Identify the charteristics of microeconomics
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Microeconomics suggests suitable economic policies to promote economic efficiency and welfare of the people. A Price policy is also an important tool for economic policies. Microeconomics helps the state in formulating correct price policies and evaluating them in proper perspective.
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It is study of subject matter from particular to general. Micro economics divides the economy into various small units and every unit is analysed in detail. It is a slicing method. Micro economic analysis involves product pricing, factor pricing and theory of welfare.
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