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microeconomics principles

Questions and Answers of Microeconomics Principles

Define the quantity demanded of a good or service.
The demand and supply schedules for potato chips are:a. Draw a graph of the potato chip market and mark in the equilibrium price and quantity.b. If the price is 60¢ a bag, is there a shortage or a
Define the quantity supplied of a good or service.
Calculate Canada’s GDP in 2008.The table lists some data for Canada in 2008. Item Wages paid to labour Consumption expenditure Net domestic income at factor cost Investment Government
Over what range of prices does a shortage arise? What happens to the price when there is a shortage?
Calculate nominal GDP in 2013 and 2014.Tropical Republic produces only bananas and coconuts. The base year is 2013. Quantities Bananas Coconuts Prices Bananas Coconuts 2013 800 bunches 400
Over what range of prices does a surplus arise? What happens to the price when there is a surplus?
In 2013, flow A was $1,000 billion, flow C was $250 billion, flow B was $650 billion, and flow E was $50 billion. Calculate investment. FACTOR MARKETS HOUSEHOLDS FIRMS Q GOODS MARKETS DⓇ
Real GDP grew 1 percent in 2013. Business investment increased 3.2 percent, exports grew 1.6 percent, and imports rose by 2.2 percent. Use the flows in the figure in Problem 2 to identify each flow
What adjustments must be made to total income to make it equal GDP?
How is real GDP calculated?
After you have studied Economics in the News on pp. 478 – 479 , answer the following questions.a. Which economy—the Canadian or the U.S.—had the longer and deeper recession in 2008–2009?b.
Statistics Canada reported the following data for 2013:Labour force: 19.4 millionEmployment: 18.0 millionWorking-age population: 26.7 million Calculate the:a. Unemployment rate.b. Labour force
Unemployment between July 2011 and January 2012 if the labour force was constant.In July 2011, the Canadian unemployment rate was 7.2 percent. In January 2012, the unemployment rate was 7.6 percent.
The labour force between July 2011 and January 2012, if unemployment was constant.In July 2011, the Canadian unemployment rate was 7.2 percent. In January 2012, the unemployment rate was 7.6
An exodus of discouraged searchers from the job market kept the unemployment rate from climbing above 10 percent. Had the labour force not decreased by 661,000, the unemployment rate would have been
Calculate the CPI and the inflation rate in 2014.The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2013. The average household spent $60 on juice
Calculate the inflation rates for the years ended June 2009 and June 2010. How did the inflation rate change in 2010?Statistics Canada reported the following CPI data:June 2008 217.3June 2009
Do these numbers tell us anything about the relative size of their labour force participation rates and employment-to-population ratios?The IMF World Economic Outlook reports the following
What is the output gap? How does it change when the economy goes into recession?
Why might these CPI numbers be biased? How can alternative price indexes avoid this bias?Statistics Canada reported the following CPI data:June 2008 217.3June 2009 214.6June 2010 216.9
How does the unemployment rate fluctuate over the business cycle?
What do these numbers tell us about the relative size of their natural unemployment rates?The IMF World Economic Outlook reports the following unemployment rates: Region United States Euro
What is the price level?
Statistics Canada reported the following data for July 2014:Labour force participation rate: 67.4 percentWorking-age population: 29.0 millionEmployment-to-population ratio: 62.5 Calculate the:a.
What is the CPI and how is it calculated?
The Labor Department reported that hiring accelerated in November, and the unemployment rate fell to 8.6 percent from 9 percent in October. Two reasons for the fall are that more Americans got jobs,
In Canada between June and July in 2014, the number of full-time jobs fell by 59,700 while part-time jobs increased by 60,000. The unemployment rate fell 0.1 percent to 7 percent as some workers left
With about 1.3 million Canadians looking for work, some employers are swamped with job applicants, but many employers can’t hire enough workers. The job market has changed. During the recession,
Oregon’s 5.6 percent unemployment rate is close to the national average of 5.5 percent. A few years ago, Oregon had one of the highest unemployment rates in the nation. To avoid rising
After you have studied Economics in the News on pp. 504 – 505 , answer the following questions.a. Describe the key differences in performance of the U.S. and Canadian job markets during
Brazil’s real GDP was 1,180 trillion reais in 2013 and 1,202 trillion reais in 2014. Brazil’s population was 198 million in 2013 and 200 million in 2014. Calculate:a. The growth rate of real
The IMF projects that China’s real GDP per person will be 15,040 yuan in 2015 and 16,010 yuan in 2016 and that India’s real GDP per person will be 54,085 rupees in 2015 and 56,840 rupees in 2016.
