Microeconomics and macroeconomicsDetermine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. MicroeconomicsMacroeconomicsA consumer's optimal choice when buying a flat-screen TV The effect of government regulation on a monopolist's production decisions The government's decision on how much to spend on public projects Understanding opportunity costYou work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and go to the county fair instead, which has an admission fee of $9.The total cost (valued in dollars) of skipping practice and going to the fair (including the opportunity cost of time) is .

Economics is a part of social science which deals with the decisions related to production,…

Answered: Microeconomics and macroeconomics…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Microeconomics and macroeconomics

Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics.

	Microeconomics	Macroeconomics
A consumer's optimal choice when buying a flat-screen TV
The effect of government regulation on a monopolist's production decisions
The government's decision on how much to spend on public projects

Understanding opportunity cost

You work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and go to the county fair instead, which has an admission fee of $9.

The total cost (valued in dollars) of skipping practice and going to the fair (including the opportunity cost of time) is .

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