Define both terms and explain the difference between microeconomics and macroeconomics. Is gross domestic product a microeconomic or macroeconomic question? Is the price change of pizza a microeconomic or macroeconomic question?

2. Palm restaurants are considered the gold standard for steak houses, with over 25 global locations, most in the U.S. The menu is the same at all locations, but prices may differ. For example, in 2011, the price of a 9-ounce filet in one of the New York locations was $43, whereas in San Antonio, it was $41. You are an analyst that has been tasked with providing the fundamental economics underlying Palm's business. Note that this is an example of 3rd degree price discrimination, since the customers are identified by certain characteristics, namely, whether they are eating in New York or San Antonio.Question 10 Welfare economics Not yet answered Select one: Marked out of O a. only looks at the poorest parts of the economy. cross out 1.00 b. examines the social desirability of alternative economic states. cross out Flag question c. does not depend on market interactions. cross out O d. uses only concepts of efficiency to evaluate the alternatives. cross outQuestion 1 According to the Second Fundamental Theorem of Welfare Economics, Not yet answered Select one: Marked out of cross out O a. equity cannot be achieved without inhibiting efficiency. 1.00 b. society can attain any Pareto efficient allocation of resources. cross out Flag question c. production must be twice as large as consumption. cross out O d. not all points along the utility possibilities curve are attainable. cross out