Micro Economics

Not necessarily. If a company has "market power", this would mean that they have more market share than other companies in the industry. If this company tried to significantly increase prices, they can very quickly lose their market power to competitors (assuming that the competitors leave their prices relatively the same) coming in and taking away customers with lower prices.

Another rule of thumb is that the more profitable your business is, the more competitive it will become. Others will see that there is money to be made and will join in the market to steal customers away from you.

Just because you are a market leader doesn't mean you can jack up your prices and still continue to be a market leader.

The important of each

no

microeconomic

Inflation has a lot of impact on monetary unit assumption. Inflation greatly reduces the value of a monetary unit and acts as a hidden tax on consumers.

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http://mediaczar.com/blog/2008/06/influence-mapping-the-maverick-cop-way-part-2/


http://en.wikipedia.org/wiki/Buying_center


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T

takes a broader view of the economy

No, they have competitors and a monopoly doesn't . Yes, they try to control how other companies use the same type technology.

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Transfer Earnings is the amount that the factor could earn in it's best paid alternative employment. Economic rentis the difference between what the factor is earning and what the factor could earn in it's alternative employment.

derive cost function from production function mathematically, usually done by utilizing mathematical optimization methods.

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Microeconomics looks at the individual components of the economy, such as costs of production, maximizing profits, and the different market structures

Money, office space, proper business licensing, naming the business and filing that with the Corporate commission of your state.

One can obtain basic instruction on microeconomics from any number of books available at a library. Students in the United States are normally given basic education on microeconomics in High School, though in Europe the subject may be taught at the Middle School level. Those wishing to pursue a complete understanding of microeconomics may find a college or university course the best place for instruction.

There are basically four kinds of economic systems:

1) Market economy-

An economic system in which individuals own and operate different factions of production.

Examples: Free Enterprise & Capitalism

2) Command economy -

An economic system in which government owns and operates all factions of production.

Examples: Socialism & Communism

3) Traditional Economy -

An economic system based on culture and tradition. Economy is based on agriculture and hunting.

Examples: Non-Industrialized agrarian societies.

4) Mixed Economy -

An economic system where both command and market systems are featured.

Examples: United States is not a pure capitalist country for there are forms of socialism instilled in it to benefit individuals in need of services and has minimum wages, however, free enterprise reigns in the U.S. China also has both forms of economy, however, the Chinese government controls the prices and production.

pakistan telecommunication company limited is a monopoly firm in pakistan. a monopoly firm is the one which has no competitors.

Micro means small and macro means large. Accordingly microeconomics is the study of small parts of the economy whereas macroeconomics is the study of aggregated parts or whole of economy.

Microeconomics is that branch of economics analysis which studies the economics actions and behavior of individual units such as individual customer individual firms etc ; on the other hand macroeconomics deals with the economics actions and behavior of not a single particular unit - but the whole concept combined together.

The laws of supply and demand

micro economics is also called?

I got a lousy score in my test today. As expected, I should be depressed, moarn over my failure, cursed at my lousy intelligence or maybe, get outside and start drinking. However, getting a lousy score is sunk cost, which shouldn't get into interference with my emotion anymore. It shouldn't instill extra cost on my emotion, instead, I'll should resume to daily routine of hardwork, and try-again-next-time. .. does it help? it's something I used to make myself feel better when i failed in my econ test and paper again and again... sigh...

The general law of diminishing returns partially accounts for the upward slope of supply curves for individual firms and for market supply curves. Additional production eventually becomes ever more costly as output levels grow. Thus, firms may require higher prices to justify expanding their outputs. Moreover, higher prices embody greater incentives for firms to produce more output because profit opportunities are enhanced. A similar logic applies for the economy as a whole.