All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
microeconomics principles

Questions and Answers of Microeconomics Principles

1.5. It's one of the ironies of American history that when the pilgrims first arrived at Plymouth Rock, they promptly set about creating a communal society in which all shared equally in the produce
1.4. Canada's Labrador Peninsula (which includes modern-day Newfoundland and most of modern-day Quebec) was once home to an indigenous group, the Montagnes, who, in contrast to their counterparts in
1.A typical "public goods game" is quite simple:Everyone in the experiment is given, say, $5 each, theirs to take home if they like. They're told that if they donate money to the common pool, all the
1.3. The economic theory of public goods makes a very clear prediction: If the benefits of some action go to strangers, not to yourself, then you won't do that action. Economists have run dozens of
1.2. Some media companies (especially in music and movie industries) run ads claiming that downloading or copying media is the same thing as stealing a CD or DVD from a store.Let's see if this is the
1.1.a. Two girls are sharing a cold chocolate milk, as in the picture below. How long do you think it will take them to drink all the milk?How long would it take if each girl had her own glass and
1.7. Economists typically remind people to weigh the costs of an action against the benefits of that action. Let's invent some examples where it'just too expensive or too risky to solve the very real
1.6. The massive stone faces that pepper Easter Island puzzled people for centuries. What happened to the civilization that erected these faces? A clue is that the island currently has no trees.
1.5. As we've already mentioned, the line between"public good" and "private good" is genuinely blurry. Electronic tolls on roadways are making excludability a little bit easier every year. In your
1.4. We mentioned that the tragedy of the commons is a form of prisoner's dilemma, something we saw back in Chapter 15. As is so often the case in economics, the same model can apply to many
1.3.a. Has the rise of the Internet and file sharing turned media such as movies and music into public goods? Why?b. Taking your answer in part a into account, would government taxation and funding
1.2.a. "A public good is just a good that provides large external benefits." Discuss.b. "A tragedy of the commons occurs when using a good causes massive external costs."Discuss. In parts a andb,
1.1. In 2008, Jean Nouvel won the Pritzker Architecture Prize (the highest prize in architecture). One ofhis most notable works is the Torre Agbar (pictured), a breakthrough skyscraper that lights up
1.8.a. Why did the fish catch increase in New Zealand after the amount that each fi sherman could catch was limited by a quota?b. Given your answer to parta, would an individual fisherman in New
1.7. This chapter noted that chickens and the"chicken of the sea" (tuna) are fundamentally different in terms of population though they are both food. Indeed, chickens are eaten far more than tuna,
1.6.a. The nation of Alphaville has been hunting its deer population to extinction. The government decrees strict limits on the number of hunters, and on the number of rounds of ammunition that each
1.5.a. American bison onced freely roamed the Great Plains. In the 1820s, there were some 30 million bison in the United State but a survey in 1889 counted just 1 ,091. Why were the bison driven to
1.4. Emeril says, "In my economics class, I learned that the only way to fund public goods was to have the government tax citizens to pay for those goods. Is that what you learned?"Rachel responds,
1.3.a. Is education-a college course, for instance-excludable?b. Is education a rival good? That is, if your class has more students, do you get a worse education on average? Do students (and
1.2. Which of the following are free riders, which are forced riders, and which are just people paying for public goods?a. In Britain, Alistair pays a tax to support the British Broadcasting
1.1. Take a look at the following list of goods and services:Apples Open-heart surgery Cable television Farm-raised salmon Yosemite National Park Central Park, New York City The Chinese language The
1.4. In Chapter 8, we analyzed a minimum wage in the usual way, as a price floor, and we showed that a minimum wage creates unemployment. Now suppose that firms must pay the minimum wage but they can
1.3. In a market economy, firms with more workers can make and sell more output-that goes without saying. The marginal product oflabor tells you how much extra revenue each extra worker generates.
1.2. We mentioned that "a [college] degree signals ... something good about the job candidate, namely that they have enough intelligence, competence, and conscientiousness to earn a college degree."
