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Answer the following questions to the best of your ability. 1. What is the difference between...

Answer the following questions to the best of your ability. 1. What is the difference between micro and macro economics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one.

2. Go to the internet and find a recent article that you find that is relevant for this section. Provide the link, and a summary of the article and discuss, in a few words, why you found the article interesting

3. Provide an example of a sunk cost. How does this differ from a marginal cost? Explain a time you did (or should have) used marginal analysis to solve a problem. Ensure you have presented your assignment in a logical format.

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1. Microeconomics: It refers to the study of economics at an individual level Macroeconomics: It refers to the study of economics at the whole economic or aggregate level Microeconomic phenomenon example: Demand for bread by an individual Macroeconomic phenomenon example: Demand for bread by a whole economy 2. Mentioning links to external sources is not allowed as per HomeworkLib policy 3. Sunk cost: These are costs which have already been incurred and cannot be recovered, no matter what Example: Suppose you buy tickets to a concert for next Friday. But, you have a family emergency on the same day and thus you have to rush out of town and cannot attend the concert. This non-refunda annot be recovered and thusit becones a sunk cost ble cost of ticket of concert c Marginal cost is the increase in total cost when one more additional unit of good is produced. It is different from sunk cost in the sense that MC is directly dependent on production while sunk cost is independent of production activities. Marginal analysis example: Suppose you are a bread manufacturer. You have your cost and price schedule with you. You need to decide how much to produce and when to stop production. This is done by doing a marginal analysis by taking into account MR and MC of production. Production should stop at the point MR-MC. Increasing production beyond that point would mean MC>MR and thus producing an additional unit will increase costs more than the revenue it will bring and thus it makes it profitable to not produce that additional unit

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