Microeconomics focuses on the decisions that firms and households make to maximize satisfaction out of the limited resources. The outcome of these decisions show how much firms produce, how much households consume etc while macroeconomics focuses on the economy as a whole and takes a general equilibrium approach which shows that decisions taken at the individual level are influenced by the circular flow of income.
kevinnyabute answered the question on February 22, 2018 at 09:07
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State and explain the types of isoquants in microeconomics
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State and explain the types of isoquants in microeconomics
Date posted:
February 22, 2018
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What is an isocost line?
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What is an isocost line?
Date posted:
February 22, 2018
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Why is an isoquant negatively inclined?
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Why is an isoquant negatively inclined?
Date posted:
February 22, 2018
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What does the slope of an isoquant represent?
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What does the slope of an isoquant represent?
Date posted:
February 22, 2018
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State five assumptions of isoquants
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State five assumptions of isoquants.
Date posted:
February 22, 2018
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What is the difference between an isoquant and an indifference curve?
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What is the difference between an isoquant and an indifference curve?
Date posted:
February 22, 2018
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State the similarities of isoquants and indifference curves
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State the similarities of isoquants and indifference curves
Date posted:
February 22, 2018
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Give measures an entrepreneur would take to gain a competitive edge over other competitors
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Give measures an entrepreneur would take to gain a competitive edge over other competitors.
Date posted:
February 21, 2018
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Under indifference curve analysis, a consumer is considered to be at equilibrium when certain conditions are met, state these conditions
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Under indifference curve analysis, a consumer is considered to be at equilibrium when certain conditions are met, state these conditions.
Date posted:
February 21, 2018
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Answers (1)
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Define properties of indifference curves in economics
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Define properties of indifference curves in economics
Date posted:
February 21, 2018
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Outline two schools of accessing consumer utility
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Outline two schools of accessing consumer utility.
Date posted:
February 21, 2018
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State three types of goods which disobey the law of demand
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State three types of goods which disobey the law of demand.
Date posted:
February 20, 2018
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Distinguish between the following terms: demand curve and demand schedule, ordinal utility theory and cardinal utility theory, consumer surplus and producer surplus, arc elasticity and point elasticity
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Distinguish between the following terms:
demand curve and demand schedule
ordinal utility theory and cardinal utility theory
consumer surplus and producer surplus
arc elasticity and point elasticity
Date posted:
February 20, 2018
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Answers (1)
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Define (a) consumer equilibrium (b) market equilibrium
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Define (a) consumer equilibrium (b) market equilibrium
Date posted:
February 20, 2018
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List some of the assumptions about consumer Preferences
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List some of the assumptions about consumer Preferences
Date posted:
February 16, 2018
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Differentiate between comprehensive and third party motor vehicle insurance
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Differentiate between comprehensive and third party motor vehicle insurance.
Date posted:
February 16, 2018
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Discuss law of demand
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Discuss law of demand
Date posted:
February 15, 2018
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Define(a) Marginal rate of substitution(b) Law of diminishing marginal utility
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Introduction to microeconomics
Date posted:
February 14, 2018
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Distinguish the difference between (a) Total utility (b) Marginal utility
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Distinguish the difference between (a) Total utility (b) Marginal utility
Date posted:
February 14, 2018
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Discuss methods of computing national national income of a country taking into account the necessary adjustments
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discuss methods of computing national national income of a country taking into account the necessary adjustments.
Date posted:
February 10, 2018
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Answers (1)