Question

explain the concept of micro economics and its features
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Answer 1

Answer:

The features of Microeconomics are:

1.It is concerned with the study of individual units in the economy.

2.Micro economic analysis involves product pricing, factor pricing and theory of welfare.

3.Assumption of "Ceteris Paribus" is always made in every micro economic theory. It means the theory is applicable only when 'other things remain unchanged'.

4. Micro economics divides the economy into various small units and every unit is analysed in detail, i.e. uses slicing method.

Answer 2

Answer:

The features of Microeconomics are: 1.It is concerned with the study of individual units in the economy. 2.Micro economic analysis involves product pricing, factor pricing and theory of welfare. 3.Assumption of "Ceteris Paribus" is always made in every micro economic theory.