Give two examples of microeconomic studies. 

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Two Examples of Microeconomic Studies:

1. Price Elasticity of Demand:

   • This microeconomic study analyzes how changes in price affect the quantity demanded of a particular good or service.
   • For instance, assessing how a price increase for gasoline impacts consumers' demand for fuel-efficient cars showcases the concept of price elasticity of demand.

2. Cost-Benefit Analysis:

   • Cost-benefit analysis is a microeconomic tool used to evaluate the feasibility of a decision by weighing the costs against the benefits.
   • For example, a government may conduct a cost-benefit analysis to determine whether to invest in building a new highway by comparing the anticipated economic benefits, such as reduced travel time and increased productivity, with the construction costs.

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