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HMEMS80 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 (755747) - DUE 30 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. Ensure your success with us....
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Managerial EconomiesMBA 1st Semester
,Micro-Economies
The term ‘micro’ means small. The study of an individual consumer or a firm is called microeconomics (als
called the Theory of Firm). Micro means ‘one millionth’. Microeconomics deals with behavior and problem
single individual and of micro organization. Managerial economics has its roots in microeconomics and it d
with the micro or individual enterprises. It is concerned with the application of micro organization. Manag
economics has its roots in microeconomics and it deals with the micro or individual enterprises. It is conce
with the application of the concepts such as price theory, Law of Demand and theories of market structure
so on.
Demand:
Demand simply means a consumer’s desire to buy goods and services without any hesitation and pay the
for it. In simple words, demand is the number of goods that the customers are ready and willing to buy at
several prices during a given time frame. Preferences and choices are the basics of demand, and can be
described in terms of the cost, benefits, profit, and other variables.
The amount of goods that the customers pick, modestly relies on the cost of the commodity, the cost of o
commodities, the customer’s earnings, and his or her tastes and proclivity. The amount of a commodity th
customer is ready to purchase, is able to manage and afford at provided prices of goods, and customer’s t
and preferences are known as demand for the commodity.
,Concept of Demand Curve
The demand curve is a graphical representation of the relationship betwe
the price of a good or service and the quantity demanded for a given peri
of time. In a typical representation, the price appears on the left vertical a
while the quantity demanded is on the horizontal axis.
A demand curve doesn't look the same for every product or service. Whe
the price rises, demand generally falls for almost any good, but the drop i
much greater for some goods than for others. This is a reflection of the pr
elasticity of demand, a measurement of the change in consumption of a
product in relation to a change in its price. The elasticity of demand for
products varies between and within product categories, depending on the
product’s substitutability.
For example, if the price of corn rises, consumers will have an incentive to
buy less corn and substitute other foods for it, so the total quantity of cor
that consumers demand will fall.
, Types Of Demand Curve
There are two types of demand curves: an individual demand curve and a market demand curve.
Individual Demand Curve
An individual demand curve is one that examines the price-quantity relationship for an individual consum
how much of a product an individual will buy given a particular price.
Market Demand Curve:
The demand curve plots out the demand for an individual consumer, hence the name individual dem
curve. But they don't take entire markets into account. That's where the market demand curve come
A market demand curve is the summation of the individual demand curves in a given market. It show
the quantity of a good demanded by all individuals at varying price points. Keep in mind that this gra
doesn't outline what consumers want. Rather, it depicts the goods and services they'll buy if they ha
the purchasing power to do so.
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