3) How does the study of microeconomics differ from that of macroeconomics? Give one example each...

3) How does the study of microeconomics differ from that of macroeconomics? Give one example each of an issue studied in microeconomics and in macroeconomics.

Expert Solution

In simple terms microeconomics is the study of scarce and limited resources at.smaller level, that is for the individual and small firms

It uses different laws and formulae for theories and studies

some examples are demand, supply law, production, etc

Macroeconomics deals at a bigger level like for a whole economy or a nation

It deals in aggregate economic variables

For example calculation of inflation rate, the unemployment rate, etc

Rahul Sunny answered 2 years ago

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