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The subject of economics can be divided into two major streams that are macroeconomics and microeconomics. Based on application, it can further be divided into applied economics and managerial economics. It can be difficult for students to understand which concept is covered in which stream of economic. For example, the concepts and application of demand and supply are covered in microeconomics and the concept of national income and banking-related info is covered in macroeconomics.
It gets sometimes confusing for students to identify which economic theory is to be used for a particular problem. This is where Masters Assignment Help comes in for your rescue. We are a professional paper writing service that provides students with economics-related sample solutions and original assignment writing help. We have a pool of economics experts that could be hired by you for writing your essays, reports, case studies, and a research paper based on economics subject.
Key Concepts in Economics Assignments
The major economics-based concepts that students face difficulty with include law of demand, the law of supply, equilibrium, the law of diminishing marginal utility, mean, median, mode (help with measures of central tendency), calculation of national income, types of market i.e. perfect competition, monopoly, etc.
If I need help in writing my essay that is related to the demand, supply, and equilibrium, I will consult with an expert at Masters Assignment Help who will do my assignment in the most efficient and effective way possible. In the following section, one of our professional essay writers has demonstrated how demand and supply works and how equilibrium is determined.
The above graph is a demonstration of the application of the demand and supply concept. If I want someone to do my economics assignment in Australia, I would expect the expert to properly apply these simple concepts of economics. In the first graph (from left), the demand curve has been presented. The law of demand states that as the price of any commodity increases, the demand for that product decreases.
This is why it is said that there exists an inverse relationship between price and quantity demanded. Similarly, the law of supply states that, when the price of any commodity is high, the quantity supplied is also high. The point where the demand and supply curve intersects with each other is known as the equilibrium point.
It should be noted here that the price of any product is determined by the amount of quantity demanded by the consumers in any free market and the amount of quantity supplied by the manufacturer or suppliers. This can be understood via simple example if the price that is charged my Masters Assignment Help is AUD 100 for 1 essay paper which is 1000 words and the current no. of students who need help with the same type of assignment is 100. But when the price is reduced by Masters Assignment Help to AUD 80 for the same assignment, the demand for this product will increase as it is comparatively cheap.
Our essay typer will go through each and every point mentioned in the assignment detail file, task requirement section, learning outcomes, and your marking rubric, and then only will proceed with the assignment. Getting assignment help in Australia is not easy as there are several others that are claiming to be the best but one could easily differentiate between a good and bad essay writing service provider. Few points that you need to look for include, how the draft looks like?
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Another popular concept of economics that students get stuck with when it comes to its application in essays, reports, and other assignments is the concept of market structure. There are different types of market structures depending upon the no. of sellers and buyers in the market.
Market Structure: Types and Characteristics
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Market structure refers to the way in which a market is organized in terms of the number of firms, the nature of the products being sold, and the degree of competition that exists between them. Understanding the market structure is important for businesses to make strategic decisions about pricing, production, and marketing, and for policymakers to regulate and promote competition.
There are several different types of market structures, each with its own unique features and implications for the behavior of firms and the outcomes for consumers. These include:
- Perfect competition: In a perfectly competitive market, there are many small firms producing homogenous products, such as wheat or corn. There are no barriers to entry, and each firm is a price taker, meaning they must accept the market price for their product. Firms in a perfectly competitive market have no market power, and they earn only normal profits in the long run.
- Monopolistic competition: In a monopolistically competitive market, there are many firms producing similar but differentiated products, such as restaurants or clothing stores. Firms in this market have some market power, as they can charge slightly higher prices for their unique products. However, there are still low barriers to entry, and firms must compete on price, quality, and marketing to attract customers.
- Oligopoly: An oligopoly is a market structure in which a small number of large firms dominate the market, such as in the automobile or airline industry. Firms in an oligopoly have significant market power, and they may engage in strategic behavior such as price collusion or advertising wars. Barriers to entry are high, which makes it difficult for new firms to enter the market.
- Monopoly: A monopoly is a market structure in which a single firm controls the entire market, such as with utilities or patents. Firms in a monopoly have complete market power, which allows them to charge high prices and earn significant profits. Barriers to entry are extremely high, making it nearly impossible for new firms to enter the market.
Understanding the market structure is essential for businesses to make informed decisions about their pricing, production, and marketing strategies. Policymakers can also use this knowledge to promote competition and protect consumers from market power abuses. By analyzing the market structure, businesses and policymakers can better understand the behavior of firms and the outcomes for consumers in different markets.
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