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    gauri collected the information about the income of a particular firm

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    Identify and explain the concept from the given illustration: Gauri collected the information about the income of a particular firm.

    Identify and explain the concept from the given illustration: Gauri collected the information about the income of a particular firm.

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    Identify and explain the concept from the given illustration:

    Gauri collected the information about the income of a particular firm.

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    SOLUTION

    Concept: Micro-economics (or Micro-economic study which is the study of individual units)Explanation:

    Micro-economics is the study of the behavior of individual economic units such as individual consumers, individual producers, individual firms, the price of a particular commodity or a factor, etc.

    Concept: Introduction to Micro and Macro Economics

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    Chapter 1: Introduction to Micro and Macro Economics - Exercise [Page 7]

    Q 3. (1) Q 2. (5) Q 3. (2)

    APPEARS IN

    Balbharati Economics 12th Standard HSC Maharashtra State Board

    Chapter 1 Introduction to Micro and Macro Economics

    Exercise | Q 3. (1) | Page 7

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    Gauri collected the information about the income of a particular firm

    Gauri collected the information about the income of a particular firm | Aster Classes

    Gauri collected the information about the income of a particular firm | Aster Classes Chapter 1 – Introduction to Micro and Macro Economics [Latest edition]

    Q.1. Choose the correct option:

    The branch of economics that deals with the allocation of resources.

    a) Micro economics b) Macro economics c) Econometrics d) None of these a, b and c a and b

    only a

    None of these

    2. Concepts studied under Microeconomics.

    a) National income

    b) General price level

    c) Factor pricing d) Product pricing b and c b, c and d a, b and c

    c and d

    3. Method adopted in micro economic analysis.

    a) Lumping method

    b) Aggregative method

    c) Slicing method d) Inclusive method a, c and d a, b and d

    only c

    only a

    4. Concepts studied under Macroeconomics.

    a) Whole economy

    b) Economic development

    c) Aggregate supply d) Product pricing

    a, b and c

    b, c and d only d a, b, c and d

    Q.2. Complete the correlation:

    1. Micro economics: Slicing method : : Macroeconomics : Lumping Method

    2. Micro economics: Tree: : Macroeconomics : Forest

    3. Macro-economic theory : Income and employment : : Micro economics : Price theory

    4. Makros : Macroeconomics : : Mikros : Micro economics

    5. General equilibrium: Macroeconomics :: Partial equilibrium : Micro economics

    Q.3 Identify and explain the concept from the given illustration.

    1. Gauri collected the information about the income of a particular firm.

    Solution: – Micro economics (study of individual units)Explanation:

    Microeconomics is the study of the behavior of small individual economic units, like individual firms, individual price, individual household etc.

    2. Ramesh decided to take all decisions related to production, such as what and how to produce?

    Solution: – Concept: Free market EconomicExplanation:

    A free market economic where the economic decisions regarding the function of goods, such as ‘What to produce? How much to produce? How to produce? etc.’ are taken at individual levels. There is no intervention by the Government or any other agency.

    3. Shabana paid wages to workers in her factory and interest in her bank loan.

    Sol: -Concept: Theory of factor pricingexplanation:

    In macroeconomics land, labour, capital, entrepreneur are the factors that contribute to the production process, micro economics helps in determining the factors rewards for land, labour, capital and entrepreneur in the form of rent, wages, interest, and profit respectively.

    Q.4. Answer the following 

    1. Explain the features of Micro Economics. 

    The following are the features of microeconomics.

    i. Individual units – Microeconomics is a study that basically focuses on the behavior of individual units such as individual consumers and producers.ii. Price theory – Microeconomics is also called the price theory, as it helps in determining the prices of both the commodities and factors of production in their respective markets.iii. Slicing method – Microeconomic analysis adopts the slicing method. Under this method, the entire economy is divided into smaller units and then each unit is analyzed individually in detail.iv. Partial equilibrium – Microeconomics uses a partial equilibrium approach. The equilibrium points are identified assuming “other things remain constant” (ceteris paribus). It ignores the interdependence of economic variables.v. Microscopic approach – Just as a microscope enables us to see a larger view of smaller things, microeconomics shows a magnified view of an individual unit. It analyses small units in detail. It examines how these individual units perform economic activities and reach equilibrium.vi. Marginalism principle – Marginal means change in the total due to an additional unit. The additional unit is known as the marginal unit. Microeconomics is based on the principle of marginalism as important economic decisions are based on the marginal unit.vii. Analysis of market – Microeconomic studies deals in the study of different market structure namely, perfect competition, monopoly, monopolistic competition, oligopoly. It analyses how prices and output are determined in the market.viii. Based on assumptions – Microeconomic analysis is based on certain assumptions such as laissez-faire, full employment, perfect competition, ceteris paribus, etc. Such assumptions although make the analysis simple, but may not exists in reality.

    2. Explain the importance of Macroeconomics.

    The importance of Macroeconomics is explained follows:1. Functioning of an Economy: Macro economic analysis gives us an idea of the functioning of an economic system. It helps us to understand the behaviour pattern of aggregative variables in a large and complex economic system.

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    Gauri collected the information about the income of a particular firm.

    Identify and explain the concepts from the given illustrations: Gauri collected the information about the income of a particular firm.

    Gauri collected the information about the income of a particular firm.

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