Question

In: Economics

Which of the following would be studied in microeconomics?


 Which of the following would be studied in microeconomics?

 a. Why did Circuit City go out of business?

 b. Why does the price of gasoline usually increase in summer?

 c. Why does organic produce cost more than produce sprayed with pesticide?

 d. How can car makers improve mileage for their vehicles at a reasonable cost?

 e. All of the above.


Solutions

Expert Solution

Microeconomics studies behavior of individuals and firms, determines their costing and production technique. It is essentially a study at the micro level .

The answer is All of the Above since all these statements are validated by studying a particular firm, market mechanism or production techniques.

a) Why did Circuit City( a firm) go out of business , we study the revenue and sales side of a particular firm, a study at micro level

b) Why does price of gasoline usually increase in summer can be found by studying the market of gasoline, how demand and supply of gasoline interact to bring about equilibrium

c) Organic produce is higher than produce obtained by conventional methods since production costs of former are higher. We study the production and cost side along with other factors. Hence it is a study in microeconomics

d) Improvement of mileage at a reasonable cost- study of production and cost field of economics

Rahul Sunny answered 2 years ago
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