Microeconomics Principles of Microeconomics

Microeconomics Principles of Microeconomics In this one-page essay, you can choose whatever economic concepts, principles or theories you learned from this course to write an economics-topic related essay.

Microeconomics Principles of Microeconomics
Microeconomics Principles of Microeconomics

It can be a news analysis, a case study of a particular market or industry (for example, demand and supply analysis, production cost analysis, market structure analysis and etc.), or any economics knowledge learned in the course that may influence your decisions in your daily life. The topic is up to you as long as it is economics-related.

The essay should be single-spaced with font size 12 in Times New Roman.

Below are some excerpts from our syllabus, to help choose a topic.

Students who have successfully completed Principles of Microeconomics are expected to:

  • Understand the nature of the “economic problem”.

o Explain the economic way of thinking by applying the following: scarcity, specialization, opportunity costs, marginal analysis, and production possibility.

  • Understand and be able to apply the demand and supply model to analyze a variety of situations that involve both individual and collective decision-making.

o Apply the supply and demand model and elasticity for economic analysis.

o Analyze the relationship between production and cost as it pertains to a total, average, and marginal costs.

Principles of Microeconomics, page 3

  • Understand price/output determination models associated with competitive and imperfectly competitive markets.

o Compare and contrast the operation of different market structures.

  • Evaluate how the performance of firms and the resulting impact on society is affected by the market structure in which they operate.

o Critique the causes and effects of market failures.

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