1.1. In the decades after the Civil War, most streetcar companies in the South discriminated against one class of citizens: smokers. Customers who wanted to smoke had to ride in the back of the car.
1.9. In the United States, it's legal to work for free:We call this an "unpaid internship."a. Why will college students take these zero-wage jobs when they could get a minimum wage job instead?b.
1.8. One way that Jim Crow segregation laws operated was by providing worse government Labor Markets • CHAPTER 17 • 341 schools for black students. This widened the human capital gap between
1.7. True or false? Morticians are paid lower wages than other workers because very few people want to work with dead bodies.
1.6.a. The average person doesn't like working the night shift. According to the theory of compensating differentials, are night-shift wages probably higher or lower than day shift wages?b. Most
1.5. Suppose that we tax CEO salaries very highly, as some are proposing in the United States.What is your prediction about CEO perks such as jets and in-house chefs?
1.4. As we saw, unions can raise wages in a sector of the economy by restricting the number of workers in that sector. Let's see what tends to happen to the workers who don't get jobs in those
1.3. We've seen what happens whenjob safety regulations are imposed. Now let' see what happens when they're taken away.a. If a radical free-market, antiregulation government comes to power in the
1.Let's look at 100 computer programmers who are trying to decide whether to work for one of two companies: Robotron or Korrexia. To keep things simple, assume that both companie are equally fun to
1.2. One way to think about wages for different job is to see it as another application of the law of one price. W e came across this law when we discussed speculation in Chapter 7, and it came up
1.1. Construction jobs in New Chongqing pay $20 per hour. The job isn't that safe: a lot of sharp objects, a lot of ways to fall off a building. The city council ofNew Chongqing decides to set some
1.9. True or false?a. The marginal product of labor is the amount of extra profit that a firm will earn if it hires one more worker.b. The benefit ofhaving a college education has increased since the
1.8. Michael Lynn, a social psychologist in Cornell's School of Hotel Administration, has spent years studying tipping (his homepage has well-tested advice on how to increase your tips). He finds
1.7. It is commonly said that women earn 80 cents for every dollar that a man earns, even when doing the same job. Let's assume this is literally true in order to see how an entrepreneur would
1.6. The director of human resources at ToyCo is hiring new engineers. She's got a stack of 250 applications, and she's going to do a little research. She sits down and does a little cyber-snooping
1.5. As we mentioned, OSHA fines companies for unsafe workplaces. At the same time, the labor market al o "fines" companies that give their workers dangerous jobs. The fines of the marketplace are
1.4. According to the theory of compensating differentials, which low-skilled jobs in the United States will tend to pay the most:a. The safe jobs or the dangerous jobs?b. The fun jobs or the boring
1.· 3. Let's apply the idea of compensating differentials to janitorial jobs. Suppose there are two quite similar restaurants in the same town, OrangeBee's and the City Inn. Both have the same
1.2. Now let's do the same with shifts in Joe's labor supply from Figure 17 .2. We li ted five important supply shifters in Chapter 3. For each example below, state whether you think Joe's labor
1.1. In Chapter 3, we listed ix important demand shifters. Since the demand for labor is like the demand for any other good, those same factor apply here. Let's look at factors that might shift the
1.6. Imagine that two players are competing over a valuable resource. Each player has two options.He or she can either be aggressive and demand the entire resource, or the player can offer to split
1.5. The market for college textbooks is an interesting one. One thing that makes it unique is that the person who chooses the textbook (the professor)is not the person who purchases the textbook(the
1.4. Nobel Laureate Paul Krugman once a ked,"Who would enter a demolition derby without the incentive of a prize?" (Source: Krugman, Paul. 1998. Soft microeconomics: The squi hy case against
