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9.*For the pizza seller whose marginal, average variable, and average total cost curves are shown in the accompanying diagram, what is the profit-maximizing level of output and how much profit will
8. For the pizza seller whose marginal, average variable, and average total cost curves are shown in the accompanying diagram, what is the profit-maximizing level of output and how much profit will
7. For the pizza seller whose marginal, average variable, and average total cost curves are shown in the accompanying diagram, what is the profit-maximizing level of output and how much profit will
6. Calculate daily producer surplus for the market for pizza whose demand and supply curves are shown in the graph.
5. The supply curves for the only two firms in a competitive industry are given by P 2Q1 and P 2 Q2, where Q1 is the output of firm 1 and Q2 is the output of firm 2. What is the market supply curve
4. In the preceding question, how would Paducah’s profit-maximizing level of output be affected if the government imposed a tax of $10 per day on the company? (Hint: Think of this tax as equivalent
3. The Paducah Slugger Company makes baseball bats out of lumber supplied to it by Acme Sporting Goods, which pays Paducah $10 for each finished bat. Paducah’s only factors of production are lathe
2. A price-taking firm makes air conditioners. The market price of one of their new air conditioners is $120. Its total cost information is given in the table below:How many air conditioners should
1. Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $27 per hour for as many hours as she chooses to work, and as a fossil collector, in which her
5. Why do we use the vertical interpretation of the supply curve when we measure producer surplus? LO5
4. True or false: The perfectly competitive firm should always produce the output level for which price equals marginal cost. LO3
3. Economists often stress that congestion helps account for the law of diminishing returns. With this in mind, explain why it would be impossible to feed all the people on Earth with food grown in
2. Which do you think is more likely to be a fixed factor of production for an ice cream producer during the next two months: its factory building or its workers who operate the machines? Explain.
1. Explain why you would expect supply curves to slope upward on the basis of the Principle of Increasing Opportunity Cost. LO1
5. Define and calculate producer surplus.
4. Connect the determinants of supply with the factors that affect individual firms’ costs.
3. Determine a perfectly competitive firm’s profit-maximizing output level and profit in the short run.
2. Discuss the relationship between the supply curve for an individual firm and the market supply curve for an industry.
1. Explain how opportunity cost is related to the supply curve.
5.4 Consumer surplus is now the new shaded area, $28 per day. LO6
5.3 Adding the two individual demand curves, (a) and (b), horizontally yields the market demand curve (c): LO5
5.2 The rational spending rule requires MUF PF MUS PS where MUF and MUS are John’s marginal utilities from food and shelter and PF and PS are the prices of food and shelter, respectively. At
5.1 The combination of 300 pints per year of vanilla ($300) and 50 pints of chocolate ($100) costs a total of $400, which is exactly equal to Sarah’s ice cream budget. LO3
10.*The buyers’ side of the market for amusement park tickets consists of two consumers whose demands are as shown in the diagram below. LO5, LO6a. Graph the market demand curve for this market.b.
Tom consume each week?
LO3 9.*Refer to problem 8. Tom’s total utility is the sum of the utility he derives from pizza and movie rentals. If these utilities vary with the amounts consumed as shown in the table, and pizzas
8. Tom has a weekly allowance of $24, all of which he spends on pizza and movie rentals, whose prices are $6 per slice and $3 per rental, respectively. If slices of pizza and movie rentals are
7. For the demand curve shown, find the total amount of consumer surplus that results in the gasoline market if gasoline sells for $2 per gallon.
6. Ann lives in Princeton, New Jersey, and commutes by train each day to her job in New York City (20 round trips per month). When the price of a round trip goes up from $10 to $20, she responds by
5. Sue gets a total of 20 utils per week from her consumption of pizza and a total of 40 utils per week from her consumption of yogurt. The price of pizza is $1 per slice, the price of yogurt is $1
4. Toby’s current marginal utility from consuming peanuts is 100 utils per ounce and his marginal utility from consuming cashews is 200 utils per ounce. If peanuts cost 10 cents per ounce and
3. Martha’s current marginal utility from consuming orange juice is 75 utils per ounce and her marginal utility from consuming coffee is 50 utils per ounce. If orange juice costs 25 cents per ounce
2. You are having lunch at an all-you-can-eat buffet. If you are rational, what should be your marginal utility from the last morsel of food you swallow? LO2
1. In which type of restaurant do you expect the service to be more prompt and courteous: an expensive gourmet restaurant or an inexpensive diner? Explain. LO4
5. Give an example of a good that you have consumed for which your marginal utility increased with the amount of it you consumed.
