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1、SolutionstoEndofChapterProblemsFarnham,EconomicsforManagers,3/e,GlobalEditionChapter1TechnicalQuestions1.Microeconomicsfocusesonthebehaviorofindividualconsumers,firms,andindustriesastheyoperateinamarketeconomy.Itanalyzeshowthesevariousgroupsrespondtochangesinp
2、ricesthataffecttheirconsumption,production,andsellingdecisions.Italsodescribeshowfirmsandconsumersinteractinvarioustypesofmarketsandcanbeusedasabasisfordeterminingcompetitivestrategies.Macroeconomicsfocusesontheoveralleconomicenvironmentinwhichbusinessesoperat
3、e.Itanalyzesthespendingdecisionsofdifferentsectorsoftheeconomy—thehousehold,business,government,andforeignsectors.Macroeconomicpolicydealswiththeissuesofinflation,unemployment,andeconomicgrowth.Changesinthemacroeconomicenvironmentinfluencefirmsthroughthemicroe
4、conomicissuesofdemand,cost,revenues,andprofits.2.Itisbecauseoutputpricesinfluenceafirm’srevenue,whileinputpricesinfluenceitscostsofproduction.Thedifferencebetweenitstotalrevenueandtotalcostdeterminesitsprofit.3.Thefourmajortypesofmarketsareperfectcompetition,m
5、onopolisticcompetition,oligopoly,andmonopoly.Thekeycharacteristicsthatdistinguishthesemarketsare(1)thenumberoffirmscompetingwitheachother,(2)whethertheproductssoldinthemarketsaredifferentiatedorundifferentiated,(3)whetherentryintothemarketbyotherfirmsiseasyord
6、ifficult,and(4)theamountofinformationavailabletomarketparticipants.4.No,evenifamonopolististheonlyfirminamarket,itcannotsellanyamountofitsproductatagivenmarketprice.Ifamonopolistraisesthepriceoftheirproduct,consumerswillbuyless.Therefore,theirrevenuemightdecre
7、ase.5.Inmacroeconomics,thefivemajorcategoriesofspendingareconsumption(C),investment(I),government(G),export(X),andimport(M).GDP=C+I+G+X–M.Thefirstfourcategoriesareaddedtogether,whileimportspendingissubtractedbecauseitrepresentsaflowofexpenditureoutofthedomesti
8、ceconomytotherestoftheworld.1.Fiscalpoliciesareimplementedbythenationalgovernmentandinvolvechangingtaxes(T)andgovernmentexpenditure(G)tostimulateorslowtheeconomy.Thesedecisionsarem
