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Briefly stated, microeconomics is about individual decision makers, whereas macroeconomics is about the aggregate effect of all decision makers. However, this simple distinction does not adequately describe how macroeconomics differs from microeconomics. For this assignment you need to identify and describe three differences between macroeconomics and microeconomics.
For each of the three examples, give one of the following to help illustrate the difference between microeconomics and macroeconomics:
-the type of question that an economist might ask in macroeconomics as opposed to microeconomics
-the data that might be collected by a macroeconomist
-the type of decision that must be made at a macroeconomic level.
Explain the pros and cons of using a change in the tax rate to achieve the desired increase in output. Be sure to thoroughly elucidate how the change will affect equilibrium prices, output, and unemployment.
Do an Internet search on international faux pas. Read about behaviors that are rude or inconsiderate in other cultures that you might not find offensive at all. Are these behaviors considered inappropriate in only one other culture or in many? How mu..
Assume that the positions of the supply and demand curves have not changed over the past three months (this means there have been no shifts). Over the past three months, the price for motorcycles has steadily risen from $5000 to $8500. Also, assume t..
Alex wants to measure the nominal GDP of $993 billion in 2008 dollars. From the data he gathered, he knows the deflator for 1998 is 30 and for 2008, it is 74. What was real GDP in 1998?
What are supply side reforms? Identify the main supply-side policies and with the use of examples, explain and illustrate their effects on the maximum output capacity in the Chinese economy.
Sally quit her job as a CFO where she was earning $50,000 per year to start her own financial consulting firm. She converts a building that she owns, which was previously rented for $12,000 per year, into an office.
Consider the following cost relationships for a single-product firm: C(q) = 50 + 0.5q for q ≤ 7 C(q) = 7q for q > 7. Derive average and marginal cost for all integer outputs (from 1 to 7) less than or equal to 7. What are the average and marginal cos..
Use a supply-demand graph to demonstrate how the quantity and price of medical services are expected to be affected if we went from a world without insurance to a world where the government covered 90% of all medical costs.
Congress is considering a tax credit program for those who purchase wind or solar-powered products. Explain multiplier concept as it applies in this case.
In 2009 General Motors (GM) announced that it would reduce employment by 21,000 workers. What does this decision reveal about how GM viewed its marginal revenue product (MRP) and marginal resource cost (MRC)? Why didn't GM reduce employment by more t..
Suppose the Federal Reserve is following the Taylor rule, which takes both inflation and business cycles into account when setting the fedeal funds rate. Also suppose that the inflation rate in the economy is equal to 3 percent and the output gap is ..
Ms. Lee Ding is considering whether the following capitol project should be undertaken. Its life is 6 years; it has a 6% salvage value; and her firm uses a 12% MARR. What is the probability of it costing $300,000? What is the probability of the net r..
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