NCERT Solutions for Class 12 Micro Economics Chapter-5
Economics can be defined as the area of study which analyses the processes of production, distribution, and consumption of wealth and other resources within human society. It is aimed at discovering the most potent methods through which human society could utilise the resources available at its disposal in the most sustainable as well as profitable manner. Economics is not only about procuring profits, it is also about avoiding losses. These losses could both be in terms of monetary and financial deficits as well as human resource costs, which could have a drastic impact on the functioning of society and might even lead to the collapse of the entire system. Therefore, it is quite vital that the economic processes mentioned above be operated in a balanced and sustainable manner so as to ensure equity. While a certain degree of financial inequality is unavoidable due to the differences in the merits and capabilities of people, this inequality should be managed in a way that people who are in the lowest rungs of society earn living wages. Within human society, a multitude of diverse governmental and non-governmental institutions like banks, public policy institutions, financial experts, business chambers. etc., work relentlessly to determine and model economic policies for the wider society. In February every year, the Indian government prepares an annual financial statement, commonly referred to as the budget, for the expenditures and revenues for the upcoming year. This budget covers many microeconomic policies which cater to various objectives related to the welfare of the citizens.
Economic history refers to the historical analysis of the economic dimensions of human society and history. Economics is a broad discipline which covers a diversity of themes beyond the topics and concepts that can be considered primarily economic. Certain notable examples could be inequality, living standards, welfare, social change, science and technology, poverty and marginalisation, healthcare, education, etc. The core focus of the discipline of economic history is on mankind’s situation within a context characterised by innovation, growth, and general development. The earliest form of Economics emerged in the Bronze Age which lasted somewhere between 4000-2500 BCE in the four great civilisations of that era. These civilisations were the Sumerian and Babylonian and the Indus Valley civilisation. The human societies comprised of these civilisations invented notation systems and numerical sequences. These systems of accounting, which emerged simultaneously with the emergence of written language and script, covered ways of tracing transfers of property, recording interest, payments and debts, calculating compound interest and many other economic techniques and methodologies that are prevalent even today.
A closer look at the historical origins of the discipline of Microeconomics reveals that the origins of this academic discipline lie in two prominent academic disciplines. These disciplines are namely Philosophy and Mathematics. Philosophically, microeconomics evolved from the utilitarianism philosophy developed by Jeremy Bentham and James Mill.This philosophy, in layman’s language, is about maximising pleasures and minimising discontent. It developed a technique called the Felicific Calculus to quantify pleasures and pains. The mathematical influences on the development of microeconomics can be traced back to Daniel Bernoulli’s works.Daniel Bernoulli propounded the idea of expected utility. Bernoulli points out that with increases in individual wealth, utility increases inversely in proportion to the number of goods already acquired. Utility canbe defined as the total satisfaction or profit procured from the consumption of a particular good or service.
Towards ensuring the fulfilment of these objectives, resources for online learning like the NCERT Solutions provided by the Extramarks portal for online learning can prove to be particularly indispensable. Chapter 5 of the prescribed textbook for learning Microeconomics in Class 12 for the students of the CBSE Board incorporates the subject matter of Market Equilibrium. The NCERT Solutions Class 12 Micro Economics Chapter 5 include the solutions to the comprehensive assessment provided in the form of the exercises which have been incorporated along with this specific chapter in the NCERT textbook for Microeconomics in Class 12. The NCERT Solutions Class 12 Micro Economics Chapter 5 are holistic and comprehensively compiled. These solutions have been put together by Extramarks to provide complete solutions to the evaluation exercises provided as a part of Chapter 5 of the prescribed NCERT textbook for Microeconomics in Class 12. The easy availability of NCERT Solutions for Class 12 Micro Economics Chapter 5 ensures that students will be able to improve their understanding of the subject.With the assistance of NCERT Solutions Class 12 Micro Economics Chapter 5, students would definitely pass through board examinations with flying colours. These solutions have been structured in a logically cautious manner. This is why these solutions exhibit the appearance of a comprehensive framework which is founded on the particular scheme of mark distribution scheme which has become a convention in the board examination. The NCERT Solutions Class 12 Micro Economics Chapter 5 are quite academically advantageous notes for the board examinations of Class 12 in the subject of Microeconomics. These solutions can also be put to good use by guardians and tutors of students of Microeconomics as potent reference materials for this subject in Class 12. The NCERT Solutions Class 12 Micro Economics Chapter 5 would prove to be of great help to students who are facing recurring doubts and obstacles in their comprehension of the subject of Microeconomics. The NCERT Solutions Class 12 Micro Economics Chapter 5 would greatly expedite self-study for students.To summarise, these NCERT Solutions would be a great and useful addition to the perseverance, sincere efforts, and hard work of the students of Class 12.
