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microeconomics principles

Questions and Answers of Microeconomics Principles

Suppose LeBron James (an NBA star) averages 25 points per game going in to the last game of the season, in which he collects only 12 points. Use the concepts of marginal and average to describe the
Timber Products Inc. processes raw lumber into finished building products. The capital equipment used to mill the wood requires at least 8 workers if the firm is to produce output at the lowest
For each of the costs listed below, identify whether it is an explicit or implicit cost to a firm. Which costs would be subtracted from a firm’s total revenue to calculate economic profit, and
Use the following diagram to answer the questions below about marginal and total utility for the consumption of Good X. a. What is the total utility of consuming 500 units of the good? 600 units?
Luc allocates his total monthly household expenditures between only two goods, restaurant meals and “all other goods.” Suppose the price of each restaurant meal is $20 and the price of each unit
The diamond–water paradox is the classic example of the paradox of value, but the concept can be applied to many other market situations. Show in a diagram and explain why a cardiac surgeon earns
Consider your sets of indifference curves fori. Coke and chipsii. Coke and PepsiExplain why these sets of indifference curves are likely to look different. Illustrate with a diagram. What does this
Debra travels to Mexico and enjoys both burritos and Coronas. The diagram shows her utility-maximizing choices. a. If the budget line is line 1, describe why point A is Debra?s utility-maximizing
Consider Katie’s preferences for magazines and ice cream cones. Several “consumption bundles” are shown in the table below.BundleIce Cream ConesMagazinesa90b72c62d53e44f43g34h26i06a. On a scale
Consider the market for some product X that is represented in the following demand-and-supply diagram. a. Calculate the total economic surplus in this market at the free-market equilibrium price and
Consider the market for some product X that is represented in the following demand-and-supply diagram. For each of the legislated price controls listed in the next column, determine the price and
The diagram below shows supply and demand curves in the Canadian market for soybeans. The free market equilibrium and quantity are p* and Q*. a. If the price of soybeans is at its market-clearing
The diagrams below show the supply and demand curves in the market for widgets. In each diagram the free market equilibrium price and quantity are p* and Q*. a. In the first diagram, if the price
Suppose a local government votes to impose an excise tax of $1.00 per bottle on the sales of bottled water. (Assume that all bottles are identical and residents cannot shop elsewhere.) Before the
Suppose you are advising an industry association on the predicted effects of a price change on quantity demanded and total expenditure on their product. The current price is $1.00 per unit, and
Excise taxes are sometimes referred to as “sin taxes” when applied to products such as alcohol and cigarettes. Using the concepts of elasticity of demand and supply, explain how we could
Consider the following products:kitchen blendersfibre optic cableneurosurgeryoil tankerssour cream doughnutsrental apartmentsa. Which of these would have the greatest supply elasticity in the short
Assume you have the following information for the global market for agricultural commodity X. For each scenario, use demand and supply analysis to provide a likely explanation for the change in
The following supply and demand schedules describe a hypothetical Canadian market for potash.Price ($Quantity SuppliedQuantity Demanded(million tonnes)per tonne)(million
There has been rapid growth in the demand for the green leafy vegetable kale in recent years, as consumers learned of its health benefits. The demand curve has shifted significantly rightward.
Consider the world supply of cocoa beans, the main input in the production of chocolate. For each of the events listed below, state and explain the likely effect on the supply of cocoa beans. How
The figure below shows a monthly cost curve for the production of Good X. a. Calculate the slope of this non-linear function at points B, and C. b. Is the marginal response of the cost of
Suppose ABC Corp. spends $100 000 per year on some basic level of advertising, regardless of its revenues. In addition, the company spends 15 percent of each dollar of revenue on extra advertising.
