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Our experts of economics assignment help say economics is yet another essential branch of business. It includes healthcare, finance and government organizations. It is also referred as a branch of social science and it is significant to the procedure of analyzing the production, allocation, and utilization of capital. Experts at economics case study help will make you understand every concept and fundamentals of economics and assist you with all your doubts related to economics.
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Categorizations of economics
Our economics assignments help experts define two broad categories of economics:
- Microeconomics: it focuses on the measures and persons and business like the dynamics between the buyers and sellers, borrows and lenders. Study of microeconomics involves the decision making of an organization about buying, saving prices, achievement in business and society as a whole.
- Macroeconomics: it focuses on the economic doings of an entire country of the international marketplace such as things like development, price rises, interest rates, joblessness, and taxes.
Advantages of learning economics
- expand intellectual skills
- Decision-making power
- Basic training
Examples for Economics Assignment help
What do you understand by the term Law of Diminishing marginal utility?
The law of Diminishing Marginal utility is one of the most important concept of economics which states that as the person starts increasing the consumption of the particular product and the consumption of other product will remain constant, there would be decline in utility drive to the person with each additional unit of the product a consumer is consuming . The formulae to Calculate utility is derived by Change in utility divided by the additional unit intake.
To Illustrate Law of Diminishing marginal utility, our experts have taken an example which is as follows:
An individual consumes different unit of a Sweet and total utility derived is as follows:
Utility derived from Consuming 11th Unit = 4
Utility derived from Consuming 12th Unit = 1 (Law of Diminishing marginal Utility)
Utility derived from Consuming 13th Unit = -3 (Law of Diminishing marginal Utility)
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