MICROECONOMIC MODELS

MICROECONOMIC MODELS

Instructions

MICROECONOMIC MODELS

Microeconomic models, essentially serve as simplified approximations of real-world economic interactions, aid academics to understanding and looking at customer behavior, marketplace activity, and resource allocation. These models condense intricate financial interactions and aid in gaining an understanding of cause-and-effect connections.

Economic agents including consumers, companies, and governments are at the center of microeconomics models. Consumers decide what products and services to purchase depending on their tastes and financial limitations. Costs, customer demand, and maximizing profit are all taken into account when determining a firm’s production levels. Governments use policies like fees, subsidies, and constraints to affect economic activity.

Microeconomic models are built around the principles of supply and demand. The supply-demand model demonstrates how prices and output levels of items are decided in marketplaces with strong competition. When supply and demand are in balance, the market-clearing price is reached.

Another pillar of economics is the notion of utility, which emphasizes how customers optimize their happiness by allocating scarce resources to a range of products and services. According to the above hypothesis, people choose actions that will maximize their utility.

Market structures, such as oligopoly, monopoly, perfect competition, and monopolistic competition are all addressed in microeconomic models. The act of pricing, quantity manufacturing, and dominance in the marketplace can be affected by these frameworks.

To examine how decision-makers interact strategically, game theory is applied. When people take other people’s actions consideration when making decisions, it helps forecast consequences.

Additionally discussed are public goods and externalities. When one economic agent’s activities have an impact on another who is not a party to the transaction, this is known as an externality. Since public commodities are neither excludable nor rivalrous, private markets sometimes fall short of meeting demand for them.

To sum up, microeconomics models offer a useful framework for examining consumer behavior, market structure, and policy effects. They provide knowledge on how economic agents decide, how markets work, and how governmental interventions can affect outcomes. However, because these models oversimplify reality and include assumption that might not always be true, they call for cautious examination and adaptation to the intricacies of the real world.

MICROECONOMIC MODELS

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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