The following questions will provide practice working with simple linear functions. All questions refer to a coordinate graph with the variable X on the horizontal axis and the variable Y on the
Use the following figure to answer the questions below. a. Is the slope of Line A positive or negative? Line B? b. Calculate the slope of Line A. Write the equation describing the line in the form
Use the appropriate graph—time-series, cross-sectional, or scatter diagram—to illustrate the economic data provided in each part below.a. The Canadian-dollar price of one U.S. dollar (the
According to Statistics Canada, Canada’s exports and imports of energy (combined totals of fossil fuels, hydro, and nuclear, all measured in petajoules) over a five-year period were as
Suppose you want to create a price index for the price of a personal pizza across several Canadian university campuses, as of March 1, 2019. The data are as
Suppose you want to create a price index for the price of a particular physics textbook over 10 years in your university bookstore. The price of the book on September 1 of each year is as
Suppose that an examination of data reveals a positive correlation between the demand for new homes and the price of lumber. Which of the following conclusions can be correctly inferred from the
For each of the following events, describe the likely effect on the country?s production possibilities boundary (PPB). Start with a PPB like the one shown and draw the likely change. In each case,
Suppose one factory produces residential windows and doors. The following scenarios describe various straight-line production possibilities boundaries for this factory. Each scenario describes the
Suppose you own an outdoor recreation company and you want to purchase all-terrain vehicles (ATVs) for your summer business and snowmobiles for your winter business. Your budget for new vehicles this
For this Discovering Data exercise, go to FRED (fred.stlouisfed.org) to create a line graph that compares poverty rates for different counties across the United States. In the search bar enter
For this Discovering Data exercise, use FRED (fred.stlouisfed.org) to create a graph comparing exports from California, Florida, Michigan, Pennsylvania, and Washington to China. In the search bar
For this Discovering Data exercise, use FRED (fred.stlouisfed.org) to create a graph comparing the sources of government tax revenue for the United States over time. Under the tools tab select
The price of a serving of McDonald’s French fries in 1950 was 10¢. Using the Internet, or visiting a McDonald’s, determine the price of fries today. The federal government’s urban CPI index is
Go to eBay.com or another auction site. Find the bidding record from a completed (or nearly completed) auction on a type of good that interests you.a. Create a table showing each bidder’s maximum
A firm’s production function is Cobb-Douglas: q = ALaKb. What is the firm’s marginal revenue product of labor?
After Hurricane Katrina destroyed much of New Orleans, the Louisiana Road Home rebuilding grant program helped individuals pay for rebuilding their homes. Fu and Gregory (2016) estimated that each
How can Larry signal that he is selling a good car so that you are willing to pay Larry the price that he knows his car is worth, and a higher price than what you are willing to offer Harry?Larry has
What are Jimmy’s and Zenda’s expected utilities from a bet that gives them a 50 percent chance of having a wealth of $600 and a 50 percent chance of having nothing? Zenda's Jimmy's utility Wealth
After you have studied Economics in the News on pp. 462–463, answer the following questions.a. What is the trend in top executive pay?b. How can the idea of a contest among potential top executives
Is the Gini ratio for Australia larger or smaller than that for Brazil and South Africa? Explain your answer.Households (quintile)Market income (percent of
The table shows money income shares in the United States in 2001.Draw a U.S. Lorenz curve in 2001. Was the U.S. distribution of income more equal in 2001 than in 2012? Explain your answer.Households
After you have studied Economics in the News on pp. 410–411, answer the following questions:a. What are the marginal private costs of and marginal private benefits from using gas rather than coal
If no one owns the lake and the government levies a pollution tax, what is the tax that achieves the efficient outcome?When factories produce pesticide, they also create waste, which they dump into a
After you have studied Economics in the News on pp. 386–387, answer the following questions:a. What is the source of revenue for constructing and maintaining the transportation infrastructure?b.
