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Microeconomics Assignment Help | Microeconomics Project Help & Tutor Help

One of the purposes of microeconomics is to examine market mechanisms that set up relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics analyzes market failure, where markets fail to produce efficient results, and explains the theoretical conditions needed for perfect competition. Important fields of study in microeconomics comprise general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products inside the market system.

The modern field of microeconomics occurred as an effort of neoclassical economics school of thought to put economic ideas into mathematical mode. An early attempt was made by Antoine Augustine Cournot Researches on the Mathematical Principles of the Theory of Wealth (1838) in describing a spring water duopoly that now bears his name. Latter William Stanley Jevons's Theory of Political Economy (1871), Carl Menger's Principles of Economics (1871), and Léon Walras's Elements of Pure Economics (1874–1877) gave way to what was called the Marginal Revolution. Some widespread ideas behind those works were models or arguments characterized by rational economic agents maximizing efficacy under a budget constrain. This arose as a necessity of arguing against the labour theory of value associated with classical economists such as Adam Smith, David Ricardo and Karl Marx.

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