Question: 1. What is the difference between micro and macro economics? Give an example of a microeconomics phenomenon and an example of a macroeconomic phenomenon. 3.

1. What is the difference between micro and macro economics? Give an example of a microeconomics phenomenon and an example of a macroeconomic phenomenon.

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.

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