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Does Bill Gates, one of the richest people in the world, face scarcity? Does everyone? Are there any exceptions? Why do economists use models? How are economic data used to test models? Real GDP in Australia in 2002 was $1 073 336 million and in 2012 real GDP was $1 451 110 million.[i] What was the percentage change in real GDP from 2002 to 2012? What do economists call the percentage change in real GDP from one year to the next? Briefly explain whether you agree with the following assertion: Microeconomics is concerned with things that happen in one particular place, such as the unemployment rate in one city. In contrast, macroeconomics is concerned with things that affect the country as a whole, such as how the rate of teenage smoking in Australia would be affected by an increase in the tax on cigarettes. Suppose Dell is currently selling 250 000 Inspiron laptops per month. A manager at Dell argues: The last 10 000 laptops we produced increased our revenue by $8.5 million and our costs by $8.9 million. However, because we are making a substantial total profit of $25 million from producing 250 000 laptops, I think we are producing the optimal number of laptops.'Briefly explain whether you agree with the manager's reasoning