Class 12 NCERT Solutions Micro Economics – Market Equilibrium – Free PDF Download
According to reliable sources, a market can be in equilibrium in a particular situation. This situation arises when at the market price, the amount or quantity demanded is equal to the amount or quantity supplied. The equilibrium price refers to the particular price at which the quantity demanded is equal to the quantity supplied. It is alternatively referred to as the market clearing price. The aforementioned quantity is called the equilibrium quantity. A market works in a certain, specific way. Specifically, those who do not have a specific good and wish to acquire it approach and interact with sellers who provide that specific good or service.It is the seller’s decision to determine the number of units they wish to offer or supply at a particular price standard. Similarly, buyers or consumers determine the number of units they wish to purchase or demand.The price standard at which these two amounts or quantities are identical denotes the specific price rate at which the quantity demanded equals the quantity supplied and the market achieves equilibrium.In the situation of equilibrium, or at the point of attainment of the equilibrium of price, there are no buyers or consumers who are in need of goods and are unable to find a seller. Conversely, there are no sellers who are aiming to sell certain goods but are unable to find a buyer.
This is to say that in the context of price equilibrium, thesellers of commodities are capable of selling the exact same amount or quantity of products they wish to sell at a particular price. Similarly, the buyers are also able to buy the exact amount or quantity of commodities that they want to buy at the determined price. In the case where the demand and supply statistics of a market are provided, the market equilibrium could be easily found by seeking out the price at which the quantity of products demanded is equal to the amount supplied.
The NCERT Solutions Class 12 Micro Economics Chapter 5 are greatly recommended since it would be very helpful to students with regard to addressing all of these vital concerns.
The NCERT Solutions Class 12 Micro Economics Chapter 5 have been fashioned with the appropriate inclusion of the comprehensive vocabulary of terms and terminologies that comprise the English language. The knowledge of this English vocabulary for Microeconomics has been included in NCERT Solutions Class 12 Micro Economics Chapter 5. The NCERT Solutions Class 12 Micro Economics Chapter 5 have been engineered in a format which mirrors the academic content of the prescribed NCERT textbook for Class 12 for Microeconomics in Hindi. The NCERT Solutions Class 12 Micro Economics Chapter 5 have been aggregated by Extramarks to combine the demands and nuances of the latest and updated NCERT syllabus of Microeconomics for the students of Class 12. These solutions have been built and organised on the basis of the logical formulation and pattern of chapter sequencing as depictedwithin the NCERT textbooks of Microeconomics Class 12. These solutions have been shaped by Extramarks through a deliberate analysis of reference materials like past years’ question papers and sample question papers. The NCERT Solutions Class 12 Micro Economics Chapter 5 have been formulated into a well-structured and easy-to-understand schema. The NCERT Solutions Class 12 Micro Economics Chapter 5 are online resources for learning Microeconomics for Class 12 students that are very compatible with internet requirements.This signifies that these solutions are appropriately enabled for visual usage on the internet. The NCERT Solutions Class 12 Micro Economics Chapter 5 curated by Extramarks, comprise student-friendly reference materials and solutions. These solutions are assets which could be used to cater to a number of issues and challenges faced by students with regard to the learning and teaching of Microeconomics in Class 12. The NCERT Solutions Class 12 Micro Economics Chapter 5 have been assembled by the Extramarks educational website in collaboration with experienced teachers and mentors of the subject who are exceptionally knowledgeable with regard to the subject matter of Microeconomics. The NCERT Solutions Class 12 Micro Economics Chapter 5 could be competently used by students to create their own personal notes for thel convenience of learning.
