If someone was to conduct a study in the field of microeconomics, which of the following...

If someone was to conduct a study in the field of microeconomics, which of the following questions might they attempt to answer?

Expert Solution

Answer is

When will a firm decide to expand, downsize or close?

Explanation

Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses.Microeconomics deals with theory of consumer behavior and the theory of the firm.

From firm point of view it will study certain questions like What determines the products, and how many of each, a firm will produce and sell? What determines what prices a firm will charge? What determines how a firm will produce its products? What determines how many workers it will hire? How will a firm finance its business? When will a firm decide to expand, downsize, or even close?. All these questions help in studying the strategies adopted by firm regarding product , price, employment of workers. financing requirements etc.

It may also study questions related to consumers like What combination of goods and services will best fit their needs and wants, given the budget they have to spend? How do people decide whether to work? Whether people will work part time or full time? How much to spend now and how much to save for future?

Rahul Sunny answered 9 months ago

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