Reference no: EM13666270

Macroeconomics

Chapter one

1-1  Explain the economic problems of scarce resources and unlimited wants: 

Question # 1. (Definition of economics) what determines whether or not resources is scarce? Why is the concept of scarcity important to the definition of economics? 

The answer should be at least 200 words and all resources used must have accompanying citation. All references and citations use must be in APA format. 

1-2  Describe the forces that shape economic choices: 

Question # 2.(Rational self-interest) discuss the impact of rational self-interest on each of the following decisions:

a.       Whether or not to attend college full time or enter the workforce full time.

b.      Whether  to buy a new text book or a used one

c.       Whether to attend a local college or an out of town college

 

The answer should be at least 200 words and all resources used must have accompanying citation. All references and citations use must be in APA format. 

Question # 3 (marginal analysis) the owner of a small pizzeria is deciding whether to increase the radius of delivery are by one mile. What considerations must be taken into account if such a decisions to increase profitability? 

The answer should be at least 200 words and all resources used must have accompanying citation. All references and citations use must be in APA format. 

 

The course textbook is: McEachern. W. A (2015). RCON macroeconomics (4^thed.) Stamford, CT, Cengage Learning