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macroeconomics principles

Questions and Answers of Macroeconomics Principles

1. 14. Why is a market equilibrium socially efficient?
1. 13. What is social efficiency? What are some limitations of this concept?
1. 12. How is market producer surplus represented in a supply-and-demand graph?
1.11. How is producer surplus for an individual transaction represented in a supply-and-demand graph?
1. 10. What does ea point on a supply curve represent?
1.9. What is another name for a supply curve, in reference to welfare analysis?
1. 8. Define producer surplus.
1. 7. How is market consumer surplus represented in a supply-and-demand graph?
1. 6. How is consumer surplus for an individual consumer represented in a supply-and-demand graph?
1. 5. What does ea point on a demand curve represent?
1. 4. What is another name for a demand curve, in reference to welfare analysis?
1. 3. What is a marginal ange?
1. 2. Define consumer surplus.
1.1. What is the difference between social welfare and well-being?
1. 2. Considering everything that we have covered so far in the book, have you anged your mind about any policy issues in your country? What lessons from the book do you find particularly relevant
1.1. Do you think that the current level of government regulation is too high or too low? Do you generally support a laissez-faire approa to regulation, or more extensive regulation? Does your
1.2. Do you think that social efficiency is an appropriate tool for analyzing the net impact of different policies? Can you think of some policy situations in whi social efficiency is a sufficient
1.1. ink of another real-world example of a price floor or a price ceiling, not discussed in the text. Based on what you read in this section, as well as your own views, do you think that price
1. 2. Have you ever operated a business, even a small one, su as a lemonade stand, when you were younger? If so, what factors motivated you to start a business? Do you think that your
1.1. Do you think that the concept of producer surplus accurately represents the benefits that producers obtain from selling goods and services? Do you have any reservations about the concept?
1. 2. Do you think that the concept of consumer surplus is an effective tool for converting “psyic”benefits to a monetary value? Do you have any reservations about the concept?
1.1. ink about a good or service that you have purased recently. Try to estimate the maximum amount that you would have been willing to pay for it. What factors influenced your WTP decision?How
1. 2. ink of a government policy that is currently being debated in the news. Describe how you would evaluate the costs and benefits of this policy differently if you were concerned primarily
1.1. Do you believe, in principle, that the costs and benefits of various policies can be quantified in monetary terms? Do you believe that some impacts cannot be fundamentally measured in
1. 9. Mat ea concept in Column A with the corresponding fact or example in Column B.Column A Column Ba. Price-inelastic demand 1. Income elasticity of 1.4 Column A Column Bb. Inferior goodc.
1. 8. Look at the estimated price elasticities of demand for cigarees in Table 4.3. If the government of a high-income country raises taxes on cigarees, the price to consumers goes up. e
1. 7. Many environmentalists think that an increase in the price of petroleum products to consumers would be a good thing. Many policymakers believe that an increase in the price of higher education
1. 6. Clark Marketing Services has found, through market tests, that the demand for Sonya’s Peanuts has a price elasticity of demand of 0.5 and an income elasticity of 1.8. You, an economist
1. 5. Use the formulas for elasticity to answer the following questions.a. When Mariba’s income rises by 10 percent, her expenditures on carrots rise 12 percent.What is Mariba’s income elasticity
1. 4. Braeburn Publishing decides to try to cut its costs of printing books by cuing the price that it offers to companies that supply it with paper.a. Suppose that the supply is perfectly price
1. 3. Calculate the percentage ange in revenue that would result from ea of the actions in question 2 above. Assume that the initial price in all cases is $100 per unit, and the initial
1.2. Calculate the price elasticity of demand for the following cases:a. When price rises by 5 percent, quantity demanded drops by 10 percent.b. When price rises by 10 percent, quantity demanded
1.1. For ea of the following items, discuss whether you think the demand that the seller faces will be price inelastic or price elastic, and explain why.a. A new song by an extremely popular
1.17. Explain why the long-run elasticity of demand for a good may differ from the short-run elasticity.
1. 16. Explain how a price ange has both “income effects” and “substitution effects” on buyer behavior.
1. 15. Can you illustrate the income elasticity of demand using a single demand curve? Why or why not?
1. 14. Give one example of a normal good and one example of an inferior good.
1. 13. What is the income elasticity of demand?
1. 12. What is the equation for calculating the price elasticity of supply?
1. 11. Sket, on a single graph, a relatively price-elastic supply curve and a relatively price-inelastic supply curve. (Make sure that they go through the same point.)
1. 10. What are examples of goods that are price elastic? What are some examples of price-inelastic goods?
1. 9. Describe quantity and revenue responses to price anges when the price elasticity of demand takes on the following values: (a) 0, (b) between 0 and –1, (c) –1, (d) more elastic than –1.
1. 8. How can we represent revenues on a graph?
1. 7. What is the relationship between price elasticity of demand and how a firm’s revenues ange as itanges its prices?
1. 6. Is elasticity the same thing as the slope of a curve?
1. 5. How does elasticity ange along a linear demand curve?
1. 4. What does a perfectly inelastic demand curve look like? What does a perfectly elastic demand curve look like?
1. 3. What is the “tenical definition” of a price-elastic demand? What is the tenical definition of a price-inelastic demand?
1. 2. What is the formula for the price elasticity of demand?
1.1. List three reasons why the demand for a good or service may be elastic. List three reasons why the demand for a good may be inelastic.
1. 2. Suppose that new tenological breakthroughs make solar water heaters extremely eap to purase and operate, compared with water heaters that use fossil fuels. Illustrate on a graph what
