Question 1Classify the following as microeconomics or macroeconomics and provide a justification for your choice The optimal choice of output for a firm that produces electric heatersMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economy A worker’s decision about how many hours to workMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economyThe impact of new technology in the market for DVD recordersMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economyThe relationship between education and economic growthMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economyThe effect of government spending on the nation’s unemployment rateMacro, examining entire economyMacro, examining one sector in economyMicro, examining one specific firmMicro, examining one individualMicro, examining one sector of the economyMacro, examining one firm in the economy Question 2Implementation and enforcement of the seat belt law has resulted in an increase in the number of accidentsWhich core principle is represented in this scenario (if any) ?Scarcity, Cost and opportunity costCompare the cost versus the benefit in making decision incentive principle.This situation does represent a core principlePeople are responding to an incentiveAdding more variable factor to a given fixed factorCost-benefit analysisDiminishing returnsScarce resource so choice has to be madeExplanationScarcity, Cost and opportunity costCompare the cost versus the benefit in making decision incentive principle.This situation does represent a core principlePeople are responding to an incentiveAdding more variable factor to a given fixed factorCost-benefit analysisDiminishing returnsScarce resource so choice has to be made

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 1

Classify the following as microeconomics or macroeconomics and provide a justification for your choice

The optimal choice of output for a firm that produces electric heaters

Macro, examining entire economy
Macro, examining one sector in economy
Micro, examining one specific firm
Micro, examining one individual
Micro, examining one sector of the economy
Macro, examining one firm in the economy

A worker’s decision about how many hours to work

Macro, examining entire economy
Macro, examining one sector in economy
Micro, examining one specific firm
Micro, examining one individual
Micro, examining one sector of the economy
Macro, examining one firm in the economy

The impact of new technology in the market for DVD recorders

Macro, examining entire economy
Macro, examining one sector in economy
Micro, examining one specific firm
Micro, examining one individual
Micro, examining one sector of the economy
Macro, examining one firm in the economy

The relationship between education and economic growth

Macro, examining entire economy
Macro, examining one sector in economy
Micro, examining one specific firm
Micro, examining one individual
Micro, examining one sector of the economy
Macro, examining one firm in the economy

The effect of government spending on the nation’s unemployment rate

Macro, examining entire economy
Macro, examining one sector in economy
Micro, examining one specific firm
Micro, examining one individual
Micro, examining one sector of the economy
Macro, examining one firm in the economy

Question 2

Implementation and enforcement of the seat belt law has resulted in an increase in the number of accidents

Which core principle is represented in this scenario (if any) ?

Scarcity, Cost and opportunity cost
Compare the cost versus the benefit in making decision incentive principle.
This situation does represent a core principle
People are responding to an incentive
Adding more variable factor to a given fixed factor
Cost-benefit analysis
Diminishing returns
Scarce resource so choice has to be made

Explanation

Scarcity, Cost and opportunity cost
Compare the cost versus the benefit in making decision incentive principle.
This situation does represent a core principle
People are responding to an incentive
Adding more variable factor to a given fixed factor
Cost-benefit analysis
Diminishing returns
Scarce resource so choice has to be made

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