(a) Whether the rapid growth of “T” belongs to microeconomics or macroeconomics .

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Answer 1

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 5, Problem 1TY

To determine

(a)

Whether the rapid growth of “T” belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

The growth of company “T” is part microeconomics because microeconomics studies the economy on an individual level, and it is an individual company. The study of individual units, firms, household, etc. is a part of microeconomics.

To determine

(b)

Whether the problem of unemployment belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Unemployment an issue that is dealt by macroeconomist because Macroeconomics studies the movement of the whole economy in the country.

It is a branch of economics that deals with the entire economy. Thus, it is a part of macroeconomic theory.

To determine

(c)

Whether the growth of an economy belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

It is part of macroeconomic theory because it includes the study of the whole economy (Japan and U.S) and the study of the economy as a whole is a part of macroeconomics theory.

To determine

(d)

To find whether the growth of health care belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Health care costs have risen rapidly in recent years. This will be studied by macroeconomists because health care is an important part of government spending and the government’s activity is a part of macroeconomic theory.

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A firm operates with the production function Q = K2 L. Q is the number of units of output per day when the firm rents K units of capital and employs L workers each day. The manager has been given a production target: to produce 8,000 units per day. She knows that the daily rental price of capital is $400 per unit and the wage rate is $200 day. a. What is the returns to scale of this production function? Show mathematically. b. Currently the firm employs 80 workers per day. What is the firm’s daily total cost if it rents just enough capital to produce at its target? c. Compare the marginal product per dollar spent on K and on L when the firm operates at the input choice in part (b). What does this suggest about the way the firm might change its choice of K and L if it wants to reduce the total cost in meeting its target? Explain your answer very clearly. d. In the long run, how much K and L should the firm choose if it wants to minimize the cost of producing 8,000 units of output a day?…

Answer 2

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 5, Problem 1TY

To determine

(a)

Whether the rapid growth of “T” belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

The growth of company “T” is part microeconomics because microeconomics studies the economy on an individual level, and it is an individual company. The study of individual units, firms, household, etc. is a part of microeconomics.

To determine

(b)

Whether the problem of unemployment belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Unemployment an issue that is dealt by macroeconomist because Macroeconomics studies the movement of the whole economy in the country.

It is a branch of economics that deals with the entire economy. Thus, it is a part of macroeconomic theory.

To determine

(c)

Whether the growth of an economy belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

It is part of macroeconomic theory because it includes the study of the whole economy (Japan and U.S) and the study of the economy as a whole is a part of macroeconomics theory.

To determine

(d)

To find whether the growth of health care belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Health care costs have risen rapidly in recent years. This will be studied by macroeconomists because health care is an important part of government spending and the government’s activity is a part of macroeconomic theory.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 5, Problem 1TY

To determine

(a)

Whether the rapid growth of “T” belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

The growth of company “T” is part microeconomics because microeconomics studies the economy on an individual level, and it is an individual company. The study of individual units, firms, household, etc. is a part of microeconomics.

To determine

(b)

Whether the problem of unemployment belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Unemployment an issue that is dealt by macroeconomist because Macroeconomics studies the movement of the whole economy in the country.

It is a branch of economics that deals with the entire economy. Thus, it is a part of macroeconomic theory.

To determine

(c)

Whether the growth of an economy belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

It is part of macroeconomic theory because it includes the study of the whole economy (Japan and U.S) and the study of the economy as a whole is a part of macroeconomics theory.

To determine

(d)

To find whether the growth of health care belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Health care costs have risen rapidly in recent years. This will be studied by macroeconomists because health care is an important part of government spending and the government’s activity is a part of macroeconomic theory.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 5, Problem 1TY

To determine

(a)

Whether the rapid growth of “T” belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

The growth of company “T” is part microeconomics because microeconomics studies the economy on an individual level, and it is an individual company. The study of individual units, firms, household, etc. is a part of microeconomics.

To determine

(b)

Whether the problem of unemployment belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Unemployment an issue that is dealt by macroeconomist because Macroeconomics studies the movement of the whole economy in the country.

It is a branch of economics that deals with the entire economy. Thus, it is a part of macroeconomic theory.

To determine

(c)

Whether the growth of an economy belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

It is part of macroeconomic theory because it includes the study of the whole economy (Japan and U.S) and the study of the economy as a whole is a part of macroeconomics theory.

To determine

(d)

To find whether the growth of health care belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Health care costs have risen rapidly in recent years. This will be studied by macroeconomists because health care is an important part of government spending and the government’s activity is a part of macroeconomic theory.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 5, Problem 1TY

To determine

(a)

Whether the rapid growth of “T” belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

The growth of company “T” is part microeconomics because microeconomics studies the economy on an individual level, and it is an individual company. The study of individual units, firms, household, etc. is a part of microeconomics.

