Critically discuss the usefulness of microeconomics in real life

Description Must include relevance to: Risk and uncertainty in Economics and Business Adverse selection and Moral Hazard problems, applications to insurance market, labour market Topics in Game Theory, equilibrium strategies, auction, bargaining Principal-agent theory, incentives in organization, multitasking theory of firm, transaction cost economics Empirical analysis of the transaction costs Experimental investigations of economic behaviours with reference to the concepts of altruism, trust and reciprocity Economics of individual and social responsibilities Examples and diagrams are used where appropriate.