Classify the following as microeconomics or macroeconomics and provide a justification for your response.A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth The decision by McDonald’s to hire fewer workers because of an increase in the minimum wage. Susan’s decision about how much income to save The central bank announces that it is increasing the discount rate in an effort to slow the rate of inflation. Question 2 A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000.00. the cost of capital is $3000 and it is fixed, which means that it does not vary with output. The company is currently producing 240 snowboards. The company’s cost will be $13,500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st snowboard. Should the company produce and sell it? Timothy quits his job which pays $84000 a year, to enrol in a 2-year graduate programme. His annual school expenses are $58000 for tuition, $9500 for books and 3600 for food. What is his opportunity cost of attending the graduate program? A motor vehicle assembly plant requires the use of both capital and labour. the telsa manufacturing plant is considering increasing the number of workers to increase production. Does diminishing returns hold in this scenario yes/no? explain. Question 3Explain how each of the following situations would affect a nation’s production possibilities curve.A technological innovation allows the nation to more efficiently convert solar energy into electricity. COVID -19 increases the number of unemployed workers in the nation. A global pandemic results in 6 million confirmed cases and the death of over 400,000 individuals. A switch to online delivery, increases access to education in the nation’s colleges and universities but might have a detrimental impact on the quality of education. The nation passes a law requiring all employees to give the employees 16 weeks of paid vacation each year. Prior to this law employers were not legally required to give employees any paid vacation time.What happens to the PPF ? explain.

Microeconomic is that economic branch that decides on scarce resource allocation by studying the…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Classify the following as microeconomics or macroeconomics and provide a justification for your response.

A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth

The decision by McDonald’s to hire fewer workers because of an increase in the minimum wage.

Susan’s decision about how much income to save

The central bank announces that it is increasing the discount rate in an effort to slow the rate of inflation.

Question 2

A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000.00. the cost of capital is $3000 and it is fixed, which means that it does not vary with output. The company is currently producing 240 snowboards. The company’s cost will be $13,500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241^st snowboard. Should the company produce and sell it?

Timothy quits his job which pays $84000 a year, to enrol in a 2-year graduate programme. His annual school expenses are $58000 for tuition, $9500 for books and 3600 for food.

What is his opportunity cost of attending the graduate program?

A motor vehicle assembly plant requires the use of both capital and labour. the telsa manufacturing plant is considering increasing the number of workers to increase production. Does diminishing returns hold in this scenario yes/no? explain.

Question 3

Explain how each of the following situations would affect a nation’s production possibilities curve.

A technological innovation allows the nation to more efficiently convert solar energy into electricity.

COVID -19 increases the number of unemployed workers in the nation.

A global pandemic results in 6 million confirmed cases and the death of over 400,000 individuals.

A switch to online delivery, increases access to education in the nation’s colleges and universities but might have a detrimental impact on the quality of education.

The nation passes a law requiring all employees to give the employees 16 weeks of paid vacation each year. Prior to this law employers were not legally required to give employees any paid vacation time.

What happens to the PPF ? explain.

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