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Course Notes extended essay help biology Public Relations homework help

You are not allowed to take exams and quizzes in my other classes. Course Information: This course teaches an introductory level of microeconomics, which is the first-semester economics course for business majors. Selected topics include demand and supply, consumers’ choice, firms’ choice, economics of public sector, and several types of market structure. Although graphical analysis is emphasized throughout the semester, mathematical derivations will also be employed, if necessary, for better understanding.

Study Outcomes: After completing this course, students will be able to understand the followings: (1) How the market economy works, and we also discuss graphically how much can be produced given the available resources and technology. (2) Why people are better off if we trade with one another and internationally. (3) How buyers and sellers behave in the market, and how prices are determined in the market. (4) Why people respond to price changes sometimes more and sometimes less, and we also discuss how to analyze some cases in real business world.

The causes and effects of some government involvements in markets, and pros and cons of such government policies. (6) The definitions of consumer surplus and producer surplus, and the conditions under which markets are efficient and inefficient. (7) Using the definitions of consumer and producer surpluses, we discuss how to analyze the effects of government taxes on economic well-being. (8) Similarly, we learn how international trade affects economic well-being, and pros and cons of the World Trade Organization. 9) We examine why markets sometimes fail to allocate resources efficiently, how government policies can potentially improve the market’s allocation, and what kinds of policies are likely to work best.

We examine the problems that arise for the allocation of resources when there are goods without market prices. In such cases, government policy can potentially remedy the market failure and raise economic well-being. (11) The relationship between a firm’s production and costs in the short- and long-runs, and how a firm maximizes profits. 12) If there are many buyers and many sellers, we study how such a perfectly competitive small firm makes its output decision in the short- and long-runs. (13) In contrast, if there is only one seller in a particular industry, we discuss how much the monopoly firm produces to maximize profits. (14) We also analyze how firms behave in the short- and long-runs if many firms, such as Korean restaurants in Hong Kong, produce slightly different products. (15) If a small number of firms produce either identical or slightly different products and compete with each other, then how do they react to each other?

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