HE4001 Advanced Microeconomics Assignment Sample NTU, Singapore
Advanced Microeconomics is one of the most important courses you can take. This course covers fundamentals in microeconomics, which are used to analyze what causes prices and how they change over time as well as different types of equilibrium points that occur when supply equals demand for certain goods
The HE4001 Advanced Microeconomic Studies assignment includes an introduction on principles related to markets with analysis about factors influencing price levels at any given moment
The course examines the microeconomics and welfare foundation of public economic policy. After an introduction to basic concepts such as Pareto optimality, social choice, externality, and second-best we will discuss appropriate ultimate objectives in government policies; attainment or impediments thereto? Ways to solve what qualifies as “paradoxical” problem sets for each subject area (social equity)? Tradeoffs between efficiency versus equality when it comes time deciding on how much spending should occur at any given moment-current levels among other things.
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Learning Outcomes In HE4001 Advanced Microeconomics assignment sample NTU
The following questions are not learning outcomes, but rather just Sample questions that might be asked in the HE4001 Advanced Microeconomics assignment. If you ever looking for Economics assignment helpers then do contact us for help with your studies in Singapore.
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Assignment Task 1: Describe the microeconomics and welfare foundation of public economic policy.
Microeconomics is the study of consumer and producer interactions in a market. Microeconomic theory can be used to explain who will offer products for sale, the quantity and quality of those products, and how consumers will respond by buying those products. The basis of microeconomics lies in supply and demand curves, which aim to illustrate the effects that both external influences such as price or income as well as intrinsic factors such as quality or branding have on consumer choice. Microeconomic policies relating to public economic policy are introduced at this level too; it is here we analyze why people would want certain goods (water) but not others (razor blades). Thus, for example, if water becomes more expensive because there are fewer suppliers available or because the scarcity of water increases, microeconomics can help us understand what kind of pricing strategies are likely to be employed by suppliers.
In order to have a healthy economy, a strong welfare foundation is needed. Basic needs related to housing, nutrition security, jobs, and training opportunities. People with these basic needs met are more likely to be productive members of society and less responsive to depression or high-risk behavior that can negatively impact the economic fabric. Policies that provide for accurate identification and enrollment in public health care programs connect those who need them seamlessly any time they enter the health care system as patients as well as providers, making it easier for people receiving social services to find their way from one program to another. And policies that help people avoid job loss will ensure they keep their families together – multiplying gains across all aspects of public health and safety.
Assignment Task 2: Analyse the social welfare and/or efficiency implications of different policy options for a given microeconomic issue of public policy relevance.
Questions about social welfare and efficiency implications of different policy options can be a very effective way to start an in-depth exploration. What do we mean when we talk about “efficiency?” Efficiency is a measure of how well resources are being used, or put another way, whether they are being allocated in such a manner that they produce the desired outcome. In other words, if you have two public policies which would both yield the same outcome but only one does so more efficiently it would be better from an efficiency perspective. Sometimes when diving into these questions it becomes necessary to describe the particular budget discussion that has been framed within a given context so it’s important for your answer to clarify this information explicitly up front if you want your reader to understand the context of your response.
Budget discussions are always framed in terms of some budget constraint or another so it’s important to clarify the nature of this particular “budget constraint” when responding since one might be very different from the next. The simplest budget constraint is assuming that the government has a fixed amount of money to spend on some particular policy area.
When framing the question in these terms, two policy options will yield the same outcome but one would be more efficient than the other if it does so with a lower cost. In this scenario, a given fact pattern might indicate that a policy option exists that is both more efficient and produces the same outcome as another policy option.
Assignment Task 3: Recognise the possible costs and benefits of alternative policy options.
Consider the benefits of implementing a new policy by examining economic data. The most obvious benefit is decreased unemployment. A company typically hires out when labour force is higher than labour demand. When the unemployment rate decreases, availability of labour can push up wage rates which will in turn increase consumption, triggering greater spending flow and an upward effect on GDP growth with no cost to inflation. By contrast with this hypothetical situation, if there are insufficient jobs availabe then companies are unable to hire out anymore leading to lower employment levels overall and less consumer spending activity (i.e) decreasing GDP levels over time with consequently negative implications for global market stability (i.e.) less money flowing around the world).
There may also be externalities that arise with the introduction of new policies. For example, consider that if a policy of ‘no smoking’ is implemented in public places there are positive implications for everyone else that don’t smoke, including children who will never be exposed to second hand smoke. This would reduce new cases of passive smoking (and health care costs associated with it), reducing consumption expenditure by the government over time. This has positive implications for inflation which means that no cost to GDP growth can be associated with the implementation of this policy.
Assignment Task 4: Evaluate alternative policy options in terms of their likely contributions to efficiency and social welfare.
Efficiency and social welfare are the benefits of alternative policy options.
What is efficiency? Efficiency is maximizing welfare on human, animal, or environmental terms for a given quantity of resources. The goal of efficiency, then, is to maximize total productivity with minimum investment or cost (or “waste”). What does this mean? It means this measure of progress looks at both peoples’ financial return as well as their happiness. To put it simply: does our society spend more than it earns in order to be more productive? If yes, efficiency will lower resource consumption until we reach sustainability. This requires sacrifice but there’s hope – sustainable practices create living wages that pay off in the long run. Social welfare deals with well being on an individual level instead of the total productivity of society. It is different in that it doesn’t take into account the quantity, only the quality. Social welfare looks at people’s happiness to make decisions. What does this mean? It means social welfare will sacrifice some people by lowering productivity in order to benefit others by increasing their happiness.
Assignment Task 5: Participate in microeconomic policy discussion both on conceptual issues and in practical issues in the real economy.
Perverse incentives in microeconomic policy at the practical level usually arise from their nature as side-effects of other good intentions. The perversions, and how to deal with them, can be seen as a problem that comes up within certain assumptions about how markets work and the nature of participants in them. Perverse incentives may also come from lack of appropriate feedback effects on policymakers themselves; this makes it seem like we’re doing something wise when we’re only fooling ourselves.
Microeconomic policy is an economic consideration that analyzes how individuals and groups respond to changes in relative prices.
It’s important to know the meaning of words like “elasticity”; elasticity can be thought of as a measure of sensitivity or responsiveness. An example might help clarify this concept – if a manufacturer increases the price for their product by 1%, they would estimate the drop-off in sales as a percentage, and calculate elasticity to find out whether it will have a large, medium, small effect on them.
Antitrust law aims at protecting competition from anticompetitive practices such as monopolies or “predatory pricing” by dominant firms that reduce competitors’ profitability until they are driven from the market.
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