This system is similar to a microeconomic model in which firms set prices and quantity based on the market.

Even older, Irving Fisher's machine is well-known microeconomic model implemented as hydraulic apparatus.

Therefore, in recent decades macroeconomists have attempted to combine microeconomic models of household and firm behavior to derive the relationships between macroeconomic variables.

Weber makes the switch by applying a microeconomic model of rational action in order to understand action which is a calculated means to an end.

Evidence for the existence of Giffen goods is limited, but microeconomic mathematical models explain how such a thing could exist.

The model is central to the theory of general (economic) equilibrium and it is often used as a general reference for other microeconomic models.

In microeconomic models, there are usually a finite set of L commodities, and a consumer may consume an arbitrary amount of each commodity.

A second uses microeconomic models to explain internal firm organization and market strategy.

The household is the basic unit of analysis in many social, microeconomic and government models.

Our approach uses a microeconomic model to offer some insights in this regard.