1.3. Why doesn't everyone just switch to one language?
1.2. We mentioned research by Liebowitz and Margolis that poked some holes in the QWERTY story. In particular, they emphasized that in the age when typing first became common, many corporations had
1.1. Prisoner's dilemmas are common in real life, but not all real-life games are as dismal as the prisoner's dilemma. One game, known as "stag hunt," describes situations where cooperation is
1.6. It's more efficient to go shopping when everyone else is shopping: This is one explanation for the rise of Christmas as a shopping season. Even many people who don't celebrate Christmas do a lot
1.5. Consider the shipping container (the large box that stacks on cargo ships and attaches to trucks).If all containers are the same size and design, then the container can pass seamlessly between
1.4. Suppose you and your friend Amy work together to develop a unique magic trick that either of you could perform alone. It turns out to be a tremendously popular trick and both of you make it big
1.3. Deciding which side of the road to drive on is a kind of coordination game. In some countries, people drive on the right side of the road, and in other countries (notably the United Kingdom and
1.2. Every so often, rumors float around Facebook claiming that the social networking site is going to begin charging its users a small monthly fee.So far, those rumors have always turned out to be
1.1. If you get a crack in your windshield, you can take your car to an auto-glass repair shop where they will gladly try to repair your windshield, so you can avoid having to replace it. They
1.6. The mantra of Amazon.com CEO JeffBezos is "Get big fast." As we saw in Chapter 13 on monopoly, one reason to "get big fast" is because in some industries the fim1's average cost will plummet as
1.5. In the following three games, is each a coordination game or a prisoner's dilemma?The best way to check is to see if there is exactly one Nash equilibrium; another way is to see if there is a
1.4. For each of the pairs below, determine which business is more likely to operate in a contestable market, and explain why.a. The only clothing store in a small town vs.the only natural gas
1.3. Linkedin is an online professional networking site, much like Facebook or MySpace, except that it's for connecting with classmates and colleagues to create networks that may be helpful in, among
1.2. Explain the difference between competition "in the market" and competition "for the market."What impact does each kind of competition have on prices and output in a market? Is one better than
1.1. Antitrust laws make certain "anticompetitive"practices illegal because these practices raisea. Characterized by network goodsb. Highly contestable
1.2. The diagram below shows the monthly demand for hot dogs in a large city. The marginal cost(and average cost) is a constant $2 per hot dog.$40 30 The Market for Hot Dogs Demand 80 90 Quantitya.
1.What you have just constructed is what economists would call Firm X's reaction function.Even though Firm X thought about the different choices Firm Y could make, Firm Y is not actually going to
1.1. The French economist Antoine Cournot developed an interesting model of competition in an oligopoly that now bears his name. In a Cournot oligopoly, all of the firms know that the total output
1.9. In a famous article on advertising, 12 Gary Becker and Kevin Murphy wrote about advertisements that run during television programs: "One can say either that advertising pays for the
1.8. As you read in the textbook, the requirement for an industry to be considered monopolistically competitive are that there are many firms and those firms are producing unique, or differentiated,
1.7. Consider the demand schedule for Silly Bandz below. Assume that the marginal cost of producing a pack of Silly Bandz is a constant $0.50.Price($/pack of Silly Bandz)$3.50$3.00$2.50$2.00$1
1.6. Suppose the five landscapers in your neighbor hood form a cartel and decide to restrict output to 16 lawns each per week (for a total of 80 lawns in the entire market) in order to keep prices
1.5. In 2005, economist Thomas Schelling won the Nobel Prize in economics, in part for hi development of the concept of the "focal point" in game theory. Focal points are a way to olve a coordination
1.4. In 1890, Senator Sherman (of the Sherman Antitrust Act, which we mentioned earlier)pushed through the legislation that bears his name, which gave the government significant power to "bust up"
1.3. In the late fifteenth century, Europe consumed about 2 million pounds of pepper per year. At this time, Venice (ruled by a small, tightly knit group of merchants) was the major player in the
1.2. Firms in a cartel each have an incentive individually to lower the prices they charge.a. Suppose there was a government regula tion that set minimum prices. Would this regulation tend to
1.1. Usually, we think of cheating as a bad thing.But in this chapter, cheating turns out to be a very good thing in some important cases.a. Who gets the benefit when a cartel collapse through
1.9. In a city like New York, the market for stand-up comedians is likely to be monopolistically competitive. Explain why this is. If the market is monopolistically competitive, then what can be said
1.8. Though its name can sometimes cause confusion for students, the market structure we call "monopolistic competition" is so named because it has some features of monopoly and some features of
1.7. As this chapter pointed out, most cartels fail to successfully maximize profits by restricting output and raising prices because of the incentive to cheat. However, even a cartel that can
1.6. Suppose you have a suit that needs altering, and you take it to three different tailors in the same mall to get an estimate of the cost of the alterations. All three tailors give you the exact
1.5. In many college towns, rumors abound that the gas stations in town collude to keep prices high.If this were true, where would you expect this conspiracy against the public to work best? Why?a.
