Microeconomics

• Microeconomics comes from Greek word Mikros meaning small. It deals with separate separate segments of economics. K. E. Boulding defines as "Microeconomics is the study of particular firms, particular household, individual prices, wages, income, individual industries, particular commodities."
Thus, microeconomics theory seeks to determine the mechanism by which the different economic units individual attain the position of equilibrium, proceeing from the individual units to a narrowly defined group.
• Microeconomics (from Greek prefix micro- meaning "small" +"economics") is a branch of economics that studies how the individual parts of the economy, the household and the firms, make decisions to allocate limited resources, typically in markets
where goods or services are being bought and sold.
Microeconomics examines how these decisions and behaviours
affect the supply and demand for goods and services, which
determines prices; and how prices, in turn, determine the supply and demand of goods
and services.
• Subject Matter of Microeconomics: Subject matters of microeconomics are clearly found from above mentioned definition. It deals with the economic actions and behaviour or individual units and small group of individual units. In other words, in microeconomics we make a microscopic stew of the economy.
Microeconomics discuss equilibrium of innumerable units of the economy piece meal and their inter-relationship to each other.
Microeconomics theory rudies the behaviour of individual firms in regard to the fixation of price and output and their reactions to the changes in the demand and supply conditions.
Efficiency in production, efficiency in distribution of goods among people and allocative efficiency.
These ante mentioned items mainly covered the subject matter of microeconomics.
Following Varialer Ones of Microeconomics:
Price of Rice
Revenue of a firm
Met invested of a firm