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Briefly stated, microeconomics is about individual decision makers, whereas macroeconomics is about the aggregate effect of all decision makers. However, this simple distinction does not adequately describe how macroeconomics differs from microeconomics. For this assignment you need to identify and describe three differences between macroeconomics and microeconomics.
For each of the three examples, give one of the following to help illustrate the difference between microeconomics and macroeconomics:
A good essay would have at least 100 words for each part of this assignment (at least 300 words total). In addition, it should be written well using correct grammar. Please submit your responses in a cohesive essay via a Microsoft Word document here.
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Refer to the above data. If the product price is $60, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations. Refer to the above data. If t..
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Consider that an entrant's ability to enter a market is fought, with the possibility of withdrawing from the industry (at a loss of 1 for the entrant and a gain of 8 for the incumbent), or staying (at a loss of 5 for each player).
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