Access NCERT Solutions for Economics Class 12 Chapter-05 (Microeconomics) Market Equilibrium
Students often exhibit hesitation towards Microeconomics as an academic discipline which is also a part of the curriculum for the students of the Commerce stream in Class 12. Microeconomics is undoubtedly a multi-dimensional subject as well as one withunfathomable practical relevance in many important professional and administrative areas in daily human life. Microeconomics is an academic discipline which is highly applicable in practical life and greatly scientific and logical. This implies that students must not merely retain important definitions, facts, or formulae but must also be able to appropriately figure out the necessary course of action when they are presented with a problem.
The conventional setting of a classroom within the traditional school system, which is prevalent in India, makes the imparting of education a lengthy and complicated procedure. Mentors of Microeconomics believe that there could be a number of causes responsible for this situation. To begin with, it is self-evident that each student is a distinct individual in and of themselves because they are different human beings in relation to one another.When they step into the education system in order to embark on the process of learning, they start at different points. The framework of the classroom has evolved over centuries of human history to cater to certain crucial objectives. The most important of these goals is to make the process of delivering similar education to children at the same age levels and possessing similar comprehension and application abilities more convenient.Children of the same age groups, on the other hand, are not alike in a variety of ways. They hail from diverse backgrounds and harbour things like personal subject preferences and priorities and personally suitable methods of learning. They also choose distinct methodologies to convey their wants and needs to their guardians and mentors. Thus, treating all children, in the same way, could be more convenient but could not possibly be considered the most ideal method of learning and teaching.
In the same breath, teaching is a versatile profession. Similar to students, teachers also have distinct personalities. These distinctions and specificities characteristic of individual instructors, greatly impact the pedagogies they select for imparting education in various subjects. They also influence the level of comfort and the extent of the private sphere of a teacher, which in turn affects their responsiveness and accountability towards the students. Together, the nature of students, both as individuals and as a group, and teachers make up the environment of the classroom.
The school system is highly organised and sophisticated in order to ensure efficiency and discipline. Schedules are predetermined and conveyed to both students and teachers in advance so that they can effectively time their schedules with respect to the requirements of the school curriculum. Despite this, the time allotted for delivering subject matter for each academic discipline is severely limited and regulated. Therefore, the time available for teachers to render education in specific subjects is also often less than required. Within this limited time, teachers are expected to complete the prescribed syllabus for each subject as well as respond appropriately and adequately to the doubts, concerns, and questions of students. This is an extremely cumbersome and challenging process. It is also a cause of huge concern for students as well as their mentors and guardians. This is because unresolved doubts can accumulate over time, which can prove to be disconcertingly detrimental for students during the time of board examinations. The conceptual clarity of students with regard to the themes at hand can take a major toll and adversely affect their academic performance. The NCERT Solutions Class 12 Micro Economics Chapter 5 could prove very useful to students in this regard.
The NCERT Solutions Class 12 Micro Economics Chapter 5 have been formulated in order to comprise holistically the integral vocabulary of the English language, which is peculiar to the subject of Microeconomics. The vocabulary of Microeconomics is characterised by various vital terms and terminologies along with crucial theories and concepts. This vocabulary has been inculcated into the prescribed academic curriculum for the notes prepared and monitored by the NCERT in the prescribed textbook for Microeconomics for Class 12. It has also been examined and interpreted minutely for the compilation of the NCERT Solutions Class 12 Micro Economics Chapter 5. These solutions have been curated by the Extramarks website through a step-by-step process. This underlines the fact that the NCERT Solutions Class 12 Micro Economics Chapter 5 include supervised consideration of the provisions and requirements of the latest NCERT syllabus for Microeconomics for the students of Class 12. The NCERT Solutions Class 12 Micro Economics Chapter 5 have been formed in a similarly arranged and scientifically and academically sequenced format as has been adhered to in the chapter of contents prescribed by the NCERT textbooks for Microeconomics in Class 12. The NCERT Solutions Class 12 Micro Economics Chapter 5 have been compiled by Extramarks through an exploration of broad horizons of research. This includes past years’ papers from board examinations and reliable sample question papers. These resources have been minutely analysed and studied in the compilation of the NCERT Solutions Class 12 Micro Economics Chapter 5. These solutions are very convenient and versatile online learning resources that could be used in many ways to fulfil the various objectives of learning. The NCERT Solutions Class 12 Micro Economics Chapter 5 consist of error-free and linguistically and grammatically correct language which eliminates any concerns.
