Microeconomy Reflective Journals

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What I have learned in the past few weeks?
1st week I learn something that if a person want to get something that mostly wanted by, then the person needs to give up another of his or her alternatives, also named "opportunity cost” I had observed first economic graph which is the “PPF”. Moreover, I learn the second chapter that is about 2nd week consist of demand & supply; this chapter basically explains how markets determine prices and why prices change due to the demand and supply. There are always factors that affect the demand and supply. This is what I had learned during this few weeks. 3rd week was price elasticity of demand; price elasticity is used to see how sensitive consumers are towards the changes of price for certain products. For the economists, they use the price elasticity as a tool used to measure the people’s preference to a product. If price elasticity is high, people will tends to buy less, but for the opposite when the price elasticity is low, peoples willingness to pay will not affect even there is a price changes.  4th week consist of Government actions in the market, this topic opens my understandings & regulations affecting decision making. This power controls entrepreneurship, monopoly, monopolistic market, etc. 5th week explains of *managing business productions; it is a crucial chapter as it determines the understandings of upcoming syllabus. It solves economic problems, critical situations where involve major decision making of firms to achieve efficiency meets effectiveness; concentrates on short run technology.

6th week elaborates further on *-MBP-. Short & long run cost, it’s the hardest chapter for me… multiple graphs involve, values such as TC, TFC, TVC, MC, AC, AVC, ATC, AFC, MP, TP, AP, etc. applied for short & long run. The behavior of long-run cost depends upon the firm’s production function; the firm’s production function is the relationship between the maximum output attainable and the quantities of...
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