What are labour productivity and potential GDP in 2014?The first table describes an economy’s labour market in 2014 and the second table describes its production function in 2014. Real wage
The Asian Development Bank reported that Myanmar’s GDP growth accelerated to 7.5% in 2013 from 7.3% in 2012. Growth was supported by rising investment, improved business confidence, commodity
What has been the average growth rate of Canadian real GDP per person over the past 86 years? In which periods was growth most rapid and in which periods was it slowest?
What is the aggregate production function?
What are the two broad sources of potential GDP growth?
In 2014, China’s real GDP is growing at 7 percent a year and its population is growing at 0.5 percent a year. If these growth rates continue, in what year will China’s real GDP per person be
Mexico’s real GDP was 13,405 trillion pesos in 2013 and 13,805 trillion pesos in 2014. Mexico’s population was 118.4 million in 2013 and 119.5 million in 2014. Calculate:a. The growth rate of
What, according to neoclassical growth theory, is the fundamental cause of economic growth?
Just six months ago, India was looking good. Annual growth was 9%, consumer demand was huge, and foreign investment was growing. But now most economic forecasts expect growth to slow to 7%—a big
According to former Federal Reserve chairman Alan Greenspan, IT investments in the 1990s boosted productivity, which boosted corporate profits, which led to more IT investments, and so on, leading to
We are at a tipping point where technology—from software to hardware and everything in between—is weaving its way into all that we do and is about to touch every industry. Every day, we are
After you have studied Economics in the News on pp. 534 – 535 , answer the following questions.a. How do South Africa and Botswana compare on economic growth rates?b. For South Africa to grow
What was Michael’s gross investment, depreciation, and net investment during 2015?Michael is an Internet service provider. On December 31, 2014, he bought an existing business with servers and a
What is the value of Michael’s capital at the end of 2015?Michael is an Internet service provider. On December 31, 2014, he bought an existing business with servers and a building worth $400,000.
What is the distinction between gross investment and net investment?
What are the three main types of markets for financial capital?
What is the loanable funds market?
Why is the real interest rate the opportunity cost of loanable funds?
The table sets out the data for an economy when the government’s budget is balanced.a. Calculate the equilibrium real interest rate, investment, and private saving.b. If planned saving decreases by
On January 1, 2014, Terry’s Towing Service owned 4 tow trucks valued at $300,000. During 2014, Terry’s bought 2 new trucks for a total of $180,000. At the end of 2014, the market value of all of
How does a government budget surplus or deficit influence the loanable funds market?
Calculate net investment and gross investment during 2011.An economy’s capital stock was $46.3 billion at the end of 2010, $46.6 billion at the end of 2011, and $47.0 billion at the end of 2012.
What is the crowding-out effect and how does it work?
Calculate depreciation and net investment during 2012.An economy’s capital stock was $46.3 billion at the end of 2010, $46.6 billion at the end of 2011, and $47.0 billion at the end of 2012.
Annie runs a fitness centre. On December 31, 2014, she bought an existing business with exercise equipment and a building worth $300,000. During 2015, business improved and she bought some new
Recent data indicate that Canadians are saving more. Statistics Canada reports that the Household Savings Rate is currently 5.4%, a 0.4% increase from the previous year. Likewise, a recent Bank of
A judge in Lamar County, Texas, ruled that TransCanada has permission to build its Keystone XL pipeline from Cushing, Oklahoma, to Port Arthur, Texas. TransCanada has said it will start building as
If the Indian government reduces its deficit and returns to a balanced budget, how will the demand for or supply of loanable funds in India change?At the start of 2008, India had an annual growth of
After you have studied Economics in the News on pp. 556 – 557 , answer the following questions.a. Why does the news article say that bond prices and interest rates move in opposite directions? Is
With economic growth forecasted to slow, future incomes are expected to fall. If other things remain the same, how will the demand or supply of loanable funds in India change?At the start of 2008,
The deficit in the first 10 months of the year from April 2013 to January 2014 totalled $10.54 billion, down from $13.87 billion in the same period a year earlier.a. Explain the effect of the
The centrepiece of the 2014 G20 meeting is for all 20 countries to boost investment, create new jobs, and together boost world income by $2 trillion over 5 years.a. Explain the effect of an increase
An electricity producer has two power plants, each of which emits carbon dioxide (CO2), a greenhouse gas. Each plant is currently emitting 1 million metric tons of CO2 per year. However, new
As commissioner of a league of recreational tennis players, you are responsible for purchasing court time from the local tennis facility. The members of the league will tell you how many hours of
Reconsider the problem of purchasing time on the tennis court in Problem 1.14. Suppose the members of your league give you a specified amount of money to spend on court time. They then want you to
A 10 percent increase in the price of automobiles reduces the quantity of automobiles demanded by 8 percent. What is the price elasticity of demand for automobiles?
