Economics assignment help is provided to you by our online Economics tutors on all the subjects like Macroeconomics, Microeconomics, theory of demand and supply and many more.
Most of the people assume that Economics is all about money. But the word Economics cannot be confined to the monetary transactions. It is more about making the best choice out of all the alternatives that you have. Hence, study of Economics provides knowledge on use of resources in the best possible way. Below are some of the definition that provides idea about this subject.
“The Science which studies human behavior as a relationship between ends and scare means which have alternatives uses” by Lionel Robbins.
“An enquiry into the nature and causes of the wealth of the nations” by Adam Smith.
Hence, there are many such definitions on Economics that are explained differently. The summarized view on Economics provided by our online Economics expert tells that it is the optimal use of resources to fulfill consumers demand.
If you are looking for Economics assignment help, you are at right place. We provide you Economics assignment help on all the assigned topics of this subject. Our team of magnificent Economic tutors will provide solutions to your doubts. Whether you are confused on the theory of demand and supply or your concept on consumer behavior is still blurred, our online tutors will explain it to you in simple terms. Sometimes going through each and every-line of Economic text-book can be tedious and probably you might not be willing to read each line. So, our online tutors will summarize the topic for you outlining all the important points. They have completed years of educational journey and have acquired a professional degree in this field. They are efficient to solve queries and provide you Economic assignment help on time.
Before going for the depth study of this subject, it is important to understand the 4 basic concepts that are applied in every topic of Economics. Hence, our online tutors have briefly described these 4 key concepts.
Scarcity is the fundamental concept in Economics. It refers to availability of limited resources to satisfy our unlimited needs. Explicitly, resources like manpower, technology, money and raw materials are limited but our needs and demands are unlimited. So, studying Economics helps to make an appropriate decision regarding how to use these resources in order to meet the demand of consumers. The knowledge of this subject helps us discover the reasons for such decision. It also provides idea on making proper decision by researching the need of present market. Take an example of Strawberries production. Lots of strawberries are produced for 6-8 months in a year. Some prefer strawberry jam, some prefer preserved juices of strawberry whereas there are many who prefer raw strawberry. But among several only one product can be produced in extensive manner because of limited availability of strawberry. So, how to decide that which product should be produced more than the other? Hence, the knowledge can be gained by the study of Economics. Our online Economics tutors provide Economics assignment help elaborating the concept of scarcity with some fresh examples.
Supply and demand
Supply and demand is a main pillar of market economy. Demand refers to the quantity of a product that people want to buy at a particular price whereas supply refers to availability of product that suppliers are ready to sell at certain price. Hence, the theory of supply and demand explains that how the price for a particular good is fixed. Take an example: If the demand of strawberries increases then suppliers must produce more of it to meet the demand. But with increase in demand, prices will rise proportionally. On the other hand, if the price rises, the demand tends to lower down and hence suppliers must lower the price to sell strawberries. There are certain products that have no alternative and hence even-after a hike in price, consumers still purchase the product. This is just an overview of this concept. To get a simple yet proper explanation to it, contact our online Economics expert. We also provide Economics assignment help on all the topics segmented under this theory of economics. Our online service in Economics will provide you answer on consumer behavior towards market economy. Our online Economic expert also provides Economics project help for any market product. They will research about the product and provide you the details clarifying the economical concept on its demand and supply in the present market.
Cost and benefit analysis
Cost and benefit analysis involves reaching at an optimal solution by comparing the costs and benefits of various alternatives in order to maximize profitability. Our Economic professionals have further described cost and benefit analysis with an example. Suppose that a company (XYZ) sends one of its member every day to get the printout done. After a period of time, they find this task tedious and hence, XYZ plans to purchase a printer. Now, the members in XYZ will perform cost and benefit analysis. Here, they will calculate the cost for sending its member for the printout and that of buying a printer. At this point they will also consider hidden cost in both these situations. Hence, if the cost of purchasing a printer is equal to a cost of sending one of its member for printout (also called equilibrium) or if the cost of sending the member is higher than purchasing a printer, it will prefer buying a printer over sending its member for printout. Hence, Cost and benefit analysis considers qualitative as well as quantitative aspect for examination of monetary value for a project or any investment. If you need Economics homework with some good examples in cost and benefit analysis, you can contact our online Economic tutors and get your work done on time.
Incentives is the source of motivation to follow your preference in Economical sector. Incentives can be of two types: Extrinsic incentives and intrinsic incentives. Extrinsic incentives originates from outside the person and motivates him to accomplish the task. Like if a company wants to increase the production of certain good (e.g. Strawberry jam) from 500 bottles to 1000 bottles per day, it will announce bonus for the worker if they produce 1000 bottles every day. So, at this point bonus becomes the source of motivation for the workers. This is extrinsic incentives. It basically involves price or money in the form of discount, bonus, sale, reward, etc. Intrinsic incentives is the internal feeling of satisfaction for the work. Take an example: if your work bring positive change in the field you are employed, you will feel good and satisfied. This is intrinsic incentives that motivates you to work harder.
If you are looking for Economics assignment help on any of these areas, join our online assignment help site. Our experts will do your Economic assignment that will include all the information that you ask for in your assignment.
Economics can be classified into two broad areas of study i.e. Microeconomics and Macroeconomics.
It is a major area in Economics that deals with the behavior of single unit (an individual or a business firm). Explaining it further, this area helps us examine market behavior of a firm or an individual consumer in order to learn the decision making process. Hence, study of Microeconomics broadens our knowledge on the process of interaction with individual buyers and sellers to learn about the elements that stimulate their choices. The concept of microeconomics is mostly concerned with smaller picture related to individual behavior. So, in this area of Economics, we study about product pricing, factor pricing, study of firms and many more. If you are looking for Economics assignment help in this area, you can contact us. We will provide you details of desired topic in simplest form. You can even buy assignment from our online portal on given topic of your Economics assignment.
