Differences Between Micro And Macroeconomics
A) The difference between micro and macroeconomics is that microeconomics deals with how individuals and firms make decision in the face of scarcity and the impacts of the decision on the market. Hence, microeconomic focus on a part of the economy of a country. While macroeconomics deals with how a nation makes a decision in the face of scarcity and the impact of the decision on the economy. Hence, macroeconomic focus on the economy of a country as a whole.
B) An example of a microeconomic phenomenon is the rise in the price of Dangote cement from ₦1700 to ₦2300.
An example of a macroeconomic phenomenon is the level of employment and unemployment in a country.
2. Go to the internet and find a recent article that you find that is relevant to this section. Provide the link, and a summary of the article and discuss, in a few words, why you found the article interesting.
A) The article that I find relevant for this section is “Understanding Opportunity Cost: How $200 Sneakers Could Cost You $75000”. (Marquit M., 2015)
B) The link for the article is as stated below: …show more content…
The cost of producing one block then is ₦87 and we sell at ₦109. And we were able to be producing and supplying 4000block per day using our equipment. The total cost and revenue are ₦348,000 and ₦436,000 per day respectively. Because of increase in demand of more blocks from several customers, I had to increase output to 6000blocks per day. So I decided to check what is the cost implication of producing one block if am to rent the equipment. I discovered that the cost is ₦96 making the total cost ₦348,096 and the revenue