Difference Between Microeconomics and Microeconomics
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The solution describes with examples the distinction between microeconomics and macroeconomics
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Microeconomics deals with economic decisions made at the individual consumer level. A typical microeconomic decision might be a 12 oz beer at the bar sells for USD2.75 and a 16 oz beer sells for USD3.75, which makes the most sense? The USD2.75 one does at USD0.229 (2.75/12) an ounce VS USD0.234 for the 16 oz (3.75/16). Besides the 16 oz will become warmer quicker.
It also may involve choices between different products (substitutability) . For example, the same consumer is faced with the choice at the same bar of a 12 oz beer at USD2.75 and a 6 oz old vine California Zinfandel for USD4.00. The wine would ...
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