Microeconomics and macroeconomicsDetermine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. MicroeconomicsMacroeconomicsA consumer's optimal choice when buying a flat-screen TV The effect of government regulation on a monopolist's production decisions The government's decision on how much to spend on public projects Understanding opportunity costYou 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 .

Economics is a part of social science which deals with the decisions related to production,…

Answered: Microeconomics and macroeconomics…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 2PA

See similar textbooks

Related questions

Concept explainers

Question

Microeconomics and macroeconomics

Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics.

	Microeconomics	Macroeconomics
A consumer's optimal choice when buying a flat-screen TV
The effect of government regulation on a monopolist's production decisions
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 .

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions