1.difference between microeconomics and macroeconomic. 2.explain the law of demand and why the demand curve goes downward. 3.explain law of diminishing marginal rate of substitution and consumer preference. 4.explain PPC in detail. 5.what are the central problem of an economy
Answers
1.Microeconomics is the study of economics at an individual, group, or company level. Whereas, macroeconomics is the study of a national economy as a whole. Microeconomics focuses on issues that affect individuals and companies. Macroeconomics focuses on issues that affect nations and the world economy.
2.The demand curve slopes downwards because as we lower the price of x, the demanded starts growing. At a lower price, purchasers have an extra income to spend on buying the same good, so they can buy greater of it. This ends in an inverse relationship between price and demand.
3.The production possibilities curve (PPC) is a graph that shows all of the different combinations of output that can be produced given current resources and technology. Sometimes called the production possibilities frontier (PPF), the PPC illustrates scarcity and tradeofs.
5. attechment mai h
6. wese mai PCM se hun .. aapko smjh me aa rhe h ye ..plz tell me?
