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Questions and Answers of Human Resource Information

15.3 Whereas elasticity of demand was 1 at a price of $10 on the original demand curve, it is 2 on the new demand curve. As a result, the $10 fee now excludes 20 million viewers, and the resulting
15.2 To construct the demand curve (a), we first graph Bill’s demand curve (c) and Tom’s demand curve (b) and then add the two individual demand curves vertically. The equation for the demand
15.1a. The BLS Web site at 3 in the morning has the capacity to serve far more users than it attracts, so an additional user calling up the site does not prevent some other user from doing so. Other
5. Discuss the criteria that should be applied to taxation in order to promote efficiency.
4. Analyze the types of efficiencies and inefficiencies that are associated with the provision of public goods.
3. Describe the ways in which private firms can supply public goods.
2. Show how economic concepts can be used to find the optimal quantity of a public good.
1. Use the concepts of rivalry and excludability to distinguish among private goods, public goods, collective goods, and commons goods.
10. The town of Smallsville is considering building a museum. The interest on the money Smallsville will have to borrow to build the museum will be $1,000 per year. Each citizen’s marginal benefit
9. When a group of people must decide whether to buy a shared public good or service, the free-rider problem frequently occurs because LO4a. People have an incentive to understate how much the
8. When a TV company chooses a pay-per-view scheme to pay for programming, which of the following statements is true? Explain. LO2, LO3a. The outcome is socially efficient.b. The programs selected
7. Refer to problem 6. By how much would total economic surplus be higher if each episode of Masterpiece Theater were shown on PBS free of charge than if it were shown by a profit-maximizing
6. Suppose the demand curves for hour-long episodes of the Jerry Springer Show and Masterpiece Theater are as shown in the following diagram. A television network is considering whether to add one or
number of hours of opera broadcast each Saturday. LO2a. If Smith and Jones are the only public radio listeners in Podunk, construct the demand curve for opera broadcasts.b. If the marginal cost of
5. Two consumers, Smith and Jones, have the following demand curves for Podunk Public Radio broadcasts of recorded opera on Saturdays: Smith: PS 12 Q Jones: PJ 12 2Q, where PS and PJ represent
4. Refer to problem 3. Suppose now that all such monopolies can perfectly pricediscriminate. LO2, LO5a. Will the franchise be sold, and if so, how much will it sell for? Is this outcome socially
3. The following table shows all the marginal benefits for each voter in a small town whose town council is considering a new swimming pool with capacity for at least three citizens. The cost of the
2. Refer to problem 1. Suppose Jack earns $1,000 per month and Jill earns $11,000 per month. LO2, LO5a. Suggest a proportional tax on income that would be accepted by majority vote and would pay for
1. Jack and Jill are the only two residents in a neighborhood, and they would like to hire a security guard. The value of a security guard is $50 per month to Jack and $150 per month to Jill.
5. Consider a good that would be provided efficiently by private market forces. Why is the direct loss in surplus that would result from a tax on this good an overstatement of the loss in surplus
4. True or false: A tax on an activity that generates negative externalities will improve resource allocation in the private sector and also generate revenue that could be used to pay for useful
3. Why might even a wealthy person prefer a proportional income tax to a head tax? LO2
2. Give examples of goods that are, for the most part: LO1a. Rival but nonexcludableb. Nonrival but excludablec. Both nonrival and nonexcludable
1.a. Which of the following goods are nonrival? LO1 Apples Stephen King novels Street lighting on campus NPR radio broadcastsb. Which of these goods are nonexcludable?
5. Discuss the criteria that should be applied to taxation in order to promote efficiency
4. Analyze the types of efficiencies and inefficiencies that are associated with the provision of public goods.
2. Show how economic concepts can be used to find the optimal quantity of a public good. 3. Describe the ways in which private firms can supply public goods.
1. Use the concepts of rivalry and excludability to distinguish among private goods, public goods, collective goods, and commons goods.
14.4 The payoff matrix would now be as shown below, and the best choice, both individually and collectively, would be the risky job.
14.3 With a tax of $61 per ton each day, Sludge Oil would adopt process A and Northwest Lumber would adopt process C.
14.2 The optimal stay is still one day. If insurance reimburses $150 per day, then the marginal charge seen by David will be the remaining $150 per day, so he will stay two days. The cost to society
14.1 With 50 percent coverage, David would have to pay $150 for each additional day in the hospital, so he would choose to stay for two days.
