OPPapers.com

Maciroeco

ECONOMICS ASSIGNMENT

Question1 What is the opportunity cost of doing an MBA or an MPA at the University of Ballarat? Say you decide to attempt to do the business economics unit without the recommended textbook. What would be the opportunity cost of doing so?

Opportunity cost mean ‘the best alternative scarification for a chosen alternative’ if person moves towards doing MBA he will having the benefits of getting higher salary, better management skill, better scope, decision making in the society but at the same time he need to forgone the next best alternative of doing MPA there by the opportunity cost include different course fees, text book, getting permanent residence, duration of course.

If a person does not purchase the recommended economics book, rather he only does the photocopy of it and saves money. The opportunity cost for him of not having the textbook would be not having the clear vision, right print.

Question2. What is the focus or the key words of microeconomics? How does it differ from Macroeconomics?

Microeconomics is the branch of economics that studies decision-making by a single individual, household firms, or industry. It is use make decision in particular group or any particular data.

On the other hand Macroeconomics is the branch of economics that studies decision-making for economy as a whole. Macroeconomics decision-making consider such as big picture policies as the effect of balancing the federal budget on the unemployment, the effect of changing the money supply on price and effect of storage economics growth on the value of the currency.

Question3. What is the law of demand? Give an example

Construct a demand and supply diagram showing the accounting industry show demand and supply shifts that result in raising salaries for accounting professionals. What are the factors behind the demand side of the profession and what are the factors behind the supply side Does it benefit the public of the actual profession...