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NCERT Solutions Class 12 Microeconomics Chapter 5 – Free PDF Download
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NCERT Solutions for Class 12 Microeconomics Chapters
The academic discipline of Microeconomics is a quintessential part of the academic curriculum prescribed by the NCERT for the students of Class 12 who are pursuing the Commerce stream. The NCERT has compiled an outstanding text on Microeconomics for the students of Class 12. It comprises six distinct chapters. Various themes such as production and costs, the theory of consumer behaviour, theory of the firm under perfect competition, etc. have been covered in depth in these chapters. Chapter 5 is titled Market Equilibrium. This is a comprehensive chapter on the theme of market equilibrium, which is a vital theme for students who are aspiring to pursue higher education and a career in Economics. That is why students must lay a strong foundation in Class 12 itself. Various themes have been covered in this chapter on Market Equilibrium. These include the introduction to market equilibrium, the conditions required to attain equilibrium in the market, etc. These themes have been covered through essay-type subjective questions. The solutions to these questions have been attentively designed and equipped with suitable examples, illustrations, and graphs wherever required. These would be extremely helpful in preparing and training students regarding how to construct appropriate and logically sequenced answers during the board examinations.
The NCERT Solutions For Class 12 Micro Economics Chapter 5 would serve this objective very well. The Class 12 NCERT Solutions Micro Economics Chapter 5 include solutions to the assessments provided as a part of the prescribed textbook of Microeconomics for the students of Class 12. The solutions for Class 12 Micro Economics Chapter 5 are all inclusive of all concepts which are a part of the theme of Market Equilibrium.
Reference materials like the NCERT Solutions prepared by the Extramarks educational platform ensure that the process of learning occurs without any glitches or conceptual discrepancies. The economic topic of Market Equilibrium along with the multiple theories, formulae and their practical application which are innately linked with the aforementioned topic has been included within Chapter 5 of the prescribed textbook for Microeconomics by the NCERT in Class 12. With reference to this chapter, the NCERT Solutions Class 12 Micro Economics Chapter 5 could turn out to be vital guidelines for students’ progress. The NCERT Solutions Class 12 Micro Economics Chapter 5 prepared by Extramarks contain pertinent solutions to the assessments which have been provided with Chapter 5 of the prescribed textbook for Microeconomics by the NCERT in Class 12. The NCERT Solutions Class 12 Micro Economics Chapter 5 are drawn-out and all-inclusive. Extramarks’ NCERT Solutions for Class 12 Microeconomics Chapter 5 would be invaluable as trailblasing guidelines for students who are making concerted efforts to achieve excellence in Microeconomics in the board examinations.The NCERT Solutions Class 12 Micro Economics Chapter 5 are logically designed and systematically organised. The NCERT Solutions Class 12 Micro Economics Chapter 5 have been catalogued in an encyclopaedic framework in order to fulfil the prerequisites of the scheme of mark distribution which is adhered to in the board examinations. The NCERT Solutions Class 12 Micro Economics Chapter 5 created by Extramarks could also be put to use as all-inclusive notes for time-efficient review during the board examinations. With regard to guardians and parent mentors who tutor their children in Microeconomics and other academic disciplines, the NCERT Solutions Class 12 Micro Economics Chapter 5 could be admitted as dependable reference materials. The NCERT Solutions Class 12 Micro Economics Chapter 5 designed by Extramarks could be of great aid to students who are often struck with the issue of resolving basic concerns and doubts caused by a lack of conceptual clarity. In addition, the NCERT Solutions Class 12 Micro Economics Chapter 5 could also modify self-study into a comparatively more efficient form of learning for the students. The NCERT Solutions Class 12 Micro Economics Chapter 5 would undoubtedly boost the confidence and morale of students with regard to the academic discipline of Microeconomics in the board examinations.
Chapter 5 – Market Equilibrium
In an adequately competitive market, the Market Equilibrium is synchronised with the point of intersection of the supply curve and the demand curve. This is why market equilibrium is also referred to as competitive equilibrium. The main reason behind this could be that it explains the distribution of commodities and services in a perfectly competitive market.
