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Questions and Answers of Sports Economics

Armiw up or down As we move upward along a total utility curve, the slope marginal utility, meaning that utility of consuming the (increase/decrease
Arow up or down. As the consumption of a product increases, utility.
In Figure 22.1 on page 463, if the total utility from seven songs is 41 unils, the marginal utility of the eighth wing is utils, which is than the marginal utility of the second than the marginal
The total utility care shows the relationship between on the horizontal axis and. on the vertical axis
What do the results of the study of the African mobile-phone market imply about the long-run price elasticity of demand for mobile service (Related to Application 4 on page 455.)
Tax Eliminates a Market? Use a supply and demand graph to show a situation in which a tax on 3 pen- cils reduces the equilibrium quantity of no. 3 pencils
Effects of a Higher Fish Tax. In Figure 21.10 an page 454, suppose the fish us is $2 per pound of fish instead of St. Draw a graph to show the effect of the $2 x In the new equilibrium, the price is
Shifting a Housecleaning Tax Consider a city where poor people clean the houses of rich people. Initially, housecleaning firms charge their customers $10 per hour, keep $1 per hour for administrative
Cutting the Hotel Tax. Suppose your city initially has a $20-per-night tax on hotel rooms, paid in a legal sense by the hotel. Under the tax, the equilibrium price of hotel rooms is $80 per night.
The Employment and Wage Effects of a Luxury Boat Tax Suppose the beary boat industry initially employs 1,000 workers and produces 100 bus per month. Suppose a tax on luxury boats increases the
The demand for coffee is relatively inelastic. Therefore, we would expect to pay a rel atively large share of a tax on coffee.
Arrow up or down As the price elasticity of demand increases, the size of the price increase resulting from and the share of the tax borne by enumer
A tax paid in legal terms by producers will be partly shifted forward onto backwand onto and partly shifted
A study of the mobile phone market suggests that in the long run tax cuts will enue and promote Application 4 on page 455.) total tax rev (Related to
According to the numbers provided by the lobby group of French restaurant owners, the price elasticity of demand for restaurant meals is (Related to Application 3 on page 455.)
The lobby group of French restaurant owners pledged that if the VAT tax an restaurant meals was cut, they and decrease would increase (Related to Application 3 on page 455.)
Import Ban for Kiwi Fruit. Initially, there are no restrictions on importing kiwi fruit. The minimum. supply price of domestic producers is S0.26, while the minimum supply price of foreign suppliers
Eliminate the Mango Market? Draw a supply- demand graph depicting a situation in which ban- ning mango imports drives the quantity of mangos sold to zero.
Bidding for a Boston Taxi Medallion. In 1997, there were 1,500 taxi medallions in the city of Boston, and each medallion generated a profit of about $14,000 per year. In 1998, the city announced that
Barber Licensing. Consider the market for haircuts in a city. In the market equilibrium, the price per hair- cut is S6 and the quantity is 240 haircuts per day. For consumers, each $1 increase in
Equilibrium and Surplus in a Liver Market. The following table shows different points on the linear supply curve and linear demand curve for livers for transplant. (Related to Application 2 on page
Effects of Relaxing the Medallion Policy. Consider the example of taxi medallions shown in Figure 21.6 on page 447. Suppose the government relaxes the policy, increasing the number of medallions from
Compute the Changes. Consider the example of taxi medallions shown in Figure 21.6 on page 447.a. The policy changes consumer surplus from S. to S-b. The policy changes producer surplus from to Sc.
Arrow up or down: An import ban price of sugar, tity of sugar, and produced by domestic firms. the the total (market) quan- the quantity of sugar
In Figure 21.7 on page 449, domestic firms will pro- tons of sugar at a price of $0.15, tons at a price of $0.30, and tons at a price of $0.28.
In Figure 21.6 on page 447, a consumer who is on the demand curve halfway between points c and a would be willing to pay S for a mile of taxi service, while a supplier who is halfway between points
In Figure 21.6 on page 447, the taxi medallion policy prevents mutually beneficial transactions for con- sumers on the demand curve between points and producers on the and. supