Class 12 Micro Economics - Chapter Introduction to Micro Economics NCERT Solutions | Distinguish between microeconomics and m
Distinguish between microeconomics and macroeconomics.
| Point of Difference | Microeconomics | Macroeconomics |
|---|---|---|
| Study Matters | It studies about individual economic units like households, firms, consumers, etc. | It studies about an economy as a whole. |
| Deals with | It deals with how consumers or producers make their decisions depending on their given budget and other variables. | It deals with how different economic sectors such as households, industries, government and foreign sectors make their decisions. |
| Method | The major microeconomic variables are price, individual consumer’s demand, wages, rent, profit, revenues, etc. | The major macroeconomic variables are aggregate price, aggregate demand, aggregate supply, inflation, unemployment, etc. |
| Variables | The major microeconomic variables are price, individual consumer’s demand, wages, rent, profit, revenues, etc. | The major macroeconomic variables are aggregate price, aggregate demand, aggregate supply, inflation, unemployment, etc. |
| Theories |
Various theories studied are:
|
Various theories studied are:
|
More Questions From Class 12 Micro Economics - Chapter Introduction to Micro Economics
- Q:-
Distinguish between a centrally planned economy and a market economy.
- Q:-
What do you mean by the production possibilities of an economy?
- Q:-
Discuss the subject matter of economics.
- Q:-
What is a production possibility frontier?
- Q:-
Discuss the central problems of an economy.
- Q:-
What do you understand by normative economic analysis?
- Q:-
What do you understand by positive economic analysis?
Popular Questions of Class 12 Micro Economics
- Q:-
Explain the concept of a production function
- Q:-
What would be the shape of the demand curve so that the total revenue curve is?
(a) A positively sloped straight line passing through the origin?
(b) A horizontal line?
- Q:-
Explain market equilibrium.
- Q:-
What are the characteristics of a perfectly competitive market?
- Q:-
What do you mean by the budget set of a consumer?
- Q:-
What is the total product of input?
- Q:-
From the schedule provided below calculate the total revenue, demand curve and the price elasticity of demand:
Quantity
1
2
3
4
5
6
7
8
9
Marginal
Revenue
10
6
2
2
2
0
0
0
-
- Q:-
When do we say that there is an excess demand for a commodity in the market?
- Q:-
How are the total revenue of a firm, market price, and the quantity sold by the firm related to each other?
- Q:-
What is budget line?
Recently Viewed Questions of Class 12 Micro Economics
- Q:-
Explain the concept of a production function
- Q:-
Will a profit-maximising firm in a competitive market produce a positive level of output in the short run if the market price is less than the minimum of AVC? Give an explanation.
- Q:-
What is the supply curve of a firm in the long run?
- Q:-
Can there be a positive level of output that a profit-maximising firm produces in a competitive market at which market price is not equal to marginal cost? Give an explanation.
- Q:-
The following table shows the total cost schedule of a firm. What is the total fixed cost schedule of this firm? Calculate the TVC, AFC, AVC, SAC and SMC schedules of the firm.
- Q:-
At what level of price do the firms in a perfectly competitive market supply when free entry and exit is allowed in the market? How is the equilibrium quantity determined in such a market?
- Q:-
What is the reason for the long run equilibrium of a firm in monopolistic competition to be associated with zero profit?
- Q:-
What does the average fixed cost curve look like? Why does it look so?
- Q:-
If a consumer has monotonic preferences, can she be indifferent between the
bundles (10, 8) and (8, 6)? - Q:-
Comment on the shape of MR curve in case when TR curve is a
(a) Positively sloped straight line
(b) Horizontal straight line
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