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economics 14th global
Questions and Answers of
Economics 14th Global
a. If Rashid chooses 3 books and 2 take-out meals, what is his marginal rate of substitution?b. If Rashid chooses 2 books and 6 take-out meals, what is his marginal rate of substitution?Rashid buys
Do Rashid’s indifference curves display diminishing marginal rate of substitution? Explain why or why not.Rashid buys only books and take-out meals and the figure shows his preference map. Books 5
Workers Thrive When They Feel Respected Sarah’s boss gave her complete autonomy but the new boss by-passed Sarah to deliver directives to her team and changed many of her decisions.Despite being
a. Will Najib now be able and want to buy five bottles of sparking water and 10 bags of jellybeans?b. Which situation does Najib prefer: sparkling water at $2 a bottle and jellybeans at $4 a bag or
a. If Najib changes the quantities that he buys, will he buy more or fewer bottles of sparkling water and more or fewer bags of jellybeans? Explain your answer.b. When the prices change, will there
What quantities of popcorn and cola does Sara buy? What is Sara’s marginal rate of substitution at the point at which she consumes?Sara’s income is $12 a week. The price of popcorn is $3 a bag,
Suppose that the price of cola rises from $1.50 to$3.00 a can while the price of popcorn and Sara’s income remain the same. What quantities of cola and popcorn does Sara now buy? What are two
Suppose that the price of cola rises to $3.00 a can and the price of popcorn and Sara’s income remain the same.a. What is the substitution effect of this price change and what is the income effect
After you have studied Economics in the News, answer the following questions.a. If both sugary and healthy drinks are taxed at the same rate and if Sam’s drinks budget remains at $30 a month, how
One year ago, Jack and Jill set up a vinegarbottling firm (called JJVB). Use the following data to calculate JJVB’s opportunity cost of production during its first year of operation:■ Jack and
Joe, who has no skills, no job experience, and no alternative employment, runs a shoeshine stand. Other operators of shoeshine stands earn$10,000 a year. Joe pays rent of $2,000 a year, and his total
The table shows four ways of laundering 100 shirts an hour.a. Which methods are technologically efficient?b. Which method is economically efficient if the hourly wage rate and the implicit rental
CEO Pay Surged in a Year of Upheaval CEOs at 300 of the largest U.S. public companies earned on average $13.7 million last year in salary, stock, and other compensation.Compensation increased in part
The table shows the sales of the firms in the tattoo industry.Calculate the four-firm concentration ratio. What is the structure of the tattoo industry? Firm Bright Spots Freckles Love Galore Native
Mars, Mondelēz, Nestlé, Ferrero Top Chocolate Market Share In 2015, Mars topped the list in the global chocolate market with approximately 14.4 percent market share followed by Mondelēz
Some taxi companies in Lebanon exclusively use drivers employed by them, while others enter into contracts with independent drivers to cater to their clients. What could be the reasons behind these
Calculate Lee’s opportunity cost of production and his economic profit.Lee is a computer programmer who earned $35,000 in 2020. But on January 1, 2021, Lee opened a body board manufacturing
Lee’s accountant recorded the depreciation on his cottage during 2021 as $7,000. According to the accountant, what profit did Lee make?Lee is a computer programmer who earned $35,000 in 2020. But
In 2020, Toni taught music and earned $20,000.She rented out her basement and earned $4,000.On January 1, 2021, she quit teaching, stopped renting out her basement, and began to use it as the office
Toyota’s Customer-First Principle Toyota Motor Corporation believes in the “Customer-First” principle to meet customers’ expectations. To honor this principle, Toyota regularly conducts
Why Now Is the Time to Invest in Watches In addition to the hype around owning a Rolex or Richard Mille, luxury watches have historically retained their value or even become significantly more
Which, if any, of the methods is technologically efficient?Four methods of completing a tax return and the time taken are: Using a laptop, 1 hour; a calculator, 12 hours; a calculator and paper and
Which method is economically efficient if the wage rate is (i) $5 an hour, (ii) $50 an hour, and(iii) $500 an hour?Four methods of completing a tax return and the time taken are: Using a laptop, 1
Robotic Surgeries Surge to 15% of All Procedures, Despite Limited Evidence Robotic surgery for common surgical procedures is on the rise. Robotic surgery is replacing some conventional laparoscopic
Starbucks has more than 10,000 employees in 6,700 stores, which serve some 50 million customers in 51 countries each week. Geoffrey Mwa Ngulumbi runs a family-owned fair-trade farm in Tanzania and
Why Facebook Is the Best Company to Work for in America At Facebook, the key to innovation and creativity is employee autonomy. Employees are encouraged to take ownership over their spaces, which
The table shows the market shares of chocolate producers.Calculate the Herfindahl-Hirschman Index.What does the HHI say is the structure of the chocolate industry? Firm Truffles, Inc. Magic, Inc.
