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5.
Illustrate the differences between
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- Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?1. Distinguish between Microeconomics and Macroeconomics with their obiectives5A. Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with microeconomics:“Nestle Ghana posted a 18% increase in sales”“GRIDCO plans to slash more jobs”“Ghana’s Output Grew by 5.8%”“Housing starts soared 10% in September”“Ghana to Breach key Deficit Target it helped to create” Explain each issue why it is a microeconomic issue5.B Justina owns the Just’s Sobolo Store. She charges GHS10 per bottle for her handmade sobolo. You, the economist calculated the elasticity of demand for sobolo in her town to be 2.5. If she wants to increase her total revenue, what advice will you give her and why? Be able to explain your answer.
- 1: What is Economics, and Why Is It Important? 2: What is Studied in Microeconomics and Macroeconomics? 3: What are some of the Requirements for Economic Models?8. What is economic?14. What assumption is important in using economic model to make predicitons? a) the law of demand b) the rationality assumption c) ceteris paribus/ other things being equal d)evryone being a price taker
- 1. Why do we need microeconomic models? Using appropriate diagram(s), explain howchanges in a factor that affects demand, supply, or a new government policy alters themarket (equilibrium) price and quantity of a good.6. Microeconomics and macroeconomics Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. A consumer's optimal choice when buying a flat-screen TV The effect of federal government spending on the national unemployment rate The effect of a cigarette tax on the quantity of cigarettes sold Microeconomics Macroeconomics οιοιοAfter reviewing major/relevant material in microeconomics, your group has begun brainstorming the possible topics that you would like to do. 1. Find two different dependent variables that you would like to explain and 2. Find at least three independent variables that can help you to explain. 3. What the possible economic theories/concepts/graphs that support your choice of the variables are. Note: this task pertains to microeconomics concepts.
- 1. Explain the difference between micro economics and macroeconomics. 2. Demonstrate an understanding of the coordinate system by using it to outline the relationship between economic variables.6. Microeconomics and macroeconomics Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. Microeconomics Macroeconomics The effects of the Internet on the pricing of used cars The government's decision on how much to spend on public projects A firm's decision about the size of its new factory1. Evaluate and critique the methodology of microeconomic analysis and apply this methodology to economic policy analysis. 2. Based on the laws of demand and supply, design an example to show how the increase in a supplier's price will normally affect the demand of the consumer. In addition, explain in detail how the decision of a consumer to purchase goods regardless of the price will affect the supplier.