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if you are a maintainer of this web content, please refer to the site documentation regarding web services for further assistance. At a more detailed level we may say that economics studies how individual decision makers choose between different alternatives open to them. The attribute ldquo micro rdquo means precisely that we rsquo re concerned with individual choice behavior. This means that one start by describing the opportunities open to the decision maker. The next step is to formulate some principles guiding the individual rsquo s choices. The typical assumption is that people tries to do the best they can under the circumstances they find themselves in.

According to the positivistic methodology the scientist should, based on a careful study of the individual rsquo s choice set and given the assumed optimization principle, proceed to formulate hypotheses about choice behavior, which could and should be tested empirically. But if we observe that the individual choice set is changed, we may formulate hypotheses about how an individual who follows the assumed optimization principle ought to change his/hers actual choices. This means that we start by observing the choices by a test group of individuals. We then proceed by changing some exogenous variable or test variable , which affects the individuals rsquo choice set, and let them make a new choice. We then record how their choices have changed and check whether these changes are in conformity with our theory. That a situation where no further changes occur, is reached then all actors involved think that they cannot reach a better position by changing their behavior.

A major problem in economics is that our ability to perform so called controlled experiments is very limited. Instead we have to go out and observe the actual choices that have been made by people and try to test our theories from data collected in this way. The problem we face if we want to test how individuals rsquo choice change in response to a change in exogenous variable a, is that we want to hold all other exogenous variables constant at their initial levels but in actuality both exogenous variable a and b may have changed. If we were able to perform a controlled experiment, we wouldn rsquo t face this problem. An exogenous variable is one which is outside the control of the decision maker, i.e. A variable which will change as a consequence of a change in an exogenous variable.

In a market economy the exogenous variables is, for example, prices on individual goods which are, normally, outside the control of the individual in some situations it is of course possible to negotiate with a seller to get a lower price, but this is an exception to the rule. The quantity demanded of a particular good is a choice variable for the individual and hence an endogenous variable. The individual rsquo s money income is sometimes treated as exogenous, for simplicity, but is in reality dependent on choices that the individual have made in the past such as what education he/she has gotten, how many hours per day he/she has chosen to work e.g.

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If we are concerned with choices over a relatively short time period, we may be justified in treating income as exogenous, but in other situations it is better to treat it as an endogenous variable. latest technology based economics online tutoring assistance tutors, at the w.tutorsglobe.com. Take pledge to provide full satisfaction and assurance in intermediate microeconomics homework help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for intermediate microeconomics, project ideas and tutorials.

We provide email based intermediate microeconomics homework help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in intermediate microeconomics. Tutors at the tutorsglobe are committed to provide the best quality online tutoring assistance for economics homework help and assignment help services. They use their experience, as they have solved thousands of the economics assignments, which may help you to solve your complex issues of intermediate microeconomics. tutorsglobe assure for the best quality compliance to your homework.

If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay. For a general expression, y f x , the elasticity of y with respect to x is: note that the term ?y/?x shows the marginal effect, or slope of the function in the x direction, and y₀. For a linear function the slope is always constant, but the elasticity is not constant because it varies with the starting point.

As an example, consider the following demand function for beer: q d 100 minus 2. Y q d is here expressed in a volume measure liters or bottles or cans etc per month and prices and income in money kr, euro , $, etc. Inserting these numbers: q d 100 ndash 2 x 10 + 0.05 x 50 minus 0.25 x 30 minus 0.00125 x 20 50, i.e. Now, the demand curve is a graph which shows the relationship between the own price and quantity demanded, so if we aggregate all the numbers above except for the price we get: q 100 + 0.05 x 50 minus 0.25x 30 minus 0.00125 x 20 minus 2 x p q 70 minus 2. The marginal effect is minus 2, and if we start at the equilibrium we calculated initially, i.e.

P₀ 10, q₀ 50, the price elasticity is, this means that if the price changes by one percent, the quantity demanded changes by 0.4 percent. If the own price elasticity is less than 1 after changing sign, since the marginal effect is always negative , we say that demand is inelastic. Tutors at the tutorsglobe are committed to provide the best quality online tutoring assistance for economics homework help and assignment help services. Writing microeconomics online always interested students and young researchers.