You have decided to study the market for fresh picked cherries. You learn that over the last 10 years, cherry prices have risen, while the quantity of cherries purchased has also risen. This seems
What is a basket (or a bundle) of goods?
Bill has a utility function over food and gasoline with the equation U = x2y, where x measures the quantity of food consumed and y measures the quantity of gasoline. Show that a consumer with this
What does the assumption that more is better imply about the marginal utility of a good?
What is a composite good?
The Reinheitsgebot is a set of laws established in the 1500s that regulate the production and sale of beer in Germany. Among its provisions, the edict set maximum prices that brewers could charge at
monopolistically competitive: There are at least two other brilliant lecturers Sally competes with.) The inverse demand for Sally’s lectures is given by P = 60 – 0.5Q, where Q measures the number
Evaluate the truthfulness of each of the following statements: a. “If the demand for margarine is perfectly elastic, then a price ceiling in the market for margarine will
Firms A, B, and C all produce roof shingles in a perfectly competitive market. The diagrams below show marginal cost curves for each of the three firms. a. Suppose each firm is producing 1000
You have just graduated from college and have two job offers doing identical work. Firm A offers you $40,000 per year and informs you that your coworkers will make the same. Firm B offers you $38,000
Auto insurer Progressive Insurance recently implemented a new program. Policyholders who agree to voluntarily install a Snapshot telematics device in their car receive a small discount on their car
The federal government would like everyone to have access to health insurance. Currently, the government allows insurance companies to test an applicant’s smoking status (they can test a blood
Evie is a 20-year-old social media influencer who earns lots of income from her YouTubechannel. She brags to her friends, “I’m going to be a millionaire by the time I’m 40,” but seems to
Evie is a 20-year-old social media influencer who earns lots of income from her YouTubechannel. She brags to her friends, “I’m going to be a millionaire by the time I’m 40,” but seems to
Pete?s Pools digs swimming pools for wealthy Seattle residents. Pete currently pays his workers the going wage, $10 per hour. The labor market he faces is depicted below: a. How many workers does
Tobin works at a ball-bearing assembly factory; he likes spending his paycheck, but he also likes lounging on his patio. His indifference curves are shown below: a. Tobin is currently making $20 per
Consider Jillian, whose backward-bending labor supply curve is shown in the figure below. Above $50 per hour, increases in wages cause Jillian to work less, and enjoy more leisure. That implies that
Consider Tessa, from Tessa’s Techs, as given in Problem 1. Tessa is struggling to find workers in a tight labor market.a. Suppose that the struggle to find qualified workers is due to Tessa’s
Jawbats produces wooden baseball bats used by professional athletes. Jawbats’s short-run production function is given by Q= 2L0.5. The associated marginal product of labor is
Consider the following game, played by Player 1 (P1) and Player 2 (P2). a. Use induction to find the equilibrium in this game. b. Suppose that Player 2 wishes to change the outcome of the game to
Consider the game played by Michael and Kristen in problem 18 above. Suppose that Michael decides not to threaten Kristen, but instead decides to promise her a monetary reward if she completes her
Consider the Organization of Otter Exporting Countries playing a repeated game as described in Problems 8 and 9. Assume, however, that your opponent is playing a tit-for-tat strategy rather than a
Dominance can be a very useful and intuitive way to find the likely outcome of a game. Consider, for example, the following game between Bobbi and Gary:GaryLeftCenterRightBobbiHigh4, 47, 55,
Consider the following game:Fireman SamStopDropRollMr. BennTry on Costume12, 78, 65, 2Look for Adventure11, 166, 121, 8Hesitate1, 34, 29, 4Open the Door2, 811, 58, 7a. Find each player’s dominant
One big question economics ponders is how to produce the greatest material well-being using the fewest resources. Compare and contrast perfect competition and monopolistic competition in achieving
In each case below, identify the type of competition and determine if there is likely to be a first-mover advantage. a. Saudi Arabia, a major oil producer, announces its annual oil production
Two farmers, Tito and Helen, supply a chain of islands with kale. The inverse demand for kale in the islands is given by P = 60 – 0.5Q, where Q is the combined output of Tito (qT) and Helen (qH),
Andres and Julian have the only liquor licenses in a small resort town. The inverse demand for mimosas (a favorite adult breakfast drink) is given by . Mimosas can be produced at a constant average
The Organization of Petroleum Exporting Countries (OPEC) is a cartel that attempts to keep oil prices high by restricting output. As part of that process, each member nation is assigned a production
Consider the soufflé bakers Gaston and Pierre, described in Problem 3. Suppose Gaston and Pierre are each faced with the choice of baking 3 or 4 soufflés each morning.a. Calculate the profits each
Revisit the Netflix membership fee issue discussed in Problem 20. Suppose you learn that there are actually two types of Netflix user: intensive users and casual users. Intensive users comprise

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