Types and Scope of Micro Economics

Scope of microeconomics 

Micro economics studies: 

1. Theory of product pricing with its two constituents, namely the theory of consumers behavior and the theory of production and costs. 
2. The theory of factor pricing with its four constituents, namely theories of wages, rent, interest and profits. 
3. Theory of economic welfare. 

Microeconomics is sometimes referred to as ‘price theory’, because prices are the core of microeconomics.

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