Question

IV. Answer the following questions in a sentence/word.
12. Give the meaning of Micro economics.
13. What is budget line?
14. Expand MRS.
15. What is Total Fixed cost?
pls guys help me​

Answer 1

Answer:

• Microeconomics is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and business owners.

• In economics, a budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income. Consumer theory uses the concepts of a budget constraint and a preference map as tools to examine the parameters of consumer choices

• Mrs originated as a contraction of the honorific Mistress (the feminine of Mister or Master) which was originally applied to both married and unmarried women.

• Total fixed cost (TFC) is that cost which does not change with change in the level of output. Eg: Depreciation, Rent, Salaries, Insurance etc. Total variable cost (TVC) is that cost which changes as the level of output changes. Eg: Piece Labour Rate, Freight charges Outward, Raw Material Cost, Electricity etc.

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Answer 2

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1 ) Microeconomics is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and business owners.

2 ) In economics, a budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income. Consumer theory uses the concepts of a budget constraint and a preference map as tools to examine the parameters of consumer choices.

3 ) Mrs originated as a contraction of the honorific Mistress (the feminine of Mister or Master) which was originally applied to both married and unmarried women.

4 ) Total fixed cost (TFC) is that cost which does not change with change in the level of output. Eg: Depreciation, Rent, Salaries, Insurance etc. Total variable cost (TVC) is that cost which changes as the level of output changes. Eg: Piece Labour Rate, Freight charges Outward, Raw Material Cost, Electricity etc

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