Question

Identify and explain the concepts from the

given illustrations :

1) Gauri collected the information about the

income of a particular firm.​

Answer 1

Answer: Study of individual units

Explanation: study of individual

units explains about the study of a firm about the price & income of the the firm.

here Gauri studied about the income of the firm. That means she studied "study of individual unit".

Answer 2

Gauri is collecting information regarding the financial behavior and working of the individual unit. It is concept that comes under the study of microeconomics.

Explanation:

• Microeconomics is study of individual firms and the income generated by the firm. It helps in giving a detailed analysis on the working of the firm, the demand and supply of the firm and the revenue and profit generated by the firm. It  gives information regarding the conditions under which the firm was able to generate its level of efficiency.
• The analysis is done through the information gathered regarding the production capacity of the firm, the prices of goods and the demand of products in the market. These are dependent on the various factors of production and their efficiency in production
• Microeconomics gives an account of the profits and income generated by the firm. It gives an account of the total output generated from the optimum resources and the level of employment in the company.  

To know more about microeconomics

Micro economics and macro economics difference

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