Rod B. answered • 03/23/19
Stanford / Harvard Tutor in Microeconomics. 30+ years experience.
Microeconomics is the study of choices that individuals and business make in certain markets, and how that interaction is affected by government decisions.
Some key aspects are:
a. Consumer behavior. Why some consumers prefer to buy online?
b. Supply (Producers) and demand (consumers) in specific markets: how prices are determined? How many more pizzas are sold when the price is dropped 20%?
c. Market structures and Business Strategy. If you are the owner of an ice cream store and you want to increase profits: should you reduce the costs, create new products, make more promotions or reach a price agreement with your competitors?
d. Regulation. Recently, a city established rent control. What is going to happen?