Describe the roles of market coordination and coordination by firms in the design, manufacture, and marketing of Huawei’s P9 smartphones.Huawei and Leica Partner for the P9 Smartphone In 2016,
a. Why do you think Huawei worked with other firms to produce the P9 smartphone rather than performing all the required tasks itself ?b. What are the roles of transactions costs, economies of scale,
Why do you think the P9’s image processing algorithms were designed in Germany but the camera modules were built in China?Huawei and Leica Partner for the P9 Smartphone In 2016, Leica, a German
After you have studied Economics in the News, answer the following questions.a. What products do Amazon, Facebook, and Google sell?b. In what markets do Amazon, Facebook, and Google compete?c. How do
Teacher Merit Pay Linked to Higher Test Scores Merit pay is based on the idea that teachers work harder when paid according to student achievement.The effectiveness eventually wears off because the
Which of the following news clips involves a short-run decision and which involves a long-run decision? Explain.■ In 2013, Nokia announced that it would cut 300 jobs, mostly in Finland, and
Draw the total product curve.The table sets out Sue’s Surfboards’ total product schedule. Labor (workers per week) 1 2 456334 7 Output (surfboards per week) 30 70 120 160 190 210 220
Calculate the average product of labor and draw the average product curve.The table sets out Sue’s Surfboards’ total product schedule. Labor (workers per week) 1 2 456334 7 Output (surfboards per
Calculate the marginal product of labor and draw the marginal product curve.The table sets out Sue’s Surfboards’ total product schedule. Labor (workers per week) 1 2 456334 7 Output (surfboards
a. Over what output range does Sue’s Surfboards enjoy the benefits of increased specialization and division of labor?b. Over what output range does Sue’s Surfboards experience diminishing
Explain how it is possible for a firm to experience simultaneously an increasing average product and a diminishing marginal product.The table sets out Sue’s Surfboards’ total product schedule.
Calculate total cost, total variable cost, and total fixed cost of each output in the table. Plot these points and sketch the short-run total cost curves.Sue’s Surfboards, in Problem 2 , hires
Calculate average total cost, average fixed cost, average variable cost, and marginal cost of each output in the table. Plot these points and sketch the short-run average and marginal cost
Illustrate the connection between Sue’s AP, MP, AVC , and MC curves in graphs like Fig. 11. 7 .Fig. 11. 7Sue’s Surfboards, in Problem 2 , hires workers at $500 a week and its total fixed cost
Sue’s Surfboards rents a factory. If the rent rises by $200 a week and other things remain the same, how do Sue’s Surfboards’ short-run average cost curves and marginal cost curve
Workers at Sue’s Surfboards negotiate a wage increase of $100 a week per worker. If other things remain the same, explain how Sue’s Surfboards’ short-run average cost curves and marginal cost
Graph the average total cost curves for Plant 1 and Plant 2. Explain why they differ.Jackie’s Canoe Rides rents canoes at $100 per day and pays $50 per day for each canoe operator it hires. The
Graph the average total cost curves for Plant 3 and Plant 4. Explain why they differ.Jackie’s Canoe Rides rents canoes at $100 per day and pays $50 per day for each canoe operator it hires. The
a. On Jackie’s LRAC curve, what is the average cost of producing 40, 75, and 85 rides a week?b. What is Jackie’s minimum efficient scale?c. Does Jackie’s experience economies of scale or
Nestlé Purina PetCare Plans to Open New Factory in North Carolina Nestlé Purina PetCare announced a $450 million investment to open a new factory in North Carolina. Purina plans to employ more than
A Bad Fit: Why You Should Care About Sunk Costs We all relate to wearing an ill-fitting pair of shoes to get our money’s worth. When we come to our senses, we ditch the toe crunchers and buy shoes
Read the information about Nestlé Purina’s business de cisions in the news clip in Problem 15 . Explain how Nestlé Purina’s short-run decision will change its average variable cost and its
Bill’s Bakery has a fire and Bill loses some of his cost data. The bits of paper that he recovers after the fire provide the data in the following table.The total product numbers are loaves and the
If Pro Painters paints 12 houses a week, calculate its total cost, average total cost, and marginal cost. At what output is average total cost a minimum?Pro Painters hires students at $250 a week to
