Homework Conditions and Academic Integrity:
In attempting this assignment, you pledge that the work submitted is a result of your UNAIDED effort or you did not plagiarized your answer. If you are found to have participated in academic misconduct in the answering of this assignment, you will receive a 0.
Apart 1
1. Explain briefly the importance and usefulness of (a) Microeconomics and (50 or more words). (b) Macroeconomics in the study of managerial economics. (50 or more words). (c) Which is more important? Why? (50 or more words)
2. (a) Explain the crucial function that economic profit performs in free-enterprise system such as our own. ( 80 or more words) (b) Why then, does government regulate some businesses in our economy? (90 or more words).
Part 2
1.Profit is minimized when total revenue equals total cost.( 50 or more words)
2. Marginal profit is the difference between marginal revenue and marginal cost, and always exceeds zero at the profit-maximizing activity level. ( 50 or more words)
Part 3
Discuss the ‘Rule of 72’ and its importance to the time value of money. What does compounding mean when we discuss the time value of money?
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