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Cost and benefit analysis involves reaching at an optimal solution by comparing the costs and benefits of various alternatives in order to maximize profitability. Our Economic professionals have further described cost and benefit analysis with an example. Suppose that a company XYZ sends one of its member every day to get the printout done. After a period of time, they find this task tedious and hence, XYZ plans to purchase a printer.
Now, the members in XYZ will perform cost and benefit analysis. Here, they will calculate the cost for sending its member for the printout and that of buying a printer.
At this point they will also consider hidden cost in both these situations. Hence, if the cost of purchasing a printer is equal to a cost of sending one of its member for printout also called equilibrium or if the cost of sending the member is higher than purchasing a printer, it will prefer buying a printer over sending its member for printout.
Hence, Cost and benefit analysis considers qualitative as well as quantitative aspect for examination of monetary value for a project or any investment. If you need Economics homework with some good examples in cost and benefit analysis, you can contact our online Economic tutors and get your work done on time.
Incentives is the source of motivation to follow your preference in Economical sector. Incentives can be of two types: Extrinsic incentives and intrinsic incentives. Extrinsic incentives originates from outside the person and motivates him to accomplish the task.
Like if a company wants to increase the production of certain good e. Strawberry jam from bottles to bottles per day, it will announce bonus for the worker if they produce bottles every day. So, at this point bonus becomes the source of motivation for the workers. This is extrinsic incentives. It basically involves price or money in the form of discount, bonus, sale, reward, etc. Intrinsic incentives is the internal feeling of satisfaction for the work. This is intrinsic incentives that motivates you to work harder.
If you are looking for Economics assignment help on any of these areas, join our online assignment help site. Our experts will do your Economic assignment that will include all the information that you ask for in your assignment. Economics can be classified into two broad areas of study i. It is a major area in Economics that deals with the behavior of single unit an individual or a business firm.
Explaining it further, this area helps us examine market behavior of a firm or an individual consumer in order to learn the decision making process. Hence, study of Microeconomics broadens our knowledge on the process of interaction with individual buyers and sellers to learn about the elements that stimulate their choices. The concept of microeconomics is mostly concerned with smaller picture related to individual behavior.
So, in this area of Economics, we study about product pricing, factor pricing, study of firms and many more. If you are looking for Economics assignment help in this area, you can contact us. We will provide you details of desired topic in simplest form. You can even buy assignment from our online portal on given topic of your Economics assignment.
Macroeconomics on the other hand, focuses on the bigger picture to determine the decision making process. It includes national economy, regional economy or global economy. Hence, this area draws our attention towards collective supply of goods and services to determine price, inflation, GDP , unemployment etc. We study about general price level, investment and savings, Economic growth and many more.
Our Economic writers have highlighted the differences between these two areas of Economics. It is obvious that when you are pursuing economics in your undergraduate level or continuing with the subject on postgraduate level, you are given assignments on different topics. Before working on your assignment, it is important for you to understand the basic concept of incentives, opportunity cost, marginal considerations etc. These concepts are required to solve economical problem of real world as well.
If you have a project pending in Economics or a query yet to be solved; ask our online Economic tutors and they will immediately complete it for you. The study of Microeconomics is concerned with the behavior of individual unit. The study of Macroeconomics is concerned with the behavior of economy as a whole.
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