The difference between microeconomics and macroeconomics is that microeconomics deals with narrowly defined units and macroeconomics focuses on highly aggregated markets. microeconomics is normative, and macroeconomics is positive. microeconomics involves mathematical relationships, and macroeconomics is predominantly a verbal analysis. microeconomics deals with the principle of scarcity, and macroeconomics deals with the problem of poverty.

Experienced problem solvers always consider both the value and units of their answer to a problem. why?

Tariffs and quotas are often imposed when a government is more responsive to interests, and the benefits of those trade restrictions are often ; concentrated producer; widely dispersed consumer; widely dispersed consumer; concentrated

Kubin company’s relevant range of production is 18,000 to 22,000 units. when it produces and sells 20,000 units, its average costs per unit are as follows: average cost per unit direct materials $ 7.00 direct labor $ 4.00 variable manufacturing overhead $ 1.50 fixed manufacturing overhead $ 5.00 fixed selling expense $ 3.50 fixed administrative expense $ 2.50 sales commissions $ 1.00 variable administrative expense $ 0.50 required: 1. for financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units? 2. for financial accounting purposes, what is the total amount of period costs incurred to sell 20,000 units? 3. for financial accounting purposes, what is the total amount of product costs incurred to make 22,000 units? 4. for financial accounting purposes, what is the total amount of period costs incurred to sell 18,000 units?