SA. Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with microeconomics: a. "Nestle Ghana posted a 18% increase in sales" b. "GRIDCO plans to slash more jobs" c. "Ghana's Output Grew by 5.8%" d. "Housing starts soared 10% in September" e. "Ghana to Breach key Deficit Target it helped to create"
SA. Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with microeconomics: a. "Nestle Ghana posted a 18% increase in sales" b. "GRIDCO plans to slash more jobs" c. "Ghana's Output Grew by 5.8%" d. "Housing starts soared 10% in September" e. "Ghana to Breach key Deficit Target it helped to create"
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![SA. Explain how microeconomics differs from macroeconomics. Which of the following
headlines, taken from the various issues of The Daily Graphic, deal with microeconomics:
a. "Nestle Ghana posted a 18% increase in sales"
b. "GRIDCO plans to slash more jobs"
c. "Ghana's Output Grew by 5.8%"
d. "Housing starts soared 10% in September"
e. "Ghana to Breach key Deficit Target it helped to create"
Explain each issue why it is a microeconomic issue
5.B Justina owns the Just's Sobolo Store. She charges GHS10 per bottle for her
handmade
sobolo. You, the economist calculated the elasticity of demand for
sobolo in her town to be 2.5. If she wants to increase her total revenue, what advice will
you give her and why?
Be able to explain your answer.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9b7da844-7175-4c38-9ae5-502c082dd374%2F512103fc-a645-4d56-9113-1d5a9ece2b1b%2F56s0o0b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:SA. Explain how microeconomics differs from macroeconomics. Which of the following
headlines, taken from the various issues of The Daily Graphic, deal with microeconomics:
a. "Nestle Ghana posted a 18% increase in sales"
b. "GRIDCO plans to slash more jobs"
c. "Ghana's Output Grew by 5.8%"
d. "Housing starts soared 10% in September"
e. "Ghana to Breach key Deficit Target it helped to create"
Explain each issue why it is a microeconomic issue
5.B Justina owns the Just's Sobolo Store. She charges GHS10 per bottle for her
handmade
sobolo. You, the economist calculated the elasticity of demand for
sobolo in her town to be 2.5. If she wants to increase her total revenue, what advice will
you give her and why?
Be able to explain your answer.
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