Microeconomics Calculator

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Calculator / Last modified by KurtHeckman on 2017/03/15 19:20
Microeconomics Calculator
Midpoint Method for Price Elasticity of Demand Cross-Price Elasticity of Demand
Average Fixed Cost Income Elasticity of Demand
Average Variable Cost Price Elasticity of Demand
Average Total Cost Price Elasticity of Supply
Unit Cost / Average Total Cost Consumer Surplus
Profit Producer Surplus
Profit v.2 Total Surplus
Economic Profit Accounting Profit
Type
Calculator
Category
vCommons
Contents
16 buttons on 1 tabs
Rating

The Microeconomics Calculator has the most common microeconomics equations based on widely accepted university texts including the following:

  • Midpoint Method for Price Elasticity of Demand
  • Average Fixed Cost
  • Average Variable Cost
  • Average Total Cost
  • Unit Cost / Average Total Cost
  • Profit
  • Profit v.2
  • Economic Profit
  • Cross-Price Elasticity of Demand
  • Income Elasticity of Demand
  • Price Elasticity of Demand
  • Price Elasticity of Supply
  • Consumer Surplus
  • Producer Surplus
  • Total Surplus
  • Accounting Profit

Microeconomics (from Greek prefix mikro- meaning "small" and economics) is a branch of economics that studies the behavior of individuals and small impacting organizations in making decisions on the allocation of limited resources (see scarcity). Typically, it applies to markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.

This is in contrast to macroeconomics, which involves the "sum total of economic activity, dealing with the issues of growth, inflation, and unemployment." Microeconomics also deals with the effects of national economic policies (such as changing taxation levels) on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'microfoundations'—i.e. based upon basic assumptions about micro-level behavior.

One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics also analyzes market failure, where markets fail to produce efficient results, and describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system.

Resource:

  • Mankiw, N. Gregory. Principles of Microeconomics. 6th ed. Mason, OH: Thomson/South-Western, 2004. Print.
  • "Microeconomics." Wikipedia. Wikimedia Foundation, n.d. Web. 31 May 2015.

 

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