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

Six out of ten teens no longer use watches to tell time they’ve turned to cell phones and iPods. Sales of inexpensive watches dropped 12% from 2004 to 2005, and sales of teen favorite, Fossil,
An empirical study by Callison and Kaestner (2012) suggests that a 100% cigarette tax would be required to decrease adult smoking by as much as 5%. What does this result imply about the shapes of the
Use calculus to derive the elasticity of supply if the supply function is Q = Bp0.5.
During football weekends, many people travel to South Bend, Indiana, to see a Notre Dame football game. Hotel prices are much higher on football weekends than during the other 341 days of the
Ten million tourists visited New Orleans in 2004. However, in 2005, Hurricane Katrina damaged many parts of New Orleans and disrupted the tourist business in the years thereafter. Only 3.7 million
Dan has a much higher elasticity of demand for fish than most other people. Is the incidence of a tax on fish greater for him than for other people?
The linear supply function is Equation 3.8, Q = g + hp. Derive a formula for the elasticity of supply in terms of p (and not Q). Now write a formula entirely in terms of Q.Equation 3.8Q = g + hp,
Using graphs similar to those in Figure 3.1, illustrate how the effect of a demand shock depends on the shape of the supply curve. Consider supply curves that are horizontal, linear upward sloping,
The Challenge Solution says that a gas tax is roughly equally shared by consumers and firms in the long run. If so, what can you say about the elasticities of supply and demand?If in the short run
Based on the Application “Venezuela Price Ceilings and Shortages,” use two figures to show the effects of Venezuela’s price control on corn flour in Venezuela and in Colombia’s corn flour
Suppose that the government imposes a price support (price floor) on processing tomatoes at $65 per ton. The government will buy as much as farmers want to sell at that price. Thus, processing firms
After a major disaster such as the 1994 Los Angeles earthquake and hurricanes such as Katrina, retailers often raise the price of milk, gasoline, and other staples because supplies have fallen. In
Using the information in Question 3.6, determine how the equilibrium price and quantity of processing tomatoes change if the price of tomato paste falls by 10%.Question 3.6Green et al. (2005)
Some cities impose rent control laws, which are price controls or limits on the price of rental accommodations (apartments, houses, and mobile homes). New York City alone had over two million
The demand function for a good is Q = a - bp, and the supply function is Q = c + ep, where a, b, c, and e are positive constants. Solve for the equilibrium price and quantity in terms of these four
Given the inverse demand function for pork (Question 1.1) is p = 14.30 - 0.05Q, how much would the price have to rise for consumers to want to buy 2 million fewer kg of pork per year?Question 1.1The
A group of American doctors have called for a limit on the number of foreign-trained physicians permitted to practice in the United States. What effect would such a limit have on the equilibrium
How would the shape of the total supply curve in Solved Problem 2.2 change if the U.S. domestic supply curve hit the vertical axis at a price above p̅?Problem 2.2The estimated supply function for
Given an estimated monthly demand function for avocados of Q = 104 - 40p + 20pt + 0.01Y, show how the demand curve shifts as per capita income, Y, increases from $4,000 to $5,000 per month. The price
What is the effect of an import quota Q̅ > 0 on equilibrium price and quantity?
In 2014–2015, the highly pathogenic avian influenza (HPAI) outbreak substantially reduced the supply of eggs, particularly in Iowa, the top eggproducing state, and the rest of the Midwest. What was
If the supply of rice from the United States is Qa = a + bp, and the supply from the rest of the world is Qr = a + cp, what is the world supply?
Based on the Application “Calorie Counting,” show the effect of New York City’s calorie posting requirement on Starbucks’ demand curve.