With a remarkable increase in the number of firms, the market price witnesses a decrease. This is because otherwise, consumers would not want to buy the additional products offered by the new firms. This leads to a decrease in profits until they reach zero, and firms do not have any incentive to make an entry into the market. Market Equilibrium, as is evident, is a very complex and diverse theme with many underlying themes and concepts which have to be engaged with comprehensively from a holistic perspective. Along with attempting to retain crucial formulae, definitions, theories, and principles, it is equally important to be aware of the practical aspects of these elements.
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Class 12 Microeconomics Chapter Wise Marks Weightage
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The NCERT Solutions Class 12 Micro Economics Chapter 5 are all-inclusive online learning resources that can be used as versatile academic reference materials, making them ideal for students who learn in a variety of ways.. The NCERT Solutions Class 12 Micro Economics Chapter 5 can also be put to great use as practise assessments for those who are habituated towards revision on a daily basis. Additionally, the NCERT Solutions Class 12 Micro Economics Chapter 5 compiled and curated by Extramarks have been formulated through painstaking efforts and extensive and intensive research based on a variety of educational sources. With reference to the format design and framework of the NCERT Solutions Class 12 Micro Economics Chapter 5, there are no fundamental clashes between the solutions provided and the latest NCERT academic curriculum.
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Along with the NCERT Solutions Class 12 Micro Economics Chapter 5, the Extramarks portal for online learning also has comprehensive and high-quality NCERT Solutions available for all academic disciplines. Indeed, all of these solutions, like the NCERT Solutions Class 12 Micro Economics Chapter 5, are available in the form of PDFs and can be downloaded at one’s convenience. To begin with, the accessibility to the NCERT Solutions Class 12 and NCERT Solutions Class 11 stand testimony to the claim of Extramarks that students would be holistically prepared with regard to the entirety of the academic curriculum of these important classes. Extramarks places a high value on the fact that with the aid of these resources, students would perform exceptionally well in the board examinations of Class 12. To fulfil a similar objective, the provision of NCERT Solutions Class 10 and NCERT Solutions Class 9 is directed at preparing students for the first board examinations of their school curriculum. Extramarks is also providing accessibility to NCERT Solutions Class 7 and NCERT Solutions Class 8 to make it more feasible for the students to deal with the versatility and vastness of the prescribed academic syllabus for these classes. The availability of NCERT Solutions Class 6 would also be of great help to students of this class within the CBSE Board.
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Online tutoring services are available on the Extramarks website and mobile application, along with reference materials for various academic textbooks. The Extramarks portal for online learning provides reference materials for various prescribed coursebooks for students of all grades and boards across the nation. Extramarks is a platform dedicated to the dissemination of quality education within the country. It works at many levels, from national to local, to ensure that students have quick, convenient, and efficient access to high-quality educational resources to help with their studies. The online mentoring of Extramarks takes place via educational videos which have been designed to cater to the requirements and intellectual standards of children of different grades. In addition to online educational rendering, the Extramarks learning platform offers the option of closely monitoring students’ academic progress in relation to the academic curriculum assigned to them.This process is facilitated by the availability of resources like the past years’ papers of board examinations and other examinations as well as reliable sample question papers for various subjects. Extramarks also provides the option of undertaking comprehensively prepared assessments curated by the website itself. These assessments help students evaluate their progress with regard to the academic materials provided to them.
4. What could prove to be some useful tips for students when they are preparing to appear for their board examinations?
Within the prescribed academic curriculum for Microeconomics in Class 12 by the NCERT, Market Equilibrium is a prominent theme. It is also quite a sophisticated topic. It consists of a multitude of individual formulae and their extended and specific derivatives. These formulae, including the terminologies and numerical formats used in their composition, have to be adequately comprehended and understood. This is imperative because, in the absence of appropriate comprehension and logical interpretation of the specific structure of the given formulae, students would find it difficult to apply the formulae practically for problem-solving. However, merely by retaining formulae and figuring out their practical application, one cannot excel in the theme of Market Equilibrium. In order to ace the concept of Market Equilibrium within Microeconomics, students would also need to familiarise themselves with the variety of theories, factual information and descriptive graphs associated with the subject matter of Market Equilibrium. Market Equilibrium is a very fundamental theme the knowledge of which becomes a part of the academic syllabus of Microeconomics from very early grades for the students which is a statement which emphasises its importance as a concept. Therefore, while it is important to attain knowledge of the practical application of various theories to construct adept graphs, it is equally significant to attain theoretical knowledge of the relevance of Market Equilibrium and the large number of facts which accompany this knowledge. The NCERT Solutions Class 12 Micro Economics Chapter 5 can undoubtedly cater to this purpose.
