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foundations of microeconomics

Questions and Answers of Foundations Of Microeconomics

why the price of bacon fell, and (b) how the markets for bacon and eggs influence each other. Draw a graph to illustrate your explanation.
Explain how this news clip illustrates: (a) the law of demand and
Bacon is 25 percent cheaper now than a year ago and bacon sales are up 13 percent on the year. At the same time, the bird flu virus is killing millions of chickens, raising egg prices.
8. Bacon is 25 percent cheaper
chocolatiers offer their chocolates in special red boxes, which cost more to produce than the everyday box. Set out the three-step process of analysis and show on a graph the adjustment process to
6. During Valentine’s week, more people buy chocolates and
5. If the price of chocolates is $17.00 a box, describe the situation in the market. Explain how market equilibrium is restored.
3. What is the effect on the equilibrium in the orange juice market if orange juice becomes more popular and a cheaper robot is used to pick oranges?
2. What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases?
1. Why can we be confident that the market for coffee is competitive and that a decrease in supply rather than the greed of coffee growers is the reason for the 2014 rise in price?
The price of train travel falls.The price of a pound of air cargo increases
1. Explain how each of the following events changes the demand for or supply of air travel.Airfares tumble, while long-distance bus fares don’t change.The price of jet fuel rises.Airlines reduce
3. The flip side of the second point: Even a slightly lower price could create a lot of potential business and end up bringing in more revenue.
2. Starbucks must be careful not to charge too high a price for its latte. Pushing the price up brings in more revenue per cup but wipes out a lot of potential business.
1. The demand for Starbucks lattes is elastic. Being elastic, the good has plenty of convenient substitutes (such as other brands of latte) and takes only a small proportion of buyers’ incomes.
(7) The price elasticity of demand equals (100 percent ÷ 50 percent)which is 2.
(5) The change in the quantity demanded is 10 cups and (6) the average quantity demanded is 10 cups, so the percentage change in quantity demanded equals (10 ÷ 10) × 100, which is 100 percent.
(3) The change in price is $2 and (4) the average price is $4, so the percentage change in price equals ($2 ÷ $4) × 100, which is 50 percent.
an hour.
(2) At the new point, the price is $5 and the quantity demanded is 5 cups
(1) At the initial point, the price is $3 and the quantity demanded is 15 cups an hour.
5.2 Define the cross elasticity of demand and the income elasticity of demand, and explain the factors that influence them.When the percentage change in the quantity demanded exceeds the percentage
5.1
D. demand decreases, supply increases, and the price falls;supply increases and the price falls
C. both demand and supply decrease and the price might rise, fall, or not change; demand increases and the price rises
B. demand decreases and the price rises; supply increases and the price falls
A. supply increases and the price falls; demand increases and the price rises
7. Many Americans are selling their cars and buying new fuelefficient hybrids. Other things remaining the same, in the market for used cars, and in the market for hybrids .
D. shortage; rise
C. surplus; rise
B. shortage; fall
A. surplus; fall
6. A decrease in the demand for chocolate with no change in the supply of chocolate will create a of chocolate at today’s price, but gradually the price will .
D. fell; decreased
C. fell; increased
B. rose; decreased
A. rose; increased
5. When floods wiped out the banana crop in Central America, the equilibrium price of bananas and the equilibrium quantity of bananas .
D. A rise in the wage rate paid to electronics workers
C. An increase in people’s incomes
B. A rise in the price of an e-book reader (a substitute in production)
A. New technology lowers the cost of making a smartphone
4. In the market for smartphones, which of the following events increases the supply of smartphones?
D. decrease the supply of peanuts
C. decrease the quantity supplied of peanuts
B. decrease the supply of peanut butter
A. increase the supply of peanuts
3. Other things remaining the same, a fall in the price of peanuts will .
D. New technology reduces the time it takes to make a pair of jeans.
C. The price of denim cloth falls.
B. The price of a denim skirt (a substitute for jeans) rises.
A. The wage rate paid to garment workers rises.
2. In the market for jeans, which of the following events increases the demand for a pair of jeans?
. increase the demand for a complement of that good
C. decrease the demand for the good
B. increase the demand for a substitute of that good
A. decrease the quantity demanded of that good
1. Which of the following events illustrates the law of demand:Other things remaining the same, a rise in the price of a good will.
Explain how an economic slowdown in China influences the global steel market. What happens to the equilibrium price of steel?
10. China slowdown could bring good news China’s economic slowdown could help reduce the cost of steel used by U.S. auto makers.
9. “As more people buy smartphones, the demand for smartphone service increases and the price of smartphone service falls, which decreases the supply of smartphone service.” Is this statement
why the price of bacon fell, and (b) how the markets for bacon and eggs influence each other. Draw a graph to illustrate your explanation.
Explain how this news clip illustrates: (a) the law of demand and
Bacon is 25 percent cheaper now than a year ago and bacon sales are up 13 percent on the year. At the same time, the bird flu virus is killing millions of chickens, raising egg prices.
8. Bacon is 25 percent cheaper
chocolatiers offer their chocolates in special red boxes, which cost more to produce than the everyday box. Set out the three-step process of analysis and show on a graph the adjustment process to
6. During Valentine’s week, more people buy chocolates and
D. Tim produces only cakes while Mary produces only pies
C. Mary produces only cakes while Tim produces only pies
B. Tim produces both pies and cakes
A. Mary produces only pies
5. Mary makes 10 pies and 20 cakes a day and her opportunity cost of producing a cake is 2 pies. Tim makes 20 pies and 10 cakes a day and his opportunity cost of producing a cake is 4 pies. If Mary
D. If the islanders decide to spend more time gathering berries but continue to spend the same amount of time fishing, they face a tradeoff.
C. When islanders reduce the time they spend gathering berries, the PPF rotates inward.
B. When the islanders discover a better way of catching fish, the island’s PPF rotates outward.

