ok ,,let see ...:D
Microeconomic decisions by both firms and individuals are motivated by cost and benefit considerations. Costs can be either in terms of financial costs such as average fixed costs and total variable costs or they can be in terms of opportunity costs, which consider alternatives foregone.
Microeconomists consider questions such as "What determines how much a consumer will save?", "How much should a firm produce, given the strategies their competitors are using" and "Why do people buy both insurance?
How Others Define Microeconomics??
Like most definitions in economics, there are various competing definitions of the term Microeconomics. Browsing the web, we will find various answers to the question:
The Economist's Dictionary of Economics defines Microeconomics as "The study of economics at the level of individual consumers, groups of consumers, or firms... The general concern of microeconomics is the efficient allocation of scarce resources between alternative uses but more specifically it involves the determination of price through the optimizing behaviour of economic agents, with consumers maximizing utility and firms maximizing profit..:D
