ENGR.ECONOMIC ANALYSIS
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Microeconomics andmacroeconomics
Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics.
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Microeconomics |
Macroeconomics |
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A consumer's optimal choice when buying a flat-screen TV |
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The effect of government regulation on a monopolist's production decisions |
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The government's decision on how much to spend on public projects |
- Understanding
opportunity cost
You work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and go to the county fair instead, which has an admission fee of $9.
The total cost (valued in dollars) of skipping practice and going to the fair (including the opportunity cost of time) is .
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- A small island off the coast of Cape Cod contains two restaurants and two retail stores. Tourists need to take a ferry boat to reach the island, but with a recent slowdown in the economy, tourists are less willing to pay for the boat ride to visit the island. The owners of the restaurants and stores on the island - Restaurants 1 and 2, and Stores A and B- think that if tourists could ride the ferry for free, they would be happy to visit the island, eat and shop. The business owners are considering contributing to a pool of money that will be used to pay for roundtrip ferry service each day. The table represents their willingness to pay, that is, the maximum amount that each business owner is willing to contribute, per day, to pay for each ferry trip. Store Restaurant 1 Restaurant 2 Store A B First ferry trip $300 $400 $200 $180 Second ferry trip 200 350 150 90 Third ferry trip 100 300 100 30 Fourth ferry trip 50 250 50 50 0 Suppose the cost to run the ferry for each roundtrip is $750…arrow_forwardA well educated society can be considered which of the following, as it pertains to economics? Negative Externality Positive Externality Economic Relief Social Welfarearrow_forwardWhich of the following choices is an example of how technology has impacted the supply of goods? supply curve subsidies regulations assembly linesarrow_forward
- Parents offer to buy their son a new videogame if the kid gets an A in all his classes. Which economic principle are the parents trying to apply? Group of answer choices People respond to incentives Trade can make everyone better off The real cost of something is what you give up to get it People face trade-offsarrow_forwardDon't copy from netarrow_forward
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