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microeconomics principles applications

Questions and Answers of Microeconomics Principles Applications

1.8 The taxi app Uber has a price hike mechanism called“surge pricing”, and when effective the minimum fare and per-kilometer fare will be set at a multiple of the normal level. Assume that in
1.6 Illustrate the following with supply or demand curves:a. In Joseph Heller’s iconic novel, Catch 22, one of the characters was paid by the government to not grow alfalfa.According to the
1.5 The per-night rate for a 5-star hotel room in Macau has fallen from an average of MOP 1,992 in August 2014 to MOP 1,857 in August 2015. Demand for 5-star hotel rooms in Macau was falling during
1.4 In an effort to support the price of raw milk and dairy products, some dairy farmers advocate a subsidy in cash for every cow that they leave “unused”. They argue that the subsidy increases
1.1 Illustrate the following with supply and demand curves:a. In June 2015, a Chinese gaming company won a charity auction for lunch with Warren Buffett on a Friday night with a bid of $2,345,678.b.
5.12 [related to the Economics in Practice on p. 100] The demand for delicacies and goodies increase prior to the Chinese New Year was because of increased wages, popularity, and quantity supplied.
5.11 The following table represents the market for solar wireless keyboards. Plot this data on a supply and demand graph and identify the equilibrium price and quantity. Explain what would happen if
5.10 [related to the Economics in Practice on p. 99] The growing popularity of quinoa has had an impact on the market for brown rice. With its higher fiber, protein, and iron content, quinoa is
5.7 Suppose the demand and supply curves for rice in Japan are given by the following equations:Qd = 120 - 30P Qs = 40 + 10P where Qd = million tons of rice the Japanese would like to buy each year;
5.5 During the period 2007 through 2012, passenger car production in the EU fell from a rate of 17 million units per year to a rate of less than 15 million, a decrease of greater than 10 percent. At
5.4 In July 2015, Beijing was selected by the International Olympic Committee as the host city of the 2022 Winter Olympics. The Beijing government is implementing several projects that will affect
5.3 Do you agree or disagree with each of the following statements? Briefly explain your answers and illustrate each with supply and demand curves.a. The price of a good rises, causing the demand for
5.2 In Hong Kong, the Accident & Emergency (A&E) departments of public hospitals provide emergency services with a very low price of $100 for each attendance. It has been heavily subsidized by the
5.1 Illustrate the following with supply and demand curves:a. With increased access to wireless technology and lighter weight, the demand for tablet computers has increased substantially. Tablets
4.2 The following sets of statements contain common errors.Identify and explain each error:a. Supply decreases, causing prices to rise. Higher prices cause supply to increase. Therefore, prices fall
3.4 [related to the Economics in Practice on p. 85] In 2015, it was disclosed that water supplies at several Hong Kong public housing estates contained dangerous amounts of lead. The level of lead in
3.1 [related to the Economics in Practice on p. 84] Some airplane manufacturers have merchandise sales the souvenirs such as airplane models. They are available on the official online store. Suppose
1. When demand and supply curves shift simultaneously, what would be the factors that determine the magnitude of the changes in equilibrium price and quantity?
2.2 Suppose that a simple society has an economy with only one resource, labor. Labor can be used to produce only two commodities—X, a necessity good(food), and Y, a luxury good (music and
2.1 Describe a command economy and a laissez-faire economy. Do any economic systems in the world reflect the purest forms of command or laissez-faire economies?Explain.
1.13 The nation of Billabong is able to produce surfboards and kayaks in combinations represented by the data in the following table. Each number represents thousands of units.Plot this data on a
1.12 Punting is arguably more popular in Cambridge and Oxford than in any other region of the United Kingdom. During the warmer seasons, it is common to see rivers filled with punts—a flat-bottomed
1.11 Established in 1903 by Cecil Rhodes, the Rhodes Scholarship is considered to be one of the world’s most prestigious scholarships, awarded to selected foreign students for postgraduate studies
1.10 Betty Lou has a car washing and detailing business. She charges $20 to wash a car, a process that takes her 20 minutes and requires no help or materials. For car detailing, a process requiring 1
1.9 [related to the Economics in Practice on p. 59] A study presented at the annual congress of the European Economic Association in Mannheim, Germany, concluded that retired people are 10 percent
1.8 A nation with fixed quantities of resources is able to produce any of the following combinations of carpet and carpet looms:Yards of carpet(Millions)Carpet looms(Thousands)0 45 12 42 24 36 36 27
1.7 Match each diagram in Figure 1 with its description here.Assume that the economy is producing or attempting to produce at point A and that most members of society like meat and not fish. Some
1.6 The countries of Orion and Scorpius are small mountainous nations. Both produce granite and blueberries. Each nation has a labor force of 800. The following table gives production per month for
1.5 Briefly describe the trade-offs involved in each of the following decisions. List some of the opportunity costs associated with each decision, paying particular attention to the trade-offs
1.4 Alexi and Tony own a food truck that serves only two items, street tacos and Cuban sandwiches. As shown in the table, Alexi can make 80 street tacos per hour but only 20 Cuban sandwiches. Tony is
1.3 You are an intern at a newspaper organization in Los Angeles. The editor-in-chief asks you to write the first draft of an editorial for this next edition. Your assignment is to describe the costs
1.2 “As long as all resources are fully employed and every firm in the economy is producing its output using the best available technology, the result will be efficient.” Do you agree or disagree
1.1 For each of the following, describe some of the potential opportunity costs:a. Going home for Thanksgiving vacationb. Riding your bicycle 20 miles every dayc. The federal government using tax
