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Mention the types of micro economics in a nutshell. |
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Answer» Assuming the cost of a commodity to be variable and all other factors to be constant, the study of individual unit is called micro-economic study. But when all the factors are variable, such study is called total micro-economic study. When micro-economic study is done assuming price, etc., variables to be stable, it, is called micro-economic static study. Similarly, when two stable conditions are compared, it is called micro-economic comparative study, and study done by assuming economic variables to be in a continuously dynamic state, is called dynamic study. |
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