If the government decides to subsidize health insurance (like Obamacare), what subsidy will achieve the efficient coverage?The marginal cost of health insurance is a constant $8,000 a year and the
If the government decides to provide public health insurance (like Canada), what healthcare fee does it charge to achieve an efficient coverage? How much will taxpayers have to pay? The
If all health insurance is private and the market for insurance is competitive, how many families are covered, what is the premium, and what is the deadweight loss created?The marginal cost of health
A last-minute enrollment surge enabled the White House to meet its 7 million sign-up target for the Affordable Care Act. President Barack Obama said on Tuesday that 7.1 million people had signed up
If the government gave coverage to everyone what problems would arise in the related market for healthcare services?The marginal cost of insurance is a constant $6,000 per family per year. Marginal
If the government subsidizes private insurers, what subsidy will achieve the efficient coverage? The marginal cost of insurance is a constant $6,000 per family per year. Marginal social benefit
If the government provides healthcare to achieve the efficient coverage, how many families are covered and how much must taxpayers pay? The marginal cost of insurance is a constant $6,000 per
With no public health insurance market, how many families buy insurance, what is the premium, and is the coverage efficient? The marginal cost of insurance is a constant $6,000 per family per
If the government appoints a bureaucrat to run the program, would mosquito spraying most likely be under provided, over provided, or provided at the efficient quantity?Quantity (square
For each of the following goods, explain why a free-rider problem arises or how is it avoided.July 4th fireworks displayInterstate 81 in VirginiaWireless Internet access in hotelsThe public library
After you have studied Economics in the News on pp. 360–361, answer the following questionsa. What are the strategies of T-Mobile and AT&T in the market for cellphone service?b. Why, according
After you have studied Economics in the News on pp. 334–335, answer the following questionsa. Why do you think Babolat worked with the firm that helped Nintendo develop the Wii remote? b. How
What will happen to the number of firms producing mountain bikes in the long run?Use Figure 14.2, which shows the situation facing Mike’s Bikes, a producer of mountain bikes, to work Problems 14 to
Does Flight have excess capacity in the long run? If it has excess capacity in the long run, why doesn’t it decrease its capacity? FIGURE 14.1 Problems 5 to 8 100 мС АТС 80 60 40 MR 150 50 100
In Problem 15, under what conditions would GM stop producing the Chevy Volt and exit the market for electric cars. Explain your answer.Data From Problem 15GM will temporarily lay off 1,300 employees
Derive Pat’s supply curve.Pat’s Pizza Kitchen is a price taker and the table shows its costs of production.Output(pizzas per hour)Total cost (dollars per hour)010121230341454569
Explain what might be the source of the dis-economies of scale that ProPainters experiences.ProPainters hires students at $250 a week to paint houses. It leases equipment at $500 a week. The table
Explain why the gap between ProPainters’ total cost and total variable cost is the same no matter how many houses are painted.ProPainters hires students at $250 a week to paint houses. It leases
If Amy’s income increases to $24 a week and the prices of coffee and cake remain unchanged, describe the change in her budget line.Draw a graph of Marc’s budget line with the quantity of DVDs on
a. How many hours of golf and how many hours of tennis does she play to maximize her utility?b. Compared to part (a), if Cindy spent a dollar more on golf and a dollar less on tennis, by how much
What do people try to achieve when they make a decision under uncertainty?
What is money income? Describe the distribution of money income in the United States in 2012.
In which countries are incomes distributed most unequally and least unequally?
How many workers will Kaiser’s hire to maximize its profit and how many milk shakes a day will Kaiser’s produce?
How are the wage rate and employment determined in a competitive labor market?
What is the relationship between the value of marginal product of labor and the marginal product of labor?
What externalities arise from beautiful and ugly buildings and how do we deal with them?
What externalities arise from smoking tobacco products and how do we deal with them?
Describe three production activities that create external benefits.
Describe three consumption activities that create external costs.
How might governments achieve an efficient provision of education?
Describe the conditions under which a common resource is used efficiently.
Provide an example of each type of externality that is different from the ones described above.
What are the four types of externality?
What is the problem that Obamacare seeks to solve and how does the solution work?
What are the problem with Medicare and Medicaid?
How do Canada and the United Kingdom deliver healthcare and what is the problem left unresolved?
What is special about healthcare that makes it a good provided by the government?
Why are healthcare and education not public goods and why do governments play a large role in the markets for these services?
List the economic functions of governments.
Amid soaring oil prices the Commodity Futures Trading Commission (CFTC) is looking into manipulation of the oil market—withholding oil in an attempt to drive prices higher. The CFTC has found such
What are the two main antitrust laws and when were they enacted?
What are the common features of all games?
Why do firms in oligopoly face a temptation to collude?
Why are firms in oligopoly interdependent?
The HHI for automobiles is 2,350, for sporting goods it is 161, for batteries it is 2,883, and for jewelry it is 81. Which of these markets is an example of monopolistic competition?
The four-firm concentration ratio for audio equipment makers is 30 and for electric lamp makers it is 89. The HHI for audio equipment makers is 415 and for electric lamp makers is 2,850. Which of
Provide some examples of industries near your school that operate in monopolistic competition.
A California jury found Samsung guilty of violating the majority of the patents in question, including software features like double-tap zooming and scrolling. It recommended that Apple be awarded
The U.S. Postal Service has a monopoly on non-urgent First Class Mail. Pfizer Inc. makes LIPITOR, a prescription drug that lowers cholesterol. Cox Communications is the sole provider of cable
What is the relationship between price, marginal revenue, and marginal cost when a single-price monopoly is maximizing profit?
What is the relationship between marginal cost and marginal revenue when a single-price monopoly maximizes profit?

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