A small publishing company decides to use one section of its plant to produce two textbooks called Microeconomics and Macroeconomics. The profit made on each copy is $12 for Microeconomics and $18 Macroeconomics. Each copy of Microeconomics requires 12 minutes for printing and 18 minutes for binding. The corresponding figures for Macroeconomics are 15 and 9 minutes respectively. There are 10 hours available for printing and 10.5 hours available for binding. How many of each should be produced for maximize profit?

Three economic questions must be determined in all societies. What are they? ()a) What is the opportunity cost of production? Does the society have a comparative advantage in production? Will consumers desire the goods being produced? O b) What goods will be produced? How will goods be produced? For whom will goods be produced? ( c) What will the price of each good be? Who will produce each good? Who will consume each good? d) How much will be produced? When will it be produced? How much will it cost? How do microeconomics and macroeconomics differ? ()a) Microeconomics studies aggregate decision making, while macroeconomics examines individual decision making- (b) Microeconomics utilizes positive economic analysis, while macroeconomics utilizes normative economic analysis. c) Microeconomics is concerned with consumer behaviour, while macroeconomics is concerned with firm behaviour. ()d) Microeconomics studies individual decision making, while macroeconomics examines aggregate decision making.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