10. Refer to problem 9. If Tom and Al could negotiate binding agreements with one another at no cost, which job would each choose? Suppose negotiation is impractical, and that the only way Tom and
9. Tom and Al are the only two members of a household. Each gets satisfaction from three things: his income, his safety at work, and his income relative to his roommate’s income. Suppose Tom and Al
8. Refer to problem 7. Instead of taxing pollution, the city council decides to auction off four permits, each of which entitles the bearer to emit 1 ton of smoke per day. No smoke may be emitted
7. The City Council in the previous problem again wants to curb emissions by half. This time, it sets a tax of $T per day on each ton of smoke emitted. How large will T have to be to effect the
LO1 6. Two firms, Sludge Oil and Northwest Lumber, have access to five production processes, each one of which has a different cost and gives off a different amount of pollution. The daily costs of
5. Refer to problem 4. How would the change in total economic surplus be affected if the law instead required health insurance to pay only $500 per procedure?
4. In Los Angeles, the demand for Botox injections (a procedure that removes wrinkles and smoothes the skin) is as shown in the diagram. The marginal cost of a Botox injection is $1,000 and the
3. Refer to problems 1 and 2. Suppose David’s employer adopts a new health care plan that pays 50 percent of all medical expenses up to $1,000 per illness, with full coverage thereafter. How will
2. Refer to problem 1. By how much would total economic surplus have been higher this year if David’s hospital insurance covered only the cost of hospital stays that exceed $1,000 per illness? LO1
1. In the event he requires an appendectomy, David’s demand for hospital accommodations is as shown in the diagram. David’s current insurance policy fully covers the cost of hospital stays. The
5. Does it make sense for the Federal Aviation Administration to require more sophisticated and expensive safety equipment in large commercial passenger jets than in small private planes? LO4
4. How would you explain to a skeptical bank manager why the socially optimal number of bank robberies is not zero? LO4
3. Why is first-dollar health care coverage inefficient? LO1
2. Why do economists believe that pollution taxes and effluent permits are a more efficient way to curb pollution than laws mandating across-the-board cutbacks? LO2
1. Why is vaccination against many childhood illnesses a legal requirement for entry into public schools? LO4
4. Show how economic analysis contributes to debates regarding public health and domestic security spending.
3. Apply the cost-benefit principle to improve workplace safety.
2. Compare and contrast the ways in which taxes and tradable permits can be used to reduce pollution.
1. Use economic analysis to show how the U.S. health care system can be improved.
13.5 With perfectly inelastic demand, employment would remain at 5,000 personhours per day, so the minimum wage would cause no reduction in economic surplus. LO5
13.4 Since Sue’s reservation wage is $10 per hour, she must be paid at least that amount before she will accept the job. The largest dorm population for which she will accept is thus 10 residents,
13.3 When the wage rate is $9 per hour in each market, 25 fewer workers will be employed in the nonunionized market and 25 more in the unionized market. The loss in output from removing 25 workers
13.2 Since the VMP of each worker exceeds $275, Adirondack should hire five workers. LO1, LO2
13.1 At a price of $26 per cutting board, the fifth worker has a VMP of $364 per week, so Adirondack should hire five workers. LO1, LO2
10.*Suppose employers and workers are risk-neutral, and Congress is about to enact the $12 per hour minimum wage described in problem 8. Congressional staff economists have urged legislators to
9.*Refer to problem 8. How much would it cost the government each day to provide an earned-income tax credit under which workers as a group receive the same economic surplus as they do under the $12
8.*Suppose the demand and supply curves for unskilled labor in the Corvallis labor market are as shown in the accompanying figure. By how much will the imposition of a minimum wage at $12 per hour
7. Sue is offered a job reshelving books in the University of Montana library from noon until 1 p.m. each Friday. Her reservation wage for this task is $10 per hour. LO4a. If the library director
6. Jones, who is currently unemployed, is a participant in three means-tested welfare programs: food stamps, rent stamps, and day care stamps. Each program grants him $150 per month in stamps, which
5. Suppose the equilibrium wage for unskilled workers in New Jersey is $7 per hour. How will the wages and employment of unskilled workers in New Jersey change if the state legislature raises the
4. Carolyn owns a soda factory and hires workers in a competitive labor market to bottle the soda. Her company’s weekly output of bottled soda varies with the number of workers hired, as shown in
3. Acme, Inc., supplies rocket ships to the retail market and hires workers to assemble the components. A rocket ship sells for $30,000, and Acme can buy the components for each rocket ship for
2. Stone, Inc., owns a clothing factory and hires workers in a competitive labor market to stitch cut denim fabric into jeans. The fabric required to make each pair of jeans costs $5. The company’s
1. Mountain Breeze supplies air filters to the retail market and hires workers to assemble the components. An air filter sells for $26, and Mountain Breeze can buy the components for each filter for
5. Why is exclusive reliance on the negative income tax unlikely to constitute a long-term solution to the poverty problem? LO5
4. Mention two self-interested reasons that a top earner might favor policies to redistribute income. LO4
3. How might recent changes in income inequality be related to the proliferation of technologies that enable the most productive individuals to serve broader markets? LO3, LO4
2. True or false: If the human capital possessed by two workers is nearly the same, their wage rates will be nearly the same. Explain. LO3
1. Why is the supply curve of labor for any specific occupation likely to be upward-sloping, even if, for the economy as a whole, people work fewer hours when wage rates increase? LO2
4. Discuss how advertising, conspicuous consumption, statistical discrimination, and other devices are responses to asymmetric information problems.
