1)Suppose that demand is given by the equation Q = 60 - 2P

1)please see the attached file for the complete solution.

2)Microeconomics is a branch of economics that majors in studying how households, individuals, or firms relate to resource allocation. Typically, it is used in markets to determine individual choices and how they influence the market for goods by affecting their supply and demand and price levels. This aspect makes microeconomics a bottom-up approach. Moreover, it incorporates government legislation, taxes, and regulations to determine the price levels to be used in an economy. Another microeconomic trait is that when certain conditions face changes, it tries to explain the possible outcome. Besides, microeconomics can be used in investment decisions.