When he was the top American administrator in Iraq, L. Paul Bremer III set a rule that upheld Iraqi law: anyone 25 years and older with a “good reputation and character” could own one firearm,
The U.S. Fish and Wildlife Service has considered banning imports of beluga caviar to protect the beluga sturgeon in the Caspian and Black seas, whose sturgeon populations have fallen 90% in the last
Airbnb is a website that lets apartment dwellers list and rent lodging for a few days to out-of-town visitors. Use a figure to show how this new website affects the equilibrium rental price and
Every house in a small town has a well that provides water at no cost. However, if the town wants more than 10,000 gallons a day, it has to buy the extra water from firms located outside of the town.
The estimated supply function for avocados is Q = 58 + 15p - 20pf, where pf is the price of fertilizer.Determine how much the supply curve for avocados shifts if the price of fertilizer rises from
Is it possible that an outright ban on foreign imports will have no effect on the equilibrium price?
The Application “Occupational Licensing” analyzed the effect of exams in licensed occupations given that their only purpose was to shift the supply curve to the left. How would the analysis
Suppose you have plans to save 5 percent of your salary next year. Then your company goes bankrupt, your pay gets slashed by 30 percent, and you end up not saving at all. Is this an example of time
Explain why voters are more likely to share beliefs with candidates in a proportional-representation system than a two-party system.
Look at the various measures of poverty in 2013 for several countries in Table 21P-4. (The data are provided by the World Bank.)a. Rank the countries from the country with the highest inequality to
Figure 16P-3 shows the supply and demand for labor in the hybrid automobile industry. In each of the following scenarios, identify the direction of the shift in either the supply or demand curve, and
Figure 16P-2 shows the supply and demand for labor in the textile industry. In each of the following scenarios, identify the direction of the shift in either the supply or demand curve and state
Suppose an industry consists of many firms with identical cost structures, represented by the “typical individual firm” in panel A of Figure 13P-6. Price is P1. With the aid of panel A, draw the
On Figure 13P-1, show the profit-maximizing quantity when price is P1. Label this point Qmax1. Show the profit-maximizing quantity when price is P2. Label this point Qmax2.Figure 13P-1: Price MC -
Paulina sells beef in a competitive market where the price is $5 per pound. Her total revenue and total costs are given in Table 13P-2.a. Fill out the table.b. At what quantity does marginal revenue
Suppose an individual firm is one of many firms in a perfectly competitive market. Explain why this means the firm’s marginal revenue will be equal to the market price.
A firm’s long-run total costs are given in Table 12P-5.a. Fill in the long-run average total cost column.b. Over what production range does this firm experience economies of scale?c. Over what
Consider a firm that increases its inputs by 15 percent. For each scenario, state whether the firm experiences economies of scale, diseconomies of scale, or constant returns to scale.a. Outputs
If a firm experiences diminishing marginal product, does this mean that total output decreases? Explain.
If adding an additional input does not produce additional output, what is the slope of the production function at this point?
As part of the Affordable Care Act of 2010, all individuals in the U.S. are now required to have health insurance. Do economists expect mandatory health insurance to reduce adverse selection, moral
Which player is likely to have higher bargaining power: a city government responding to angry citizens’ demands that the trash be collected regularly or the sanitation workers’ union? Explain
In college admissions, which of the following are examples of statistical discrimination? Choose all that apply.a. A college has minimum required scores on standardized tests.b. A college is an
Suppose you own a beach house on a coast that has a small chance of encountering a hurricane each year. There is a 1% chance that there will be a hurricane this year that would completely destroy
Julia pays $1,200 for an insurance policy with an expected value of $1,000. Explain why this is a rational choice for Julia.
Farmer Tom is trying to decide what to produce on his farm in the upcoming season. In the past, he has usually grown Crop A. If he grows Crop A, there is a 70% chance that his crop will yield $15,000
Consider the effect of reputation and say whether you are likely to be treated better in scenario a or scenario b.a. You are purchasing your car from an individual who advertised it on craigslist.b.
