What is the difference between micro and macro economics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one. 2. Go to the internet and find a recent article that you find that is relevant for this section. Provide the link, and a summary of the article and discuss, in a few words, why you found the article interesting 3. Provide an example of a sunk cost. How does this differ from a marginal cost? Explain a time you did (or should have) used marginal analysis to solve a problem.

Q: S. D. D.

A: Demand means the quantity of goods that a consumer is willing and able to purchase during a given…

Q: Raphael is a hard-working college junior. One Saturday, he decides to work nonstop until he has…

A: Marginal gain is the additional output produced from employing an additional unit of input

Q: What causes costs of production to vary with output in the short run? What generally causes costs…

A: The long run refers to a time frame where all factors of production and costs will be variable, and…

Q: i just need a short answer like an examples please . .. Use an appropriate example from your…

A: Accounting profit takes into account only explicit cost while economic profit takes implicit cost as…

Q: Com 120.000 80.000 40.000 C A Robots 5.000 10.000 15.000 In the graph above, the resources in this…

A: The production possibility frontier of an economy shows the maximum amount of two goods that an…

Q: According to Sandra Postel in "Getting More Crop per Drop," one year after the solar-drip irrigation…

A: Sandra Postel is an author and environmentalist who has written about water conservation and…

Q: Number of students Hired 10 2 3 4 5 Output 10 100 240 300 Marginal Product of Labour 80 40 Cost of…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: I do not understand the production possibilities curve in Macroeconomics. It is on page 11 of the…

A: * I can explain to you in general what production possibility curve in macroeconomics is as I don’t…

Q: Which of the following is a cause of diminishing marginal productivity? a.In the long run, labor…

A: Marginal Productivity  Marginal productivity or marginal product is the additional output, return,…

Q: The Government of Indonesia is very keen to achieve rice self - sufficiency. One important policy to…

A: The markets are the place where the buyers and the sellers of the products tend to meet and interact…

Q: The following excerpt is from a letter sent to a financial advice columnist: "My wife and I are…

A: A mortgage is one kind of financing that is regularly used for buying real estate. To purchase the…

Q: What is the explicit and implicit cost? Can explicit or implicit be used for a business or…

A: Cost refers to the sum of money a corporation spends on making or producing products or services.…

Q: Explain what is meant by allocative efficiency and under what conditions is this efficiency…

A: In a marketplace, efficiency refers to the ability of the market to get output with the given…

Q: 1.Explain how a firm uses resources price and value data to determine the appropriate combination of…

A: PART A The marginal product of labor (MPL) is the change in production that occurs when an…

Q: Question: 1 A firm produces output according to the following production function: q = 10 K^(1/4)…

A: Cost minimization problem of producer: For the given output level the firm and per unit cost of…

Q: . Why is the Average Total Cost curve U shaped?

A: Average Total cost in economics is the cost that indicates how firms choose to price their…

Q: What is the difference between explicit and implicit costs in economics?

A: Explicit costs are the immediate, personal installments a business makes to work, like wages,…

Q: Short Answer 12) Using the following table, which of the production choices (a, b, c, d, e) are…

A: Note: The last row values were not clearly visible.  Production technique o/p capital labour A…

Q: Utopia produces only two products: cheese and wine. The production levels are shown in the table…

A: A production possibility table depicts the combination of two goods that can be produced by using a…

Q: In Ecoland, producers make both televisions and clocks. At current production levels, the marginal…

A: (a) Given that,   marginal cost (clock) = $50. marginal cost (television)= $150. By bringing…

Q: 1. Which one is fixed and variable input? Table 4.1 The Use of Labor, Capital, and Related Output…

A: 1) Fixed input is when the amount of input remains the same while variable input is when input…

Q: In economics, what is the law of diminishing marginal returns? A. The tendency of firms to minimize…

A: The law of diminishing marginal returns is a key guideline in financial matters and assumes an…

Q: lego spider city concity is conventioal city with diminishing returns to building height and…

A: Isoquants are graphical representations that depict the different combinations of two inputs that…

Q: When it comes to the question on how long the short run is (in the context of production and cost),…

A: Factors of production: - The inputs that are used to produce goods and services are known as the…