3. Define asymmetric information and describe how it leads to the lemons problem.
2. Use the concept of rational search to find the optimal amount of information market participants should obtain.
1. Explain how middlemen add value to market transactions.
11.3 The income figures from the different levels of investment in cattle would remain as before, as shown in the table. What is different is the opportunity cost of investing in each steer, which
11.2 If the two were to live together, the most efficient way to resolve the telephone problem would be as before, for Betty to give up reasonable access to the phone. But on top of that cost, which
11.1 Since Fitch gains $50 per day when Abercrombie operates with a filter, he could pay Abercrombie as much as $49 per day and still come out ahead. LO2
10.*A village has six residents, each of whom has accumulated savings of $100. Each villager can use this money either to buy a government bond that pays 15 percent interest per year or to buy a
9. Refer to problem 8. Barton decides to buy a full-sized grand piano. The new payoff matrix is as follows: LO2, LO3a. If Statler has the legal right to peace and quiet and Barton and Statler can
8. Barton and Statler are neighbors in an apartment complex in downtown Manhattan. Barton is a concert pianist, and Statler is a poet working on an epic poem. Barton rehearses his concert pieces on
7. How, if at all, would your answer to problem 6 differ if John would be willing to pay up to $30 per month to avoid giving up his privacy by sharing quarters with Karl? LO2, LO3
6. John and Karl can live together in a two-bedroom apartment for $500 per month, or each can rent a single-bedroom apartment for $350 per month. Aside from the rent, the two would be indifferent
5. Suppose the law says that Jones may not emit smoke from his factory unless he gets permission from Smith, who lives downwind. If the relevant costs and benefits of filtering the smoke from
4. Refer to problem 3. How would the imposition of a tax of $3 per unit on each daily boom box rental affect efficiency in this market? LO2
3. Suppose the supply curve of boom box rentals in Golden Gate Park is given by P 5 0.1Q, where P is the daily rent per unit in dollars and Q is the volume of units rented in hundreds per day. The
2. Phoebe keeps a bee farm next door to an apple orchard. She chooses her optimal number of beehives by selecting the honey output level at which her private marginal benefit from beekeeping equals
1. Determine whether the following statements are true or false, and briefly explain why: LO2a. A given total emission reduction in a polluting industry will be achieved at the lowest possible total
5. Explain why the wearing of high-heeled shoes might be viewed as the result of a positional externality. LO5
4. Why does the Great Salt Lake, which is located wholly within the state of Utah, suffer lower levels of pollution than Lake Erie, which is bordered by several states and Canada? LO4
3. If Congress could declare any activity that imposes external costs on others illegal, would such legislation be advisable? LO2
2. How would you explain to a friend why the optimal amount of freeway congestion is not zero? LO3
1. What incentive problem explains why the freeways in cities like Los Angeles suffer from excessive congestion? LO1
5. Define positional externalities and their effects, and show how they can be remedied.
4. Characterize the tragedy of the commons, and show how private ownership is a way of preventing it.
3. Discuss why the optimal amount of an externality is not equal to zero.
2. Explain how the effects of externalities can be remedied.
1. Define negative and positive externalities, and analyze their effect on resource allocation.
10.4 The equilibrium of this game in the absence of a commitment to tip is that the waiter will give bad service because if he provides good service, he knows that the diner’s best option will be
10.3 Smith assumes that Jones will choose the branch that maximizes his payoff, which is the bottom branch at either B or C. So Jones will choose the bottom branch when his turn comes, no matter what

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