Explain why the gap between Pro Painters’ total cost and total variable cost is the same no matter how many houses are painted.Pro Painters hires students at $250 a week to paint houses. It leases
Skyrocketing Meat Costs May Prompt Restaurant Price Increases With soaring meat costs, Americans might soon have to dish out more money than usual at restaurants.Executive Chef Luca Corrazina says
Explain how the ATC curve with one unit of equipment differs from that when ProPainters uses double the amount of equipment.If Pro Painters doubles the number of students it hires and doubles the
Explain what might be the source of the diseconomies of scale that Pro Painters experiences.If Pro Painters doubles the number of students it hires and doubles the amount of equipment it leases, it
Graph the average total cost curves for Plant 1 and Plant 2. Explain why these two ATC curves differ.The table shows the production function of Bonnie’s Balloon Rides. Bonnie’s pays $500 a day
Graph the average total cost curves for Plant 3 and Plant 4. Explain why these two ATC curves differ.The table shows the production function of Bonnie’s Balloon Rides. Bonnie’s pays $500 a day
a. On Bonnie’s LRAC curve, what is the average cost of producing(i) 15 rides a day?(ii) 18 rides a day?b. Explain how Bonnie’s uses its long-run average cost curve to decide how many balloons to
After you have studied Economics in the News on pp. 306–307, answer the following questions.a. Explain the distinction between the short run and the long run, and identify when Amazon would want to
Marriott is Testing Contactless Check-in Via Kiosks Marriott is testing its new contactless arrival kiosks, eliminating the need for face-to-face check-ins. The kiosks help speed up the check-in
Thinking of a Macy’s store as a production plant, explain why Macy’s is opening smaller stores. Is Macy’s decision a long-run decision or a shortrun decision?Macy’s CEO Jeff Gennette believes
Is Macy’s expecting to benefit from economies of scale or does the firm think there are diseconomies of scale? Explain your answer.Macy’s CEO Jeff Gennette believes that Macy’s has high
Draw a graph to illustrate Macy’s average total cost curves for a small format store and the regular Macy’s store.Macy’s CEO Jeff Gennette believes that Macy’s has high potential outside of
Lin’s makes fortune cookies. Anyone can make and sell fortune cookies, so there are dozens of producers. All fortune cookies are the same and buyers and sellers know this fact. In what type of
Calculate Pawel’s profit-maximizing output and economic profit if the market price is (i) PLN11 a zapiekanka, (ii) PLN9 a zapiekanka, and(iii) PLN13 a zapiekanka.Pawel’s Zapiekanka, a Polish
What is Pawel’s shutdown point and what is Pawel’s economic profit if it shuts down temporarily?Pawel’s Zapiekanka, a Polish deli, is a price taker and the table shows its costs of production.
Derive Pawel’s supply curve.Pawel’s Zapiekanka, a Polish deli, is a price taker and the table shows its costs of production. Output (Zapiekanki per hour) 0 1 234N 3 5 Total cost (PLN per hour) 8
The market for paper is perfectly competitive and 1,000 firms produce paper. The table sets out the market demand schedule for paper.The table in the next column sets out the costs of each producer
In Problem 5 , new technology decreases the demand for paper. The following table sets out the new demand schedule for paper.If firms have the same costs set out in Problem 5 , what is the market
In Problem 5 , what is the market price of paper and the quantity produced in the long run? How many producers of paper will operate in the market in the long run?Problem 5The market for paper is
If the market demand for paper remains the same as in Problem 6, calculate the market price, market output, and the economic profit or loss of each firm.Problem 6In Problem 5 , new technology
In perfect competition in long-run equilibrium, can consumer surplus or producer surplus be increased? Explain your answer.
Describe the market for gasoline in your town.What determines the price of gasoline and the marginal revenue from gasoline?Jeanette McGee of AAA says to expect gas prices to move between $2.95 and
Describe the price elasticity of demand for gas in your town.Jeanette McGee of AAA says to expect gas prices to move between $2.95 and $3.10 over the next few months. Motorists can expect to see
Why does a gasoline station have so little control over the price of the gasoline it sells?Jeanette McGee of AAA says to expect gas prices to move between $2.95 and $3.10 over the next few months.
