Question

Explain the scope of micro economic​

Answer 1

• Microeconomics is defined as the study of individuals, households and firms' behavior in decision making and allocation of resources. The scope and subject matter of microeconomics is as follow: 1. Product Pricing. The main principle in microeconomics is product pricing or price mechanism.

Answer 2

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Micro-economics is concerned with demand analysis i.e. individual consumer behavior, and supply analysis i.e. individual producer behavior. Micro-economics helps in determining the factor prices for land, labor, capital, and entrepreneurship in the form of rent, wage, interest, and profit respectively.

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