Macroeconomics on the other hand, focuses on the bigger picture to determine the decision making process. It includes national economy, regional economy or global economy. Hence, this area draws our attention towards collective supply of goods and services to determine price, inflation, GDP, unemployment etc. We study about general price level, investment and savings, Economic growth and many more. Our Economic writers have highlighted the differences between these two areas of Economics.
Difference between Microeconomics and Macroeconomics
|1. The study of Microeconomics is concerned with the behavior of individual unit.||1. The study of Macroeconomics is concerned with the behavior of economy as a whole.|
|2. Termed as ‘Price theory’||2. Termed as ‘Income Theory’.|
|3. Deals with the issues that disturb an individual or company. Like Opportunity cost, demand and supply etc.||3. Deals with the issues that disturb the entire country like unemployment, inflation, price etc.|
|4. Unrealistic assumptions are made.||4. ‘Fallacy of Composition’ is involved which doesn’t turn out to be true because not necessarily, the things that are true for aggregate is also true for individual.|
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It is obvious that when you are pursuing economics in your undergraduate level or continuing with the subject on postgraduate level, you are given assignments on different topics. Before working on your assignment, it is important for you to understand the basic concept of incentives, opportunity cost, marginal considerations etc. These concepts are required to solve economical problem of real world as well. But if you haven’t yet understood these topics well, our online tutors will help you to get a clear picture on any topic you need.
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Important assignment topics in Economics
Week: 16th - 20st October
a. Briefly describe the main types of natural resources. Give examples. (20 marks)
b. Discuss how the 'economic problem' is essentially one of scarcity, choice and opportunity costs. (80 marks)
Week: 23rd - 27th October
What are the factors that determine the demand for smart phones?
Week: 30th October - 3rd November
a. Discuss four factors that influence the supply of oil. (50 marks)
b. Using a suitable diagram, explain how the price mechanism works. (50 marks)
Week: 6th - 10th November
a. How are the equilibrium price and quantity affected by changes in the demand and changes in the supply of a product? (40 marka)
b. Using a separate diagrams, explain the process by which the market for electric fans reaches a new equilibrium after:
(i) a fall in the price of air conditioners (30 marks)
(ii) the imposition of a tax on electric fans (30 marks)
Week: 13th - 17th November
a. Define Price, Income and Cross elasticities of demand. (30 marks)
b. Explain their significance. (30 marks)
c. How important are these elasticises for business activities? (40 marks)
Week: 20th - 24th November
a. How is an indirect tax shared between consumers and producers? Illustrate with diagrams. (40 marks)
b. When is minimum price legislation likely to be introduced? Using a suitable diagram show the economic consequences of setting a price floor. (30 marks)
c. Show the ineffectiveness of maximum price legislation when the market price is below the legal price. (30 marks)
Week: 27th November - 1st December
What are the likely economic consequences of setting a maximum rent on residential accommodation?
Week: 11th - 15th December
a. Distinguish between Marginal Utility (MU) and Total Utility (TU)? (20 marks)
b. Using the Law of Equi-Marginal Returns explain why a demand curve slopes downwards? (50 marks)
c. Why are diamonds more expensive than water when water is so essential to life? (30 marks)
Week: 15th - 19th January
a. Distinguish between the production function in the short run, long run and very long run. (15 marks).
b. Using a suitable diagram, explain the law ofVariable Proportions (15 marks) .
c. Why are short run cost curves U-shaped? (15 marks).
d. Explain with examples, economies and diseconomies of scale (25 marks).
e. Using a suitable diagram, show that the long run cost curve may be U-shaped or L-shaped. (30 marks).
Week: 22nd - 26th January
a. How and why do small firms survive in a highly competitive market. (50 marks)
b. What is profit? Show how it is maximised. (50 marks).
Week: 29th - 2nd February
a. What is perfect competition? (20 marks)
b. Use a suitable diagram to explain short run equilibrium for a perfectly competitive firm. (40 marks)
c. When does a perfectly competitive firm shut down in: (i) the short run and in (ii) the long run? (40 marks)
Week: 5th - 9th February
a. Distinguish between short run and long run equilibrium in perfect competition. (30 marks)
b. Why must the short run supply curve be upward sloping, while the long run supply curve could be downward sloping? (30 marks)
c. Using productive and allocative efficiency,explain why a perfectly competitive market is efficient? (40 marks)
Week: 12th - 16th February
a. What is monopoly? (25 marks)
b. Distinguish between short run and long run equilibrium in monopoly. (35 marks)
c. What are the likely sources of monopoly power? Illustrate with examples. (40 marks)
Week: 19th - 23rd February
a. Under what conditions can a monopolist price discriminate? (30 marks)
b. How can a monopolist price discriminate? (40 marks)
c. Does it pay the monopolist to price discriminate? (30 marks)
Week: 26th - 2nd March
a. Distinguish between Monopoly and Monopolistic Competition. (40 marks)
b. Using suitable diagrams, explain short run and long run equilibrium of a monopolistically competitive firm.
Week: 2nd - 9th March
a. What is an oligopoly? (20 marks)
b. How do oligopolies behave in the short run and in the long run? (40 marks)
c. Describe some of the most important non-price forms of competition in oligopoly? (40 marks)
Week: 12th - 16th March
Why are monopolies often considered as operating against the public interest?
Week: 19th - 23rd March
How do firms price their products if their objective is not profit maximisation?