Which of the following are examples of first-mover advantage?a. You make an offer on a house. The seller can only accept or reject the offer. b. You and your roommate are dividing chores. The
Consider again the two families trying to decide whether to donate to a fund to build a public park. The payoffs are shown in Figure 9P-1.a. What is the Nash equilibrium?b. Suppose Family A agrees to
Samuel's utility is influenced by reciprocity. He is likely to respond to a surprisingly generous birthday gift from his best friend in what way?a. Not giving his friend a birthday gift at all.b.
Use the supply curve in Figure BP-2 to derive a supply equation.
Maria has a $300 gift certificate at a spa that she can use on massages or manicures. A massage costs $100, and a manicure costs $30.a. Write the equation for Maria’s budget constraint. Let x =
Dan spends his money on baseball games and concert tickets. Baseball tickets cost $15, and concert tickets cost $25. His entertainment budget is $150.a. Draw Dan's budget constraint, putting baseball
An organization that raises money to provide meals for seniors gives tote bags to its donors. Sami thinks it is wasteful to spend donated money on tote bags for donors because the money could be used
During a holiday party at work, you pay $2 to buy a raffle ticket for a 160-gigabyte iPod. You win the drawing. Based on a little research online, you discover that the going rate for a hardly used
You have been texting with your friends trying to make plans for this evening. Your best friend Jocelyn is not sure if she will finish her homework in time to come out, but if she does, she wants to
You have just played rock, paper, scissors with your friend. You chose scissors and he chose paper, so you won. Is this a Nash equilibrium? Explain why or why not.
The U.S. Postal Services maintains a monopoly on mail delivery in part through its exclusive right to access customer mail-boxes. Which barrier to entry best describes this situation: scarce
Which (if any) of the following scenarios is the result of a natural monopoly?a. Patent holders of genetically modified seeds are permitted to sue farmers who save seeds from one planting season to
Figure 14P-1 presents the demand curve, marginal revenue, and marginal costs facing a monopolist producer.a. What is the profit-maximizing level of output?b. What price will the monopolist charge for
Figure 14P-3 presents the demand curve, marginal revenue, marginal costs, and average total costs facing a monopolist producer.a. Plot the profit-maximizing price and quantity on the graph.b. Under
Match the statement about goods sold in a market with the market type.a. There are imperfect substitutes for the goods.b. There are no substitutes for the goods.c. The goods may or may not be
Figure 15P-2 shows the monopolistically competitive market for smartphones.a. Plot the profit-maximizing price and quantity on the graph. Is this producer earning positive or negative profits in the
The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in Figure 15P-4. a. Plot the profit-maximizing price and
Table 15P-1 shows the monthly demand schedule for a good in a duopoly market. The two producers in this market each faces $5,000 of fixed costs per month. There are no marginal costs.a. What is the
For which of the following markets would there be a greater increase in total welfare if government were able to intervene and regulate prices: OPEC or the music industry? Explain your answer.
Suppose you run a business that specializes in producing graphic T-shirts, using labor as an input. Based on Table 16P-2, graph the labor supply and demand curves and identify the market equilibrium
Based on Table 16P-3, indicate what would happen in this labor market at various wage rates by selecting one of the three choices shown for each item.a. At $8/hour: excess labor supply; excess labor
Consider a labor market that traditionally discriminates against hiring women. Suppose a new law effectively prohibits this practice. What would you expect to happen to the wages of men in this
Figure 16P-6 shows a local labor market for mechanics. What are the quantity supplied and quantity demanded when the minimum wage is each of the following:a. $40,000?b. $20,000?c. $60,000Figure
The Coalition of Immokalee Workers (CIW) claims that the going wage for farm labor is exploitative. The CIW supports a minimum wage for farm workers. Explain how the minimum wage would affect a
Suppose Ghana discovers it has lost its comparative advantage in the production of maize. Which of the following could explain the loss of comparative advantage? Check all that apply. a.
