Microeconomic models are simplified representations of economic processes that focus on individual agents, such as consumers and firms. These models help analyze how these agents make decisions regarding the allocation of resources, pricing, and consumption. By using assumptions and mathematical equations, microeconomic models can predict behavior in various market conditions. Common examples of microeconomic models include the supply and demand model, which illustrates how prices are determined in a market, and the consumer choice model, which examines how consumers maximize their utility. These models are essential tools for economists to understand and explain real-world economic phenomena.