Essay On Microeconomics
Microeconomics is a smaller window compared to macroeconomics; microeconomics focuses on things surrounding individual businesses and consumers whereas macroeconomics focuses on the bigger picture, or the whole aggregate. Microeconomics is the study of choices that individuals and businesses make, the way those choices interact in markets, and the influence of governments. Different studies within microeconomics include what to produce and how much to charge when it comes to an individual firm. When looking at a household microeconomics would be the study of what and how much of it to buy. Other areas of study for microeconomics would be poverty, income rate on jobs, consumption patterns, and distribution of output; overall microeconomics is …show more content…
When referring to microeconomics determining the efficiency would including looking at an individual firm to see if the system is allocating resources to the production of goods and services that individuals are purchasing or to ones that nobody wants. If the resources are going toward goods and services that people are purchasing then the firm is efficient. The best way to determine efficiency for macroeconomics is to look at the production possibility curve; any point of the production possibility curve indicates that all resources are put to full productive use in the economy. If there are points outside the curve, they are desirable but unobtainable, and any points inside the curve mean they are obtainable but undesirable; these two situations are inefficient.
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.
Sunk costs are costs that result from past decisions and cannot be changed. For example, once rent is paid, that dollar amount is no longer recoverable - it is 'sunk.'
An example of a sunkcost is the $30,000 that I spent to purchase a truck five years ago. Sunk costs are never relevant todecision making because decisions involve implications for the future. When I put $30 worth of gas in my car, I 'll never get that money back. My car has gas, but the
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