The figure shows the costs of Seaclusion, one of many shops located along the beach.If the market price of a beach ball is $10, calculate Seaclusion’sa. Profit-maximizing outputb. Economic profit
Najran Cement Shuts Down Second Production Line A second production line of Najran Cement has been temporarily shut down owing to poor market conditions. The company stated that any financial effect
The market for smoothies is perfectly competitive.This table sets out the market demand schedule.Each of the 100 smoothie producers has the following costs when it uses its least-cost plant.a. What
Corn Is the Latest Commodity to Soar The post-Covid economy means more drivers and greater demand for corn to produce ethanol for blending into gasoline. Corn prices are rising. Why is the price of
In Problem 15, do firms enter or exit the market for smoothies in the long run? What is the market price and the equilibrium quantity in the long run?Problem 15The market for smoothies is perfectly
In Problem 14, what would happen in the long run if the price of cement falls to less than Najran Cement’s ATC ?Problem 14Najran Cement Shuts Down Second Production Line A second production line of
Hanjin to Shut Down European Operations Following a prolonged slump in the shipping market, Hanjin Shipping, a South Korean logistics and container transport firm, scaled down its operations by
TV Trends to Watch in 2021 In 2021, expect larger and cheaper 4K TVs, a new level of voice control, interaction with other smart products, and mini Led backlights to improve color contrast and
In a perfectly competitive market, each firm maximizes its profit by choosing only the quantity to produce and, regardless of whether the firm makes an economic profit or incurs an economic loss, the
After you have studied Economics in the News on pp. 332–333, answer the following questions.a. What features of the market for fitness services make it competitive?b. If the decrease in demand for
The Chinese-Made, Sub-$100 Smartphone is Africa’s Fastest-Growing Handset More than half of all smartphones sold in Africa cost less than $100 and are made in China. As phone networks are upgraded
Distillers Enter the Hand Sanitizer Market The demand for hand sanitizer surged during the Covid-19 pandemic and the price increased from $2.50 to $12.50 per bottle. U.S. sales revenues jumped 300
T. Gargour & Fils is the exclusive and sole agent of Mercedes-Benz in Lebanon. Indian Railways is a government monopoly of rail transportation in India. Canada Post maintains a monopoly on letters
Calculate Minnie’s marginal revenue schedule and draw a graph of the market demand curve and Minnie’s marginal revenue curve. Explain why Minnie’s marginal revenue is less than the
At what price is Minnie’s total revenue maximized and over what price range is the demand for water elastic? Why will Minnie not produce a quantity at which the market demand is
Calculate Minnie’s profit-maximizing output and price and economic profit.Minnie’s Mineral Springs is a single-price monopoly.Columns 1 and 2 of the table set out the market demand schedule for
Use the data in Problem 2 to work Problem 5.a. Use a graph to illustrate the producer surplus generated from Minnie’s Mineral Springs’water production and consumption.b. Is Minnie’s an
La Bella Pizza can produce a pizza for a marginal cost of $2. Its price of a pizza is $15.a. Could La Bella Pizza make a larger economic profit by offering a second pizza for $5? Use a graph to
An unregulated profit-maximizing firm?Calypso, a U.S. natural gas distributor, is a natural monopoly that cannot price discriminate. The figure shows Calypso’s costs and the market demand for
Regulated to make zero economic profit?Calypso, a U.S. natural gas distributor, is a natural monopoly that cannot price discriminate. The figure shows Calypso’s costs and the market demand for
Regulated to be efficient?Calypso, a U.S. natural gas distributor, is a natural monopoly that cannot price discriminate. The figure shows Calypso’s costs and the market demand for natural gas. 2 MC
In which of the seven cases might monopoly arise?■ An airline company cuts ticket prices to increase its market share.■ A single firm controls a significant portion of a key resource needed to
Which of the seven cases are natural monopolies and which are legal monopolies? Which can price discriminate, which cannot, and why?■ An airline company cuts ticket prices to increase its market
Draw a graph of the market demand curve and Hot Air’s marginal revenue curve.Hot Air Balloon Rides is a single-price monopoly.Columns 1 and 2 of the table set out the market demand schedule and
The figure illustrates the situation facing the publisher of the only newspaper containing local news in an isolated community.a. On the graph, mark the profit-maximizing quantity and price and the
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