uestion 1   Classify the following as macroeconomic or Microeconomics and provide a justification for your choice .   1) The government issued stimulus cheques to citizens to offset effects to covid-19 .   2) Susan’s decision about how much income to save .   3) The decision by McDonald’s to hire fewer workers because of an increase in the minimum wage .   4) Airline projects a drastic reduction in international travel for this quarter .This might result in the layoff of workers.

        Question 1

 

Classify the following as macroeconomic or Microeconomics and provide a justification for your choice .

 

1) The government issued stimulus cheques to citizens to offset effects to covid-19 .

 

2) Susan’s decision about how much income to save .

 

3) The decision by McDonald’s to hire fewer workers because of an increase in the minimum wage .

 

4) Airline projects a drastic reduction in international travel for this quarter .This might result in the layoff of workers. 

 

Question 2

 

A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000.The cost of capital is $3,000 and it is fixed, which means that it does not vary with output.The company is currently producing 24 snowboards .The company’s cost will be $13,500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st  snowboard .

 

  1. i) Should the company produce and sell it? (Yes or No). Explain 

 

  1. ii) What core principles should be considered in the snowboard company’s decision making?
  1. Scarcity ,choice and opportunity cost
  2. Cost benefit analysis 
  3. Incentive principle 
  4. Diminishing returns 

 

Question 3

 

A motor vehicle assembly plant requires the use of both capital and labour.The Tesla manufacturing plant is considering increasing the number of workers to increase production .Does diminishing returns hold in this scenario?(yes or no) Explain .

 

Question 4

 

Timothy quits his job ,which pays $86000 a year, to enrol in a 3- year graduate program.His annual school expenses are $64900 for tuition ,$85000 for books ,and $1300 for food .

What is his opportunity cost of attending the graduate program?

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