4. Explain why a good or service that is offered at a monetary price of zero is unlikely to be a truly “free” good from an economic perspective. LO3
3. Why does the law of diminishing marginal utility encourage people to spread their spending across many different types of goods? LO3
2. Explain why economists consider the concept of utility useful, even if psychologists cannot measure it precisely
1. Why do economists prefer to speak of demands arising out of “wants” rather than “needs”? LO2
6. Define and calculate consumer surplus.
5. Discuss the relationship between the individual demand curve and the market demand curve.
4. Show how the Rational Spending Rule is related to substitution and income effects.
3. Explain the reasoning behind the Rational Spending Rule and apply it to consumer decision making.
2. Discuss how individual wants are translated into demand.
1. Relate the Law of Demand to the Cost-Benefit Principle (Core Principle 2).
4.4 For the supply curve below, Q 1 when P 6, so elasticity of supply (P Q) (1 slope) (6) (1 2) 3. LO6
4.3 Income elasticity percentage change in quantity demanded/percentage change in income 5 percent 10 percent 0.5. LO4
4.2 At point A in the accompanying diagram, P Q 4 4 1. The slope of this demand curve is 20 5 4, so 1 (1 slope) 1 4. LO2
4.1 In response to a 5 percent reduction in the price of ski passes, the quantity demanded increased by 20 percent. The price elasticity of demand for ski passes is thus (20 percent) (5 percent) 4,
10.*Suppose that, in an attempt to induce citizens to conserve energy, the government enacted regulations requiring that all air conditioners be more efficient in their use of electricity. After
9.*At point A on the demand curve shown, by what percentage will a 1 percent increase in the price of the product affect total expenditure on the product?
8. Suppose that the ingredients required to bring a slice of pizza to market and their respective costs are as listed in the table:If these proportions remain the same no matter how many slices are
7. What are the respective price elasticities of supply at A and B on the supply curve shown in the accompanying figure? LO5
6. A 2 percent increase in the price of milk causes a 4 percent reduction in the quantity demanded of chocolate syrup. What is the cross-price elasticity of demand for chocolate syrup with respect
5. Among the following groups—senior executives, junior executives, and students—which is likely to have the most and which is likely to have the least price-elastic demand for membership in the
4. Is the demand for a particular brand of car, like a Chevrolet, likely to be more or less price-elastic than the demand for all cars? Explain. LO1
3. Suppose, while rummaging through your uncle’s closet, you found the original painting of Dogs Playing Poker, a valuable piece of art. You decide to set up a display in your uncle’s garage. The
2. The schedule below shows the number of packs of bagels bought in Davis, California, each day at a variety of prices.a. Graph the daily demand curve for packs of bagels in Davis.b. Calculate the
1. Calculate the price elasticity of demand at points A, B, C, D, and E on the demand curve below. LO2
5. Why is supply elasticity higher in the long run than in the short run? LO5
4. Why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to its own price, yet pay careful attention to the algebraic sign of the
3. Under what conditions will an increase in the price of a product lead to a reduction in total spending for that product? LO3
2. Why does the price elasticity of demand for a good decline as we move down along a straight-line demand curve? LO2
1. Why does a consumer’s price elasticity of demand for a good depend on the fraction of the consumer’s income spent on that good? LO1
6. Calculate the price elasticity of supply using information from a supply curve.
5. Define the price elasticity of supply and explain what determines whether supply is elastic or inelastic.
4. Define the cross-price elasticity of demand and the income elasticity of demand.
3. Understand how changes in the price of a good affect total revenue and total expenditure depending on the price elasticity of demand for the good.
