Service Boundary/API design for Inventory Service with overridable levels

Question

I have a requirement to design an API service for managing product inventory. The attributes for this API are divided into 3 categories. Product definition, Product Characteristics/Behavior & Product Inventory. On top of this, there are attributes that are maintained for "product characteristics" at the "Federal","State" and "Local" level. These attributes can be overridden at any level. (The same attributes can be repeated at multiple levels if overridden)

Known Concerns

1. The 3 categories are tightly dependent in a sense that they will be chatty (if a new definition is added, a product behavior changes etc, other services within the "product" domain have to be notified)
2. The last level which is the "Product Inventory" has heavy "item qty updated" events. This category also maintains the current qty levels.

Questions

1. Would it make sense to have 3 different service boundaries (aka 3 micro-services) for each of the above 3 categories?
2. What kind of data model/API can be used for representing the overriding levels (repeating attributes for 'Federal', 'State', 'Local' in 'Product Characteristics' service). Would it be a single entity or 3 entities within "Product Characteristics" service with repeating attributes at all 3 levels?