A. When a drought hits the island, its PPF rotates outward.
4. Table 1 shows the production possibilities of an island community. Choose the best statement.
D. increases as the quantity of fish caught increases
C. is 10 pounds of berries if the quantity of fish increases from 2 to 3 pounds
B. increases as the quantity of berries gathered increases
A. is the increase in the quantity of berries gathered as the quantity of fish increases by 1 pound
3. Table 1 shows the production possibilities of an island community. This community’s opportunity cost of producing 1 pound of fish .
. If this community produces 3 pounds of fish and 22 pounds of berries, production is efficient but to produce more fish it faces a tradeoff.
C. Suppose that this community produces 5 pounds of fish and 0 pounds of berries. If it decides to gather some berries, it will get a free lunch.
B. When this community produces 4 pounds of fish and 12 pounds of berries it faces a tradeoff, but it is inefficient.
A. Suppose that this community produces 3 pounds of fish and 20 pounds of berries. If it decides to gather more berries, it faces a tradeoff.
2. Table 1 shows the production possibilities of an island community. Choose the best statement.
D. This community can produce 2 pounds of fish and 30 pounds of berries but this combination is inefficient.
C. This community will waste resources if it produces 2 pounds of fish and 22 pounds of berries.
B. This community cannot produce 2 pounds of fish and 36 pounds of berries because this combination is inefficient.
. Table 1 shows the production possibilities of an island community. Choose the best statement.
A. This community has enough resources to produce 2 pounds of fish and 36 pounds of berries.Click here to open your MyEconLab Study Plan and work these interactive problems online.
Possibility Fish (pounds) Berries (pounds)A 0 and 40 B 1 and 36 C 2 and 30 D 3 and 22 E 4 and 12 F 5 and 0
11. Explain why it is not possible for everyone to have free Internet access to education, news, jobs, and more.Table 1 Multiple Choice Quiz
10. Sketch a PPF curve with education and news on the x-axis and other goods and services on the y-axis before and after the Internet.
9. Explain how Internet access has changed the production possibilities and the opportunity cost of producing education and news.
8. In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. Who has a comparative advantage in producing caps? If Sue and Tessa specialize and trade, who will
7. If the farm adopted a new technology, which allows it to use fewer resources to fatten chickens, explain how the farm’s production possibilities will change. Explain how the opportunity cost of
6. If the farm uses its resources efficiently, what is the opportunity cost of an increase in chicken production from 300 pounds to 500 pounds a year? Explain your answer.

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