goods relative to luxury items, such as cars or diamonds. A person’s willingness–and therefore ability –to buy an item depends not only upon its desirability but also upon the opportunities for its purchase.

Income Utility

The absolute value of this ratio is equal to the percentage change in quantity demanded divided by the percentage increase in income. For example, if for every 10% increase in the level of disposable income (D), known good sells at an 80% raise, then we have E = 1 0.8.

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Market Structures Assignment Help

Market structures are divided into

1. Perfect competition.

2. Monopolistic competition.

3. Oligopoly.

4. Monopoly.

Perfect Competition

Perfect competition is a market structure where market production cost, i.e., total variable costs, equals the average of market demand for output (quantity demanded or quantity supplied).

Monopolistic Competition

A monopolistic competition occurs where two or more firms each produce identical or different output, and the joint product has a higher average cost than each firm’s marginal costs.

Oligopoly

In an oligopoly type of product market, competitor analysis and thus, the number of firms producing them remains limited and this limits the profit from anyone firm to which it may be in level.

To maximize profits, each firm acts as a price taker and, therefore, will attempt to charge all market participants the same price.

Monopoly

Monopoly is a single seller market. Monopoly discrimination concepts are essential for the understanding of monopolistic competition.

The concept of monopoly was explained by Adam Smith in his Theory of Moral Sentiments (1759). Distinctive features are that firm profits form a residual, income is transferred to the consumers as price and transaction costs appear higher than normal in countries with large market shares.

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