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Microeconomics is a subpart of economics. Basically, it is a study of the behavior of businesses as well as individuals in making decisions about the allocation of limited stocks and the intercommunications among these businesses and individuals.
The study of microeconomics can be classified into three categories. Such as:
●Micro Statics
:It is the process of analysis that usually deals with the correlation between several micro variables at a stipulated time under the contingencies of equilibrium.
●Microdynamics
:The technique of microdynamics defines such a process whereby we can move from one equilibrium state to another. Basically, it involves the complete study of the forces.
●Comparative Micro Statics
:It is a technique of analysis that analyzes the equilibrium state of the relationships between micro variables at distinct points in time. Therefore, it can be said that comparative micro statics is a study of several equilibria at distinct points in time.
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