2. Calculate the price elasticity of demand using information from a demand curve.
1. Define the price elasticity of demand and explain what determines whether demand is elastic or inelastic.
15. Twenty-five years ago, tofu was available only from small businesses operating in predominantly Asian sections of large cities. Today tofu has become popular as a high-protein health food and is
14. What will happen to the equilibrium quantity and price of corn if the price of butter (a complement) increases and the price of fertilizer decreases? LO4
13. What will happen to the equilibrium price and quantity of apples if apples are discovered to help prevent colds and a fungus kills 10 percent of existing apple trees? LO4
12. What will happen to the equilibrium quantity and price of potatoes if population increases and a new, higher-yielding variety of potato plant is developed? LO4
11. Suppose the current issue of the New York Times reports an outbreak of mad cow disease in Nebraska, as well as the discovery of a new breed of chicken that gains more weight than existing breeds
10. How will a new law mandating an increase in required levels of automobile insurance affect the equilibrium price and quantity in the market for new automobiles? LO4
9. Use supply and demand analysis to explain why hotel room rental rates near your campus during parents’ weekend and graduation weekend might differ from the rates charged during the rest of the
8. What will happen to the equilibrium price and quantity of beef if the price of chickenfeed increases? LO4
7. What will happen to the equilibrium price and quantity of fish if fish oils are found to help prevent heart disease? LO4
6. How will an increase in the birth rate affect the equilibrium price of land? LO4
5. What will happen to the equilibrium price and quantity of oranges if the wage paid to orange pickers rises? LO4
4. An Arizona student claims to have spotted a UFO over the desert outside of Tucson. How will his claim affect the supply (not the quantity supplied) of binoculars in Tucson stores? LO2
3. Indicate how you think each of the following would shift demand in the indicated market: LO1a. Incomes of buyers in the market for Adirondack vacations increase.b. Buyers in the market for pizza
2. How would each of the following affect the U.S. market supply curve for corn? LO2a. A new and improved crop rotation technique is discovered.b. The price of fertilizer falls.c. The government
1. State whether the following pairs of goods are complements or substitutes. (If you think a pair is ambiguous in this respect, explain why.) LO1a. Tennis courts and squash courts.b. Squash racquets
LO1 5. Give an example of behavior you have observed that could be described as “smart for one but dumb for all.” LO6
LO3 4. Explain the distinction between the horizontal and vertical interpretations of the demand curve.
LO4 3. Last year a government official proposed that gasoline price controls be imposed to protect the poor from rising gasoline prices. What evidence could you consult to discover whether this
LO3 2. Distinguish between the meaning of the expressions “change in demand” and “change in the quantity demanded.”
1. Why isn’t knowing the cost of producing a good sufficient to predict its market price?
6. The Equilibrium Principle (also called the No-Cash-on-the-Table Principle), which says that a market in equilibrium leaves no unexploited opportunities for individuals.
5. The Efficiency Principle, which says that efficiency is an important social goal because, when the economic pie grows larger, it is always possible for everyone to have a larger slice than before.
4. How shifts in supply and demand curves cause prices and quantities to change.
3. How the supply and demand curves interact to determine the equilibrium price and quantity.
2. How the supply curve summarizes the behavior of sellers in the marketplace.
1. How the demand curve summarizes the behavior of buyers in the marketplace.
LO3 2.4 Since Tom can produce five times as many pounds of nuts in an hour as pounds of coffee, to produce equal quantities of each, he must spend 5 hours picking coffee for every hour he devotes to
2.3 Susan’s opportunity cost of gathering a pound of nuts is now 1 ⁄2 pound of coffee and Tom’s opportunity cost of gathering a pound of nuts is now only 1 pound of coffee. So Tom has a
2.2 In the accompanying graph, A (20 pounds per day of coffee, 4 pounds per day of nuts) is unattainable; B (12 pounds per day of coffee, 6 pounds per day of nuts) is both attainable and efficient;
2.1 The entries in the table tell us that Barb has an absolute advantage over Pat in both activities. While Barb, the mechanic, can update 3 Web pages per hour, Pat, the programmer, can update only

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