 In module 20, under the topic of microeconomics and micro, now we will explain what is the importance of microeconomics. So microeconomics will help us to formulate various economic policies, government will be able to decide various issues available in the economy with the help or the knowledge provided by the microeconomics. To definitely hear the concept of opportunity cost, concept of available resources, concept of the pricing, concept of the strategic moves, it will provide the capacity to the government to decide various economics issues through various policies. So it explains the working of the capitalist economy, it explains the working of various market structures. It explains how the exploitation of the various market structure or the capitalist economy can be reduced and how the ownership of the resources can be redistributed in the better form. And microeconomics can also explain that if contrary to the capitalist economy, the free economy has to be developed. So individual units, how they will attain their equilibrium and in the free market, how the resources they will be utilized under the laces where, how level playing field has to be provided to every economic agent. So this has to be decided under the microeconomics and it provides the facility to explain all these features and formulation of policies. And this microeconomics, it also helps either to the government and also to the entrepreneurs to decide about the price policies. Actually these price policies, they are the basic tools or the signals through which the markets they are going to work. So if we look at the different price policies, then we will understand that it is a very easy thing. We sometimes listen to the name of sport price policy, sometimes we listen to the name of minimum wage, sometimes we listen to the name of maximum price, sometimes we listen to the name of floor price, sometimes we listen to the name of ceiling price. So these are actually the different forms of price policies in which the government sometimes decides the minimum sport price for its employees, its employees, to give its minimum shorty. Which means, at least in the market, whenever it is afraid that the employee will not get the right job, then it is decided that when that thing will come to the market, it will not be less than that. Similarly, we can support consumers or producers to decide different prices. Then to take it to the next market signal, because if the entrepreneur does not get the proper pricing, then the next time it will lose, then it will reduce the birth rate. Because when the birth rate is reduced, then next year, without its production, when there is no supply, then for the government, to meet that demand, you have to import more amount from it. So here, the government, with the help of this pricing policy, does a true allocation of resource, and this allocation of resource is the basic unit, which is used for every factor of production's actual value judgment. And for efficient employment, this resource's right prediction, the forecast of business, and its total availability, its technology, and its capacity assessment. All of this is dealt in microeconomics, and the knowledge of all these things is helped by entrepreneurs, consumers, different agents of the market, policy holders, and institutions to decide how to attain better economic growth.