ECON1020: Prices and Markets - Microeconomic Analysis Report - Economics Assignment Help

Assignment Task:

Introduction 

The microeconomic analysis is the concern that is related to the economic decisions and can be attained with the attained actions of individuals and firms. The purpose of the paper is to understand the “Market” for the product and situation along with identifying the models and the theories. The economic analysis for the market is the derived behaviour of the consumer with the given quantity and the price (Mazzucato, 2016). For example, if it is the normal good like the salt or sugar and the price has changed, the good would still be demanded as firstly it is the necessary good and secondly there is no substitute. Similarly, for the luxury good like the Cruises or Travelling, people would be insensitive to the price change, as the prices are high and more taxing or higher prices, would discourage the people to buy, besides there are many substitutes available. In this paper the issue of the “Toilet paper during the COVID 19” would be discussed in detail. For any goods and the services, the demand and the supply re equated to form the equilibrium price and the quantity for the product.  The demand is the consumer behaviour prediction for the product, while the supply is the producer supply for the given good (Kopp, 2017). 

Models and Theories

The theory is defined, as the broad approach of the consumers (micro-level every individual) are interacting with the industries, sectors and the output (at a macro level) to form the market for the certain product (Jacobsson, 2017). For example, if the individual consumer is demanding a car, the consumer is trying to purchase the car good with the set price and purchasing it. If the together the individuals or the group of the consumers are demanding a certain car (such as sports utility or the SUV) then it is said the consumer demand has increased for the certain product.  There would-be a likeliness of the increased prices of the car commodity and petrol (as this is the complementary good which has to purchased). The theory can be divided as the neo-classical theory, along with placing the assumptions of the free-markets and even identifying the assumption individuals who would hold rational and even seek ways of maximising utility (Ghemawat, 2017). A theory of economics considers the interaction in between the two or more variables interact with each other and it is also defined with the interaction with each other (Geiger, 2018). 

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