1.4. Your professor probably grades on a curve, implicitly if not explicitly. This means that you and your classmates could each agree to study half as much, and you would all earn the same grade you
1.In each cell in the table below, the first number is the number of years Butch will spend in prison, and the second is the number that Sundance will spend in prison given the strategies chosen by
1.3. The prisoner's dilemma game is one of the most important models in all of social science: Most games of trust can be thought of as some kind of prisoner's dilemma. Here's the classic game:Two
1.2. Take a look at the reasons why cartels collapse presented in this chapter. For each pair below, choose the case where the cartel is more likely to stick together.a. An industry where it's easy
1.1. Let's start offby working out a few examples to illustrate the lure of the cartel. To keep it simple on the supply side, we'll assume that fixed costs are zero so marginal cost equals average
1.6. We mentioned that airlines charge much more for flights booked at the last minute than for flights booked well in advance, even for exactly the same flight. This is because people who tend to
1.5. Think about the kind of 40-year-old who pulls out a faded, obviously expired student ID to get a discount ticket at a movie theater: What can you predict about his or her willingness to pay for
1.Here's the two friend ' willingness to pay for the separate kinds of movies. As you can ee, both Amanda and Yvonne are annoyed by the idea of a hybrid movie: Each would rather see her favorite kind
1.4. Amanda and Yvonne are thinking of going out to the movies. Amanda like action flicks more, but Yvonne likes a little bit of romance. Warner Bros. is trying to decide what kind of movies to make
1.3.a. In competitive market in the long run, if there are two kinds of steaks, "regular" and"high-quality Angus beef," and the regular beef sell at a lower price, is this an example of price
1.2. Consider the following eating arrangement for a concert hall:I Front row:Rows B-H Stage The front row only eats two people. Rows B- H, about 50 feet back from the front row, seat 20 people per
1.1. In the table below, we consider how Alex, Tyler, and Monique would fare under a la carte pricing and under bundling for cable TV when there are two channels: Lifetime and the Food Network.Alex
1.11. At the Kennedy Center for the Performing Arts in Washington, DC, if you make a $120 donation per year, you are allowed to go to a small room before the concert and drink free coffee and eat
1.10. Let's calculate the profit from price discrimination. The average daily demand for dinners at Paradise Grille, an upscale casual restaurant, is as follows:Demand for dinners by senior
1.9. True or false? A price-discriminating business will sometimes be willing to spend money to make a product worse.
1.8. When is a pharmaceutical company more likely to spend $100 million to research a new drug: when it knows it will be able to charge different prices in different countries or when it knows that
1.7. Isn't it surprising that movies, with tickets that cost around $10, often use vastly more economic resources than stage plays where tickets can easily cost $100?Compare, for example, a live
1.6. Where are you more likely to see businesses"bundling" a lot of goods into one package:in industries with high fixed costs and low marginal costs (like computer games or moviemaking), or in
1.5. Some people think that businesses create monopolies by destroying their competition, and there is certainly some truth to that. But as we learned from Obi-Wan Kenobi, "[Y]ou will find that man
1.4. As we saw in this chapter, drug companies often charge much more for the same drug in the United States than in other countries.Congre often con iders passing laws to make it easier to import
1.3.a. When will a firm find it ea ier to price discriminate: before the exi tence of eBay or afterward?b. Which of the two "principles of price discrimination" doe this invoke?

Showing 100 - 200 of 3636

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved