Can you review my answers to this assignment to ensure I'm on the correct path?

1. Read some current news stories on sites such as www.cbc.ca, www.bbc.com, and www.theglobeandmail.com. Find one article on a microeconomic topic and one article on a macroeconomic topic. For each article, provide the link to the article and explain what makes each article about a microeconomics or macroeconomics topic. (4 marks) Microeconomic topic - Market Forces https://www.cbc.caews/business/gap-layoffs-1.6824729 Job layoffs made by a single company (Gap Inc.) are a microeconomic issue due to this outcome resulting from a changing market. Gap Inc. made a strategic decision in response to market forces - decreased profit margins and weak sales which are attributed to lower to mid-income consumers curving their spending on non-essential items. Macroeconomic top - Inflation https://www.cbc.caews/business/inflation-rate-march-1.6813863 Inflation is a macroeconomic issue as it's considered a big issue, affecting the overall economy. Inflation represents a rise in the overall level of prices in an economy. The high inflationary period we are currently experiencing makes life difficult for people and businesses. To combat inflation, the central bank has aggressively raised interest rates to decrease the money supply to decrease aggregate demand. The result is higher borrowing costs, lower output, and higher unemployment.

2. Marc can write 10 reports or provide service to 2 customers in an hour. Mia can write 4 reports or provide service to 0.5 customers in an hour. (4 marks) a. What is Marc's opportunity cost of looking after 1 customer? Marc can write 10 reports or provide service to 2 customers in an hour, therefore his opportunity cost of looking after 1 customer is 10/2 = 5 reports. b. What is Mia's opportunity cost of writing 1 report? Mia can write 4 reports or provide service to 0.5 customers in an hour, therefore her opportunity cost of writing 1 report is 0.5/4 = 0.125, customers.

3. The following table shows production possibilities for Li and Raj.

Li's Production Per Day Raj's Production Per Day Cupcakes Muffins Cupcakes Muffins 0 12 0 16 1 9 1 12 2 6 2 8 3 3 3 4 4 0 4 0

a. Fill in the table below as follows (10 marks): ? The first 2 columns represent joint production where Li and Raj produce equal quantities. ? The last 2 columns represent joint production where they each produce according to their comparative advantage (specialization).

Comparative advantage: Li has the comparative advantage for cupcakes (must give up 3 muffins to make a cupcake) Raj has the comparative advantage for muffins Combined PPF (Equal Quantities) Combined PPF (Specialization) Muffin Calculation Cupcakes Muffins Cupcakes Muffins 0 28 0 28 Li: 12 + Raj: 16 = 28 2 21 2 24 Li: 6 + Raj: 16 = 24 4 14 4 16 Li: 0 + Raj: 16 = 16 6 7 6 8 Li: 0 + Raj: 8 = 8 8 0 8 0 Li: 0 + Raj: 0 = 0

b. Plot the combined production possibility curves for both cases (equal quantities & specialization), with cupcakes on the horizontal axis, on the same graph). (10 marks)