Theory and Applications of Microeconomics

Description

It's important to get the basic idea of, What microeconomics is? It's relation with Economics. And why there is a need of studying microeconomics as a separate subject? Microeconomics is the study of how individuals and companies make choices regarding the allocation and utilization of resources. It also studies how individuals and businesses coordinate and cooperate, and the subsequent effect on the price, demand, and supply. Microeconomics refers to the goods and services market addresses economic and consumer concerns. Microeconomics uses various principles, such as the Law of Supply and Demand and the Theory of Consumer Demand, to predict the behavior of individuals and companies in situations involving financial or economic transactions. This book “Theory and Applications of Microeconomics” includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The purpose behind this book is not only to make the study of microeconomics simple for the students but to enable them to apply it to everyday situations and the prevailing economic state of affairs.