1. What is the difference between micro and macroeconomics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one.
The difference between comes from the scoop we are looking to the economic situation (that why micro and macro), the macro-economy is focusing on the situation and action on the individual agent when the macro-economy is focusing and the evolution and situation of the whole economy. (Taylor,T, 2016,Principles of Economics, Rice university Houston texas, ch 1.2)
The micro-economics situation will influence the whole situation, because a change in the politic of a single business will have a lot of repercussions that will influence the whole situation, as much that the evolution of the whole will change the capacity of each individual agent to take some decision.
For example, as microeconomic phenomena, the price of the beer that AmBev will sell in Brazil is determining the price elasticity
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The article is available at https://www.lesechos.fr/idees-debats/cercle/cercle-178549-la-politique-anti-alcool-nous-rend-ivre-2148907.php
3. Provide an example of a sunk cost. How does this differ from a marginal cost? Explain a time you did (or should have) used marginal analysis to solve a problem.
Sunk cost, just to remember it’s a cost that has been spent in the past and cannot be recovered, then it’s important to not take it in consideration while you are taking a decision of your future action. (Taylor,T, 2016,Principles of Economics, Rice University Houston texas, p. 32)
The marginal cost is the cost that you will have to spend for doing a little bit more of something. Even if the marginal cost introduces in a way that a past cost exists, it totally differs about sunk