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- According to economists, the satisfaction people get from their consumption activities is called:Identify each of the following topics as being part of microeconomics or macroeconomics: The impact of a change in consumer income on the purchase of luxury automobiles (a) macroeconomics (b) microeconomicDifferentiate Microeconomics from Macroeconomics
- Derive with the help of indifference curves and the budget constraint the optimal consumption plan. How do you transfer the optimal consumption plan into an individual demand function?Differentiate between an exogenous variable and an endogenous variable in an economic model? Why isn’t it useful to construct an economic model that contains only exogenous variables (and no endogenous variables)?What is the difference between static and dynamic analysis in economics? When is each appropriate?
- Receive with the help of indifference curves and the budget outline the optimal consumption plan. How do you transfer the optimal consumption plan into an individual demand function?Explain the economic reason for which consumption decisions are graphically represented as a straight line and production decisions are graphically represented as a curve.Determine whether each topic in the following table would more likely be studied in microeconomics or macroeconomics.
- Explain how microeconomics differs from macroeconomicsexplain the difference between macroeconomics and microeconomics.Recent research by economists David Cutler, Edward Glaeser, and Jesse Shapiro on Americans' increasing obesity points to improved technology in the preparation of tasty and more caloric foods as a possible explanation of weight gain. Before World War II, people rarely prepared French fries at home because of the significant amount of peeling, cutting, and cooking required. Today French fries are prepared in factories using low-cost labor, shipped frozen, and then simply reheated in homes. Paul consumes two goods: potatoes and leisure, N. The number of potatoes Paul consumes does not vary, but their tastiness, T, does. For each extra unit of tastiness, he must spend p hours in the kitchen. Thus, Paul's time constraint is N+pT = 24, and Paul's utility function is U = Paul's marginal rate of substitution (MRS), with T measured on the horizontal axis and N measured on the vertical axis, is N MRS = 2. (Properly format your expression using the tools in the palette. Hover over tools to see…