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Chapter 1: Q. 1.1 (page 1)
Discuss the difference between microeconomics and macroeconomics.
Microeconomics is the study of the individual.
Macroeconomics is the study of the economy as a whole.
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What would be the appropriate change in the U.S. degree of plastic-waste cleanliness if the marginal cost of pollution abatement is higher than the associated marginal benefit?
Why might the rationality assumption explain why even a chicken farmer who has absolutely no humanitarian concern for chickens might seek to maintain very comfortable conditions for the birds?
Explain which is the independent variable and which is the dependent variable for each of the following examples.
(a) Once you determine the price of a notebook at the college bookstore, you will decide how many notebooks to buy.
(b) You will decide how many credit hours to register for this semester once the university tells you how many work-study hours you will be assigned.
(c) You anticipate earning a higher grade on your next economics exam because you studied more hours in the weeks preceding the exam.
Given the function , complete the following schedule and plot the curve.
| y | x |
| -4 | |
| -2 | |
| 0 | |
| 2 | |
| 4 |
Suppose that the government has raised by $10 a per-carat tax rate it imposes on diamonds in an effort to influence the production of these particular goods by each of the firms that produce them and purchases by individual consumers. Would we apply microeconomic or macroeconomic analysis to analyze this policy action?
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