what is the nature of micro economics ?
Solution :-
Microeconomics studies about individual economic units like households, firms, consumers, etc. It uses the method of partial equilibrium, i.e. equilibrium in one market. It examines the everyday actions of the marketplace, focusing on the decisions made by individuals, people and businesses as they buy, sell, invest and make other financial decisions. Its variables are price, individual consumer’s demand, wages, rent, profit, revenues, etc.
Microeconomics studies about individual economic units like households, firms, consumers, etc. It uses the method of partial equilibrium, i.e. equilibrium in one market. It examines the everyday actions of the marketplace, focusing on the decisions made by individuals, people and businesses as they buy, sell, invest and make other financial decisions. Its variables are price, individual consumer’s demand, wages, rent, profit, revenues, etc.