5. What languages are available through the Extramarks platform for online learning?
The Extramarks educational portal for online learning provides NCERT Solutions like the NCERT Solutions Class 12 Micro Economics Chapter 5 in both the English and Hindi languages. Students who are striving for procuring education in disciplines like Microeconomics through educational institutions which operate in the Hindi medium often possess and exhibit various types of inhibitions towards the academic curriculum prescribed for them. They are also apprehensive of their own situation within this curriculum. In order to explain this further, it is a general perception that students of the Hindi linguistic medium face an evident lack of multipurpose learning resources. Secondly, students have to also overcome the obstacle of being able to attain, effectively retain and apply the specific vocabulary of the Hindi language fashioned and adapted to the discipline of Microeconomics. Thirdly, and quite importantly, students must first and foremost familiarise themselves with the conventionally established pattern of questions appearing in the examinations. This can be rendered possible through vigilant observation, analysis, and consistent practise on a routine basis using past years’ question papers and reliable sample question papers. This content has to be engaged with through a number of learning methods in order to be able to rightfully comprehend it. The NCERT Solutions Class 12 Micro Economics Chapter 5 have been compiled keeping all these concerns in mind.
6. What themes and sub-topics comprise NCERT Solutions Class 12 Micro Economics Chapter 5?
Microeconomics is a vital academic theme for the students of the Commerce stream in Class 12. It is an indispensable theme for the students who are preparing for the board examinations. This is also a broad and diverse field of research in many professional fields. Politics and administration make extensive use of microeconomic themes and concepts in the formulation, execution, and implementation of policies for public welfare and fiscal management of the countryChapter 5 of the prescribed book for Class 12 by the NCERT, titled Microeconomics is Market Equilibrium. This chapter covers the topics, sub-topics and themes related to Market Equilibrium in great detail. It is divided into various sub-units which have been arranged in a logical sequence to ensure an uninterrupted flow of information which would be both easy to process and retain. Topics covered in this chapter include Equilibrium, excess demand, excess supply, out-of-equilibrium behaviour and wage determination in the labour market. Themes such as shifts in demand and supply, demand shifts, supply shifts, simultaneous shifts of demand and supply, free entry and exit, price ceilings, and price floors have also been effectively explained with appropriate examples. Many numerical problems have also been provided alongside the theoretical content and have been solved in a step-by-step format. For further reference, students can refer to NCERT Solutions Class 12 Micro Economics Chapter 5.
7. What is the relevance of Microeconomics? How would students benefit from studying Microeconomics?
Microeconomics is a social science. This science pertains to the study of the ramifications of elements like incentives and decisions and how these elements influence the consumption and dissemination of resources. It explains why different types and kinds of goods have varying values. It describes how individuals and business groups operate and reap benefits and profits from efficient production and exchange, as well as the most profitableand excellent ways in which individuals can coordinate their actions and cooperate. The study of Microeconomics involves the study of the decisions of individuals and firms to assign resources which are deployed in production, exchange, and consumption. Microeconomics, as a field of study, covers prices and production in particular individual markets as well as the links and exchanges between different markets. Several key concepts such as incentives and behaviours, utility theory, production theory, and price theory are indispensable while one is attempting to decode the study of Microeconomics in Class 12.
Extramarks is providing students with the NCERT Solutions Class 12 Micro Economics Chapter 5. With the aid of the NCERT Solutions Class 12 Micro Economics Chapter 5, students could study the theme of Microeconomics in comprehensive detail. They would be able to comprehend the complexities of the academic discipline of Microeconomics, such as key concepts and definitions.. Students would also acquire an awareness of the wide relevance of Microeconomics as an applied academic discipline with regard to the workings of the market as well as the national economy. Students would also be able to point out the methodology deployed by the discipline of Microeconomics and by the end of the semester, they would be in possession of a firm academic foundation with regard to the learning of this subject.