With the use of clear examples, explain how microeconomics is used in macroeconomics.

Expert Solution

Microeconomics is the study of individual firms, segment of the industry, particular city, specific brand etc. while macroeconomics is the study of all firms in an industry, all segments of the industry, all cities of the country, all brands etc. We can undestand that microeconomics is a part of macroeconomics which helps in analyzing data in various small forms which aggregate up to the whole economy.

For example, microeconomics consider with number of iPhones sold in an specific city, from a specific shop while macroneconomic deals with number of iPhones sold in a nation during specified time frame.

Rahul Sunny answered 1 year ago

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