Economic Analysis

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Economic Analysis

Definitions

Microeconomics is the analysis of individuals and firms market behaviors that help in the decision making process of the firms and the households.

Marginal unit is the production of one more extra unit than the actual unit production of the firm, for example a firm is making 10 units, and the 10th and 11th unit will both be considered as the marginal units.

Economics is the mechanism of allocating scare resources in order to satisfy consumers need and wants over a specific period of time.

Supplement is added to complete a thing either to overcome the deficiency or to ...