Characteristics/Features of , microeconomics
Nature of Analysis - In microeconomics the behavior of individual consumers and producers in detail is analyzed. It is the study of the subject matter from particular to general.
Method - Microeconomics divides the economy into various small units is analyzed in detail. It is a slicing method.
Scope - Microeconomics analysis involves product pricing. factor pricing and theory of welfare.
Application - Both theoretically and practically , micro economics is useful in formulating various policies, resource allocation. Public finance, international trade....
Nature of Assumption - Assumption of Ceteris Parabus is always made in every microeconomics theory. it means theory is applicable only when other things being same.
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