QUIZ 4

Name: Zeeshan Haider

ARID Number: 20-ARID-2127

QUESTION # 1

Differentiate between the microeconomics and macroeconomics?

Microeconomics Macroeconomics

Definition: Definition:
It studies behavior of an individual consumer and It studies the behavior of an economy as a whole
firm. (both national and international).

Topics:
Topics:
Major topics are Inflation, Unemployment,
Major topics are Demand, Supply, Production,
National Income, Monetary/Fiscal Policies and
Pricing and Consumption etc.
International trade etc.

Analysis: Analysis:
Microeconomics analysis is simple. Its complex due to study of large groups.

Focus: Focus:
It particularly focuses on price analysis. It deals It particularly focuses on income analysis. It deals
with households and firms decisions. with aggregate decisions.

Important Variables Important Variables:

Important variables are variables in
microeconomics are Total Revenue, Marginal
Revenue, Average Revenue, Total Cost, Marginal
Cost, Average Cost, Average Fixed Cost, Average
variable Cost etc.
Important variables are Unemployment Rate,
Nominal GDP, Real GDP, Consumer Price Index,
Economic growth, Inflation Rate, Real Interest
rate, Monetary and Fiscal Policy and Exchange
Rate etc.

Approach: Approach:
Partial Equilibrium. General Equilibrium.
QUESTION # 2

REPORT OF SUBMISION

QUIZ 1 SUBMITTED (YES/NO) YES

QUIZ 2 SUBMITTED (YES/NO) YES
QUIZ 3 SUBMITTED (YES/NO) YES
QUIZ 4 SUBMITTED (YES/NO) YES