Chapter 1 – question 5, page 17 #5 (Micro Versus Macro) determine whether each o

Question

Chapter 1 – question 5, page 17
#5
(Micro Versus Macro) determine whether each of the following is primarily a microeconomic or a macroeconomic issue:
a. What price to charge for an automobile
b. Measuring the impact of tax policies on total consumer spending in the economy
c. A household’s decision regarding how much to work each week
d. Designing a government policy to increase total employment
Chapter 1 – question 11, page 18
#11
(marginal Analysis) the owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mile. What considerations must be taken into account if such a decision is to increase profitability?
Chapter 3 – question 12, page 68
#12
( Objectives of the economic decision makers) In economic analysis, what are the assumed objectives of household’s, firm, and the government?
Chapter 3 – question 15, page 69
#15
(Evolution of the household) Determine whether each of the following would increase or decrease the opportunity costs for mothers who choose not to work outside the home. Explain your answer.
a. Higher levels of education for women
b. Higher unemployment rates for women
c. Higher average pay levels for women
d. Lower demand for labor in industries that traditionally employ large numbers of women

Explanation / Answer

I'm not sure if you're allowed to post multiple questions like that, but anyway: #5 (Micro Versus Macro) determine whether each of the following is primarily a microeconomic or a macroeconomic issue: a) Micro b) Macro c) Micro d)Macro #11 (marginal Analysis) the owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mile. What considerations must be taken into account if such a decision is to increase profitability? The Marginal Cost of increasing the delivery area (This could include extra fuel, extra work hours for deliverymen) must be considered. The Marginal Benefit (The amount gained from selling the pizza to those extra houses). If the MB exceeds the MC, its a good idea to increase the delivery area. #12 ( Objectives of the economic decision makers) In economic analysis, what are the assumed objectives of household’s, firm, and the government? Household: To maximize utility (happiness) Firm: To maximize profits Government: Promote social welfare. #15 (Evolution of the household) Determine whether each of the following would increase or decrease the opportunity costs for mothers who choose not to work outside the home. Explain your answer. a. Increase Oppurtunity cost b. Decrease oppurtunity cost c. Increase Oppurtunity cost d. Decrease oppurtunity cost

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