To determine

(b)

Whether the problem of unemployment belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Unemployment an issue that is dealt by macroeconomist because Macroeconomics studies the movement of the whole economy in the country.

It is a branch of economics that deals with the entire economy. Thus, it is a part of macroeconomic theory.

To determine

(c)

Whether the growth of an economy belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

It is part of macroeconomic theory because it includes the study of the whole economy (Japan and U.S) and the study of the economy as a whole is a part of macroeconomics theory.

To determine

(d)

To find whether the growth of health care belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Health care costs have risen rapidly in recent years. This will be studied by macroeconomists because health care is an important part of government spending and the government’s activity is a part of macroeconomic theory.

Answer 6

Chapter 5, Problem 1TY

To determine

(a)

Whether the rapid growth of “T” belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

The growth of company “T” is part microeconomics because microeconomics studies the economy on an individual level, and it is an individual company. The study of individual units, firms, household, etc. is a part of microeconomics.

Answer 7

Chapter 5, Problem 1TY

To determine

(a)

Whether the rapid growth of “T” belongs to microeconomics or macroeconomics.

Answer 8

Expert Solution

Explanation of Solution

The growth of company “T” is part microeconomics because microeconomics studies the economy on an individual level, and it is an individual company. The study of individual units, firms, household, etc. is a part of microeconomics.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

(b)

Whether the problem of unemployment belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Unemployment an issue that is dealt by macroeconomist because Macroeconomics studies the movement of the whole economy in the country.

It is a branch of economics that deals with the entire economy. Thus, it is a part of macroeconomic theory.

Answer 13

To determine

(b)

Whether the problem of unemployment belongs to microeconomics or macroeconomics.

Answer 14

Expert Solution

Explanation of Solution

Unemployment an issue that is dealt by macroeconomist because Macroeconomics studies the movement of the whole economy in the country.

It is a branch of economics that deals with the entire economy. Thus, it is a part of macroeconomic theory.

Answer 15

Expert Solution

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

To determine

(c)

Whether the growth of an economy belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

It is part of macroeconomic theory because it includes the study of the whole economy (Japan and U.S) and the study of the economy as a whole is a part of macroeconomics theory.

Answer 19

To determine

(c)

Whether the growth of an economy belongs to microeconomics or macroeconomics.

Answer 20

Expert Solution

Explanation of Solution

It is part of macroeconomic theory because it includes the study of the whole economy (Japan and U.S) and the study of the economy as a whole is a part of macroeconomics theory.

Answer 21

Expert Solution

Answer 22

Expert Solution

Answer 23

Expert Solution

Answer 24

To determine

(d)

To find whether the growth of health care belongs to microeconomics or macroeconomics.

Expert Solution

Explanation of Solution

Health care costs have risen rapidly in recent years. This will be studied by macroeconomists because health care is an important part of government spending and the government’s activity is a part of macroeconomic theory.

Answer 25

To determine

(d)

To find whether the growth of health care belongs to microeconomics or macroeconomics.

Answer 26

Expert Solution

Explanation of Solution

Health care costs have risen rapidly in recent years. This will be studied by macroeconomists because health care is an important part of government spending and the government’s activity is a part of macroeconomic theory.

Answer 27

Expert Solution

Answer 28

Expert Solution

Answer 29

Expert Solution

Answer 30

Ch. 5 - Prob. 1TY Ch. 5 - Prob. 2TY Ch. 5 - Prob. 3TY Ch. 5 - Prob. 1DQ Ch. 5 - Prob. 2DQ Ch. 5 - Prob. 3DQ

(a) Whether the rapid growth of “T” belongs to microeconomics or macroeconomics .

(a) Whether the rapid growth of “T” belongs to microeconomics or macroeconomics.

Explanation of Solution

(b) Whether the problem of unemployment belongs to microeconomics or macroeconomics.

Explanation of Solution

(c) Whether the growth of an economy belongs to microeconomics or macroeconomics.

Explanation of Solution

(d) To find whether the growth of health care belongs to microeconomics or macroeconomics.

Explanation of Solution

Want to see more full solutions like this?

Chapter 5 Solutions

(a)

Whether the rapid growth of “T” belongs to microeconomics or macroeconomics.

(b)

Whether the problem of unemployment belongs to microeconomics or macroeconomics.

(c)

Whether the growth of an economy belongs to microeconomics or macroeconomics.

(d)

To find whether the growth of health care belongs to microeconomics or macroeconomics.