1. Under what circumstances could measuring opportunity cost prevent you from making a rational decision?
■ Who gets what is produced?
■ How is it produced?
■ What gets produced?
1A.5 Calculate the slope of the demand curve at point A and at point B in the following figure.
1A.4 The following table shows the relationship between the price of airline tickets from London to New York and the number of passengers.a. Is the relationship between the price of airline tickets
1A.3 For each of the graphs in Figure 1, determine whether the curve has a positive or negative slope. Give an intuitive explanation for what is happening with the slope of each curve.
1A.2 Plot the income and consumption data in the following table on a graph, with income on the X-axis. Does the data indicate a positive or negative relationship between income and
1A.1 Graph each of the following sets of numbers. Draw a line through the points and calculate the slope of each line.1 2 3 4 5 6 X Y X Y X Y X Y X Y X Y 2 8 2 40 0 0 0 12 0 0 0.1 160 4 16 4 32 3 3 3
3.5 Explain the pitfalls in the following statements.a. People who like playing golf are more likely to have a luxury car than people who do not play golf. Therefore, having a luxury car causes
3.4 [related to the Economics in Practice on p. 43] Most college students either currently have, or at one time have had, roommates or housemates. Think about a time when you have shared your living
3.3 In 2012, Colorado and Washington became the first states to legalize marijuana for recreational use, and have since been joined by Oregon, Alaska and Washington, D.C. In 2014, Colorado is
3.2 Which of the following statements are examples of positive economic analysis? Which are examples of normative analysis?a. An effective minimum wage policy in Japan would result in an excess labor
3.1 In the summer of 2007, the housing market and the mortgage market were both in decline. Housing prices in most U.S. cities began to decline in mid-2006. With prices falling and the inventory of
2.2 Explain whether each of the following is an example of a macroeconomic concern or a microeconomic concern.a. Japan is considering legalizing the casino industry, and a bill to allow the opening
2.1 [related to the Economics in Practice on p. 39] Visit Fortune’s website. You will find a list of the world’s 500 largest companies. While going through the list, are you surprised by anything
1.4 On the Forbes 2015 list of the World’s Billionaires, Bill Gates ranks at the top with a net worth of $79.2 billion.Does this “richest man in the world” face scarcity, or does scarcity only
1.3 For each of the following situations, identify the full cost(opportunity cost) involved:a. Monique quits her $50,000 per-year job as an accountant to become a full-time volunteer at a women’s
1.2 Every month, Frank pays an $80 membership fee at a fitness center so he can avail himself of the unlimited use of its facilities. On average, he goes to the center 10 times a month. What is the
1.1 One of the scarce resources that constrain our behavior is time. Each of us has only 24 hours in a day. How do you go about allocating your time in a given day among competing alternatives? How
1. Would the academic outcomes of university juniors change as they become university seniors if they?
11. Does concern about the environment change our views of free trade?
10. What are the benefits and costs of free trade?
9. How did Aristotle think about just prices? How do we explain price wars in the airline industry?
8. Is high frequency trading socially beneficial? Do co-pays by patients change the choice and use of medicines by insured patients?
7. What effect would a tax on carbon have on emissions? Is a tax better or worse than rules?
6. How did the growth of railroads and improvement in transportation more generally change the U.S.banking systems in the nineteenth century?
5. Does increasing employment opportunities for girls in developing nations increase their educational achievement?
4. What inferences can we make based on conditional moment inequalities?
3. How does the resource allocation process differ in market versus command and control systems?
2. Do aggregate household savings increase when we automatically enroll people in savings programs and let them opt out as opposed to requiring them to sign up?
