Imagine you own your own business and have to make daily decisions about how to

Imagine you own your own business and have to make daily decisions about how to allocate available resources such as input of production, time, purchasing decisions, and so forth. What role do you think microeconomics has in running a business?
Which of the principles of economics outlined in your reading would you be more likely to apply when making business decisions? Provide at least two to three examples.

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