Identify Each of the Following Topics as Being Part of Microeconomics

question 7

Short Answer

Identify each of the following topics as being part of microeconomics or macroeconomics:
a.the impact of a change in consumer income on the purchase of vacation properties
b.the effect of a change in the price of eggs on the consumption of bacon
c.the impact of a war in the Middle East on the rate of inflation in Canada
d.factors influencing the rate of economic growth
e.factors influencing the demand for cellphones
f.the impact of tax policy on national saving
g.the effect of pollution taxes on the Canadian coal industry
h.the degree of competition in the airline industry
i.the effect of an increase in the money supply on interest rates
j.the impact of deregulation on the financial industry

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Definitions:

Average Costs

The total costs divided by the number of units produced, giving a per unit cost average.

Total Variable Cost

The sum of all costs that vary with output level, including materials, labor, and other costs that increase with production volume.

Relevant Range

The range of activity within which the assumptions about fixed and variable cost behavior are valid.

Average Costs

The total costs (fixed and variable) divided by the total quantity produced, representing the cost per unit of production.