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Market - Microeconomics | Economics Class 11 - Commerce PDF Download
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FAQs on Market - Microeconomics - Economics Class 11 - Commerce
| 1. What is microeconomics? |  |
Microeconomics is a branch of economics that focuses on the behavior of individuals, households, and firms in making decisions regarding the allocation of limited resources. It examines how these economic agents interact in markets to determine prices and quantities of goods and services.
| 2. How does microeconomics differ from macroeconomics? | |
While microeconomics studies the behavior of individual economic agents, macroeconomics looks at the overall performance and behavior of the entire economy. Microeconomics focuses on specific markets, such as the supply and demand of a particular product, while macroeconomics studies aggregate variables like GDP, inflation, and unemployment.
| 3. What are the key factors that influence demand in microeconomics? | |
The key factors that influence demand in microeconomics include the price of the product, the income of consumers, the price of related goods, consumer preferences and tastes, and expectations about future prices or income changes. These factors determine the quantity of a good or service that consumers are willing and able to buy at a given price.
| 4. How does microeconomics analyze market equilibrium? | |
Microeconomics analyzes market equilibrium by examining the interaction of supply and demand. The equilibrium occurs at the price and quantity where the quantity demanded equals the quantity supplied. If the price is below the equilibrium level, there will be excess demand, leading to upward pressure on prices. Conversely, if the price is above the equilibrium level, there will be excess supply, leading to downward pressure on prices.
| 5. What is the concept of elasticity in microeconomics? | |
Elasticity in microeconomics measures the responsiveness of the quantity demanded or supplied to changes in price, income, or other factors. Price elasticity of demand measures how sensitive the quantity demanded is to changes in price, while income elasticity of demand measures how sensitive the quantity demanded is to changes in income. Elasticity helps economists understand how changes in various factors impact market outcomes and consumer behavior.
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