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Economics is a branch of social science that deals with an analysis of the production, distribution, and consumption of goods and services. It has two important divisions- macroeconomics and microeconomics.
Microeconomics studies the economy at the level of individual economic entity, such as individual consumer, firm, and worker. Microeconomics teaches the Law of Supply and Law of Demand in details. Supply and demand are the two important attributes of microeconomics. While learning microeconomics, students are often given assignments and 24x7assignmenthelp.com as proved as a true friend as it offers high quality demand in microeconomics assignment help.
Issues Covered under Microeconomics
Microeconomics discusses issues, such as managing a firm during a recession, when to increase or decrease prices, whether to change the brand, the impact of a rise in gas price on demand, the impact of government regulations on firms and employees etc.
Relation between Microeconomics and, Supply and Demand
Demand for products and services and buyer’s preference on allocating his/her income for different purposes are the important concepts of microeconomics. Determining the prices of goods and services come under microeconomics. Prices of goods and services are determined based on demand and supply of items.
Being a student a microeconomics, you must have knowledge about the Law of Supply and the Law of Demand. The relationship between supply and demand underscores the factors to be considered while allocating resources. According to market economy theories, supply and demand theory will allocate resources in the most effective way possible.
What Is The Law of Demand?
According to the law of demand, holding all the other factors constant, the more the price of a product, the fewer people will be demanding the good. It can also be said that the higher the price, the lower the quantity demanded.
A number of items which consumers buy at a higher price are less when the price increases the opportunity cost of buying the items also increases. Thus, people will obviously avoid purchasing a product which will prevent them from buying something else they value more.
What Is The Law of Supply?
Similar to the Law of Demand, the Law of Supply represents the quantities which will be sold at a certain cost. However, in contrast to the Law of Supply, the supply relationship demonstrates an upward slope. It means, the more the price, the more the quantity supplied. Manufacturers supply more products when prices are high, as more quantity at higher price increases revenue.
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