Microeconomics essay ideas

Demand and supply relationship in market can be statistically estimated from price, quantity and other pertinent information in the model. The article primarily focuses on the price and demand trends of corn and soybean in the next decade. The two agricultural products will be separately discussed. The corn and soybean markets are predicted to increase 13% and 66% respectively. The corn and soybean exporting markets are mainly occupied by Argentina and Brazil while USA keeps a steady trend in the next decade. Statistically, US corn and soybean exports will increase about % respectively while Argentina will expand corn and soybean exports by 40% and over 300% respectively and Brazil by 62% and 83% respectively. In the coming decade, world corn production will increase about %. Although China's productions of corn and bean also keeps a growing tendency, but the total productions are not sufficient to meet national need.

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Another class of departure from welfare optimum is the problem of externalities. Externalities are said to exist when the production or consumption of a commodity affects other people than those who produce, sell or buy it. These externalities may be in the form of either external economies or external diseconomies. External economies prevail when the production or consumption of a commodity by an individual benefits other individuals and external diseconomies prevail when the production or consumption of a commodity by him harms other individuals.

Problems exist with making the neoclassical general equilibrium theory compatible with an economy that develops over time and includes capital goods. This was explored in a major debate in the 1960s—the " Cambridge capital controversy "—about the validity of neoclassical economics, with an emphasis on economic growth , capital , aggregate theory, and the marginal productivity theory of distribution. There were also internal attempts by neoclassical economists to extend the Arrow-Debreu model to disequilibrium investigations of stability and uniqueness. However a result known as the Sonnenschein–Mantel–Debreu theorem suggests that the assumptions that must be made to ensure that equilibrium is stable and unique are quite restrictive.

Microeconomics essay ideas

microeconomics essay ideas

Problems exist with making the neoclassical general equilibrium theory compatible with an economy that develops over time and includes capital goods. This was explored in a major debate in the 1960s—the " Cambridge capital controversy "—about the validity of neoclassical economics, with an emphasis on economic growth , capital , aggregate theory, and the marginal productivity theory of distribution. There were also internal attempts by neoclassical economists to extend the Arrow-Debreu model to disequilibrium investigations of stability and uniqueness. However a result known as the Sonnenschein–Mantel–Debreu theorem suggests that the assumptions that must be made to ensure that equilibrium is stable and unique are quite restrictive.

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