The domain of studies that include behavior of firms and individuals in general for making decision in accordance with allocation of resources with the subsequent interactions is termed as microeconomics ( in Greek micro is “small” plus economics). There are certain aspects to microeconomics like analysis of mechanisms in the market to allocate relative pricing for goods and services among alternative usage of resources. The free market, based on microeconomics has a condition, which states that a free market directly results in free allocation whereas a market failure occurs when the market fails to produce desirable and efficient outcomes.
Microeconomics helps to deal with issues like unemployment, inflation and growth, and also includes economic policies effect on the behavior of microeconomics with certain other parallels of economy. The study of microeconomics initiates with utility maximization of a single rational on an individual. The concept of rationality based on economics is specific individuals possessing stable preferences, which are both transitive and complete. There are certain technical assumptions, which prefer the existence of an utility function in relation with preference relation. The microeconomics theory is possible without assumption of utility function but comparative statistics is not possible, because there is no guaranteeing whether the utility function is differentiable.
The theory of microeconomics gradually progresses with defining competitive budget set, that is a subset of consumption set. This is the point where economists assume based on technical constraints where preferences are locally non-satiated. There is no guarantee that there would be rational rise for individual utility. Necessary assumptions and tools help in solving the utility maximization problem, which is the basis of consumer theory.
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