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Any topics is fine, as long as connected to microeconomic theories - Term Paper Example

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Microeconomics is the evaluation of small economic components of the economy, including industries, people, households, and firms at an aggregate level (Marshall, 1998). Microeconomics examines supply, production, demand, profit maximization, cost minimization, market…
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Any topics is fine, as long as connected to microeconomic theories
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Download file to see previous pages Therefore, drawing on a variety of sources the paper will discuss how a decrease in price caused by an increase in the number of supplier shifts the supply curve to the right based on an article on oil prices reduction.
Supply is the amount of goods manufacturers or suppliers are willing to sell at a certain price (Colander, 2008). The law of supply says that the higher the price of a product, the more the quantity suppliers or firms will be willing to produce and sell (Hall & Lieberman, 2012). Supply is usually plotted as a supply curve demonstrating the link between price and the amount of products producers are ready to bring to the market and sell. As a result, it slopes from left to right.
There are various factors that affect supply, First is the technology used to produce the good. If a firm uses advanced technologies to produce the product, more products will be manufactured increasing supply. Secondly is the price of the product. There is a proportional relationship between price and supply. If the price of a commodity increases, it will result in a proportionate increase in the quantities supplied. Third is the number of firms. When the number of manufacturers increases, there are more suppliers in the market leading to a drop in the price of the commodities supplied. Next is the price of alternative goods (Varian, 2009). When the price of an alternative good rises, the manufacturers find it profitable increasing production. Fifth are the future expectations of the producers. When the producers are looking forward to an increase in price in the future, they can increase their production so as to earn more profits in the future (Perloff, 2007). Consequently, the supply increases. Sixth is the price of inputs also affect supply. Goodwin, Nelson, Ackerman, and Weissskopf (2009) observe that an increase in the price of land, labor, and raw materials ...Download file to see next pagesRead More
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