1.1. Maria rents on a month-to-month basis an apartment that she can barely afford, in a market where apartments are hard to find. Her landlord announces that she is doubling the rent, effective
1. 2. Suppose that the prices of all goods and services available to a particular consumer go up by 20 percent, at the same time, while the consumer’s income (or budget) remains unanged. What is
1.1. Whi of the following might be inferior goods? Could they be normal goods at some income levels and inferior goods at others?a. A community college educationb. Cigareesc. BMW carsd.
1. 2. Whi goods might be normal goods at some income levels but inferior goods at other income levels?(Hint: You might think of a household that is desperately poor, then becomes moderately poor,
1.1. Suppose that your income increases. Whi goods and services would you buy more of (i.e., normal goods)? Whi goods and services would you buy less of (i.e., inferior goods)?
1. 2. Economists draw supply curves as upward sloping. But sometimes, as consumers, we notice that the price per unit goes down if we buy more of something, not up. For example, a liter bole of
1.1. Suppose that a government alternative-energy program is having difficulty hiring enough engineers to work on a project, and so it raises the wage that it offers to pay by 15 percent. Who are the
1. 2. Suppose that when Winged Demons Athletic Shoes offers a 15 percent discount on its latest model of shoe, it finds that it sells 20 percent more of them. Calculate the price elasticity of demand
1. 9. Mat ea concept in Column A with an example in Column B.Column A Column Ba. Substitute goods 1. Price and quantity along the supply curveb. A nonprice determinant of demand 2. Tea and
1. 8. Suppose that a newspaper report indicates that the price of wheat has fallen. For ea of the following events, draw a supply-and-demand graph showing the event’s effect on the market for
1. 7. At a price of $8 per tiet, Shalimar goes to 2 movies per month, Wen goes to 1 movie per month, and Adam goes to 3 movies per month. At a price of $10 per tiet, Shalimar goes to 1 movie,
1. 6. At a price of $5 per bag, William is willing to supply 3 bags of oranges, Marguerite 2 bags, and Felipe 5 bags. At a price of $7 per bag, William is willing to supply 5 bags, Marguerite 4 bags,
1. 5. Using your understanding of the nonprice determinants of supply and of demand, analyze ea of the following market cases. Draw a graph showing what happens in ea situation, indicate what
1. 4. Continuing on from the previous problem (in question 3), suppose that new innovations in energy efficiency reduce people’s need for electricity. e supply side of the market does not
1. 3. Suppose that the supply and demand sedules for a local electric utility are as follows: e price is in cents per kilowa hour (kWh), and the quantities are in millions of kilowa
1. 2. Explain in words why the demand curve slopes downward.
1.1. Explain in words why the supply curve slopes upward.
1. 12. Explain the difference between precision and accuracy.
1. 11. Name three ways in whi supply can be inadequate.
1. 10. Explain the difference between market value and social value.
1. 9. Illustrate what happens to equilibrium price and quantity when both the supply and demand curve shi. (Explore different combinations of shiing curves.)
1. 8. Illustrate what happens to equilibrium price and quantity when either the supply curve or demand curve shis.
1.7. Draw a graph illustrating surplus, shortage, and equilibrium.
1. 6. Name the five nonprice determinants of demand.
1. 5. Illustrate on a graph: (a) a decrease in quantity demanded and (b) a decrease in demand.
1. 4. Define and sket a demand curve.
1. 3. Name the six nonprice determinants of supply.
1. 2. Illustrate on a graph: (a) a decrease in quantity supplied and (b) a decrease in supply.
1.1. Define and sket a supply curve.
1. 2. For ea example below, discuss whether it is a situation of shortage, scarcity, or inadequacy.a. You go to a store to buy a certain computer game and find that it is sold out.b. Jasmine
1.1. In Chapter 1 we discussed the three basic economic questions: What should be produced? How should production be conducted? For whom should economic activity be undertaken? Discuss how the
1. 2. Have you ever found yourself shut out of a class that you wanted to take because it was already full?Or has this happened to a friend of yours? Analyze this situation in terms of surplus or
1.1. ink about the market for high-quality basketballs. In ea of the following cases, determine whicurve will shi and in whi direction. Also draw a graph and describe, in words, the
1. 2. Verbally explain the difference between a ange in “quantity demanded” and a ange in demand.Considering the demand side of the market for lawn-mowing services, what kind of ange
1.1. Explain verbally why the demand curve slopes downward.
1. 2. Sket a supply curve graph illustrating a student’s willingness to offer tutoring services. e student, call her Lena, is willing to tutor for three hours per week if she receives
1. 3. Imagine trying to run a contemporary market economy without ea of the following. What problems do you think would arise? What might people have to do to get around the la of ea one?a.
1. 2. Mat ea concept in Column A with an example in Column B.Column A Column Ba. Explicit contract 1. Failure to account for environmental externalitiesb. A core sphere activity 2. A signed
1.1. Give an example of ea of the following:a. A retail marketb. A commodity marketc. A resale marketd. A financial markete. An underground marketf. An auction market g. A market with bargaining
1. 11. What are three major categories of market outcomes, based on efficiency, fairness, and sustainability?
1. 10. List three major types of markets in terms of how prices are set.
1. 9. List eight different types of markets in terms of what is sold.
1. 8. Give several examples of the infrastructure necessary for markets to function.
1. 7. Give several examples of ways in whi trust can be established.
1. 6. Describe four main categories of institutional requirements for markets.
1. 5. Give three different meanings of the term “market.”
1. 4. What are some major aracteristics of the business sphere?
1. 3. Why do businesses find it difficult to supply “public goods”?
1. 2. What are some major aracteristics of the public purpose sphere?

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