Microeconomics Homework Help

The word ‘micro’ has been derived from the Greek word ‘mikros’ which means small. Therefore microeconomics whose literal translation is ‘economics in small’, studies the economics actions of the individual economics units like a household, a firm, an industry or group of individuals and firms. So microeconomics can be defined as, “that branch of economics which studies economic action of the individual economic units and their rates of change over time and space.” For example, how an individual firm reaches equilibrium, how a particular consumer derives maximum satisfaction and how the price of a particular commodity is determined in the market etc. are the subject-matter of microeconomics. Here the unit of the study is the part rather than the whole.

“Microeconomics consists of looking at the economy through a microscope, as it were, to see how the millions of cells in the body economics – the individuals or households as consumers and the individuals or households as consumers and the individuals or the firms as producers – play their part in the working of the whole economic organism.”

On the basis of Ceteris Paribus assumptions microeconomics deals with the partial equilibrium analysis. The neo-classical led by Marshall were concerned mainly with microeconomics. They assumed full-employment as a normal feature of a free-enterprise economy and studied individual prices, output and the behaviour of particular consumer and the firm. The law of diminishing marginal utility, the law of demand in ‘consumption’ or the law of diminishing returns in ‘ production’ are the subject matter of microeconomics. It is different from macroeconomics which studies the economic system as a whole like the total output, aggregate demand, aggregate supply and national income.

Features of Micro Economics

The main features of micro-economics are as follows :

• Microeconomics studies economic action of individual (or groups of individuals) economic units like a firm, or an industry, of an individual.
• In microeconomics, the unit of study is the part rather than the whole. It studies the individual trees independently of the character of the forest.
• Microeconomics assumes total output and income to given and constant and studied the allocation of resources among competing uses.
• Microeconomic theory depends on the technique of partial equilibrium analysis on the assumption of Ceteris Paribus (other thing remaining constant). It studies the price-output determination of relative prices of particular products and factors and changes in these prices over time and space.
• Microeconomics regards the relative prices of goods and services variable, treating the general price level as given.

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