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:-
What is the law of diminishing marginal product?
- Q:-
Can there be some fixed cost in the long run? If not, why?
- Q:-
What are the average fixed cost, average variable cost and average cost of a firm? How are they related?
- Q:-
What are the average fixed cost, average variable cost and average cost of a firm? How are they related?
- Q:-
What do the long-run marginal cost and the average cost curves look like?
- Q:-
Suppose a consumer can afford to buy 6 units of good 1 and 8 units of good 2
if she spends her entire income. The prices of the two goods are Rs 6 and Rs 8
respectively. How much is the consumer’s income? - Q:-
When does a production function satisfy increasing returns to scale?
- Q:-
When do we say that there is an excess supply for a commodity in the market?
- Q:-
The market demand curve for a commodity and the total cost for a monopoly firm producing the commodity are given in the schedules below.
Quantity
0
1
2
3
4
5
6
7
8
Price
52
44
37
31
26
22
19
16
13
Quantity
0
1
2
3
4
5
6
7
8
Price
10
60
90
100
102
105
109
115
125
Use the information given to calculate the following:
(a) The MIR and MC schedules
(b) The quantities for which MIR and MC are equal
(c) The equilibrium quantity of output and the equilibrium price of the commodity
(d) The total revenue, total cost and total profit in the equilibrium
- Q:-
What is the value of the MR when the demand curve is elastic?
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