Research for the following topics

1. Supply and demand in microeconomics

 Based on the book of Schaum Outline in Microeconomics, microeconomic deals with the
economic behavior of individual decision-making units such as consumers, resource
owners, and business firms as well as individual markets in a free-enterprise economy.
The demand and the supply of each good and service determine its price. In order to
produce goods and services, business firms demand economic resources or their services.
These are supplied by households. Therefore, the demand and supply of each factor then
determine its price. In microeconomics we study some of the best available models that
explain and predict the behavior of individual decision-making units and prices.

2. Ceteris Paribus
 Ceteris Paribus, means “all the other things being equal”. Ceteris paribus is one of the
most subjected to criticism on economists because we are deemed to oversimplify
matters. But ceteris paribus is important because there are too many factors in economics
or else, you'd never reach to any decision. In Economics, we try to understand the effect
of one economic variable on another keeping other factors affecting it as unchanged.
Thus, we use the Latin phrase "Ceteris paribus" to mean "all other things being equal.

3. Supply and demand curves, price ceilings and floors, elasticity of supply

 The supply and demand the workhorse of microeconomics. It helps us understand why
and how prices change, and what happens when the government intervenes in a market.
The supply-demand model combines two important concepts: a supply curve and a
demand curve. It is important to understand precisely what these curves represent. supply
curve Relationship between the quantity of a good that producers are willing to sell and
the price of the good. Demand curve Relationship between the quantity of a good that
consumers are willing to buy and the price of the good.\ a government-imposed
maximum price for a goods.
  Basic information about price ceiling and floors, means a government-imposed maximum
price for a good. Many goods are taxed or subsidized by the government. Just like price
ceilings and floors, taxes and subsidies move the transaction price and quantity supplied
and demanded away from the free-market equilibrium.
 Elasticity of supply refers to how sensitive producers are to changes in price. If a slight
increase in price draws many new producers into the market, supply for the good is said
to be elastic. If a good has a horizontal supply curve, its supply is said to be “perfectly
elastic.” The elasticity of supply for a good is determined by how easy it is for producers
to change their level of output in response to changes in price. The easier and less costly
it is for producers to change output; the more elastic supply would be.

4. Price determination

 Determination of Prices refers to determining the cost of goods sold and services
provided in a free market. Prices are determined by the forces of demand and supply in a
free market. In microeconomics, supply and demand is an economic model of price
determination in a market. It postulates that, holding all else equal, in a competitive
market, the unit price for a particular good is where supply meets demand.

References:
Pindyck, R. S., & Rubinfeld, D. L. (2016). Microeconomics. Pearson/Prentice Hall.
SALVATORE, D. O. M. I. N. I. C. K. (2015). Schaum'S outlines microeconomics. SCHAUM Publishing CO.