1. What do you think accounts for where components of the iPod and Barbie are made?
*“Unlike a marketplace in which pollution is protable, government control of resources and pollution can take into account the desires of all the people.” Evaluate, using economic thinking.
“The buildup of carbon dioxide and other gases in the air threatens to warm the planet and cause enormous damage worldwide. We must immediately stop this buildup for the sake of future
“The national parks belong to us all. No one should be charged money to enter.” Evaluate, using the economic way of thinking.
*The movie The Perfect Storm was set in a situation in which a very short shing season forces the shers to go to sea despite the dangerous conditions. Explain how a move to ITQs could solve that
Why have cotton elds retreated and forests returned in many areas of the southeastern United States? With fewer acres farmed, will the nation continue to be able to provide food and ber for itself?
*Even though the wage scale of union members is substantially greater than the minimum wage, unions have generally been at the forefront of those lobbying for higher minimum rates. Why do you think
*A survey of rms in your local labor market reveals that the average hourly wage rate of unionized production workers is$1.50 higher than the average wage rate of nonunion production workers. Does
Evaluate the following statements.a. “An increase in the price of steel will be passed along to consumers in the form of higher prices for automobiles, homes, appliances, and other products made
*“If a union is unable to organize all the major rms in an industry, it is unlikely to exert a major effect on the wages of union members.” Indicate why you either agree or disagree.
*Suppose that Florida’s migrant workers are effectively unionized.What will be the effect of the unionization on (a) the price of Florida oranges? (b) the prots of Florida fruit growers in the
Compared to women, men are overrepresented in occupations like coal mining and construction, in which working conditions are more dangerous. For example, 4,320 American men were killed on the job in
*In 2014, the median earnings of single men working fulltime, year-round were only 60 percent of their married counterparts.Does this indicate that employment discrimination existed against single
Physical strength is important in some jobs. Do you think differences in physical strength between men and women contribute to earnings differences according to gender? Why or why not? Do they also
*Between 1960 and 1990, the labor force participation rate of married women approximately doubled. What impact did this inux of married workers into the labor force have on (a) the average years of
*The government now requires insurers to provide insurance to persons with preexisting adverse health conditions. How does this inuence the incentive to purchase insurance when you are healthy?
Suppose the government established a new program that would use revenues from a payroll tax to nance 85 percent of the maintenance and repair cost of automobiles incurred by those who are employed.
*Do personal choices inuence health care expenditures? If health care is paid for by others or if everyone is charged the same premium for health care, how will this inuence the incentive to make
Consider the ve reform proposals suggested by the authors in this special topic. Indicate why you believe each is either a good or a bad idea. Explain your answers.
*How did the Medicare and Medicaid programs inuence the cost of medical services purchased by Americans who were neither poor nor elderly? Explain.
*When an employer provides health insurance benets as part of the compensation package, does this represent a gift by employers to their employees? Do employees earn these benets?Why or why not?
How does the substitution of third-party payments by insurance companies and the government for the out-of-pocket purchase of health care by consumers inuence the demand and price of medical
Could the United States ever experience another Great Depression?Why or why not?
Do the length and severity of the Great Depression reect a defect in the operation of markets? Do they reect a failure of government policy? Discuss.
Some charge that the crisis of 2008 was caused by the “greed”of Wall Street rms and other bankers. Do you agree with this view? Do you think there was more greed on Wall Street in the rst ve
*When mortgage originators sell mortgages to Fannie Mae, Freddie Mac, and investment banks the originators have no additional liability for possible default by the borrower. How will this arrangement
When did mortgage default and housing foreclosure rates begin to rise rapidly? When did the economy go into recession?Was there a causal relationship between the two? Discuss.
*If owners have little or no equity in their houses, how will this inuence the likelihood that they will default on their mortgage? Why?
What happened to the credit standards (e.g., minimum down payment, mortgage loan relative to the value of the house, and creditworthiness of the borrower) between 1995 and 2005? Why did the credit
Can government intervention generally be counted on to act more like a benevolent social planner, xing problems with the best interest of citizens as the goal, or will government tend to cater
Without government intervention, would the economy uctuate more or less over the business cycle? Contrast the two views on this issue. Be sure to address both the inherent stability of the market
Is savings harmful or benecial to the economy? Contrast the two views on this issue.
*According to Keynes, when the economy is in a recession, increased government spending can bring the economy back to full employment. This spending could be on conducting a war with the military or
Are stocks a risky investment? How can one reduce the risk accompanying stock market investments?
What is the random walk theory of stock prices? What does it indicate about the ability of “experts” to forecast accurately the future direction of stock prices?
What is an indexed equity mutual fund? What is a managed equity mutual fund? How will the administrative costs of the two differ?

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