Suppose the United States is initially an autarky. Figure 17P-3 shows the domestic market for paper. When the U.S. does not allow trade, the world price is $0.30. When the United States does allow
Suppose the United States wants to open its trade borders to the world market for coffee. What will determine whether the world price for coffee is affected?
The world wheat market is shown in Figure 17P-4.a. What is the initial world price? b. Suppose a large country like the United States has been an autarky but is now going to allow free trade.
Suppose that Japan is a net exporter of automobiles. If a large country like the United States moves from autarky to free trade in automobiles, how will the price of automobiles sold in Japan change?
The United States wheat market is shown in Figure 17P-5. Suppose the United States wants to protect its wheat industry by imposing a tariff of $1/bushel on foreign wheat, which currently sells at
The United States wheat market is shown in Figure 17P-5. a. When the world price is $4/bushel, will the United States import or export wheat? How many bushels?b. How many bushels of wheat should
Suppose a country where capital is scarce and most of the industry is labor-intensive with low-skilled labor moves from autarky to free trade. Which of the following do you expect to happen? Check
Figure 18P-3 shows supply and demand for first-aid training, based on private costs and benefits.a. Suppose that the external benefit from first-aid training is worth $6. Graph the social benefit
Figure 18P-4 shows supply and demand for planting trees, based on private costs and benefits. Trees sequester carbon, meaning that they help counteract pollutants that contribute to climate change.a.
Your neighbor never mows her lawn. You don’t have any legal right to force her to mow, but the mess in her front yard is making your neighborhood unsightly and reducing the value of your house. The
Felix and Oscar are roommates. Oscar is messy, and Felix is planning to move out unless they can come to an agreement. For the roommates to reach a private solution, does it matter whether Oscar
Johnston Forest in Rhode Island has a cave that houses thousands of fruit bats. Bat droppings are highly acidic and have ruined the paint on many cars. The flying radius of the Johnston Forest bats
Figure 18P-6 shows the daily market for water skiing permits on El Dorado Lake. Suppose each skier (each permit) causes $4 of damage to the lake.a. Draw the social benefit curve that accounts for the
Suppose certain fireworks are legal in a residential area on the Fourth of July. The fireworks have been approved for safety, but they do cause noise pollution so their use must be limited. Jenny and
Suppose an environmental impact study shows that the coral reef near Port Douglas, Australia, can sustain 20 scuba diving tours per week. Explain why a quota might have an advantage over a tax in
Identify whether each of the following goods is rival or nonrival.a. Cable TV.b. A pair of jeans.c. Street signs.d. Attending a baseball game.
Consider the following government-provided goods. Which of these goods necessarily require funding via general taxation (as opposed to direct user fees)?a. Street lights.b. A park.c. A fireworks
Suppose that the government decides to start regulating use of its forests, charging anyone who wants to log. Which of the following ways of calculating the price to charge for each acre will lead to
Determine whether each of the following policy interventions is designed to increase supply or decrease demand for a public good or common resource.a. A city government increases the frequency of
Public-opinion polls in a small city have revealed that citizens want more resources spent on public safety, an annual fireworks display, and more community swimming pools. Which of these three
For each of the following examples, state which of these approaches is being taken to manage a common resource or supply a public good: social norms, quota, tradable allowance, government provision,
There is a road between the suburbs and downtown. The road becomes congested at rush hour. As long as fewer than 100 people use the road at rush hour, the trip takes 30 minutes. When the 101st person
Figure 20P-1 shows a hypothetical market for gasoline.a. Suppose an excise tax of $1.50 per gallon is levied on gasoline suppliers. Draw the after-tax supply curve. What price will consumers pay?
In each of the following examples, determine whether the price effect or the quantity effect dominates when the tax is applied.a. The government raises taxes on iPods from $10 per iPod to $20 per
Explain why it might be difficult for low income individuals to receive a college education and why the government may need to subsidize student loans for a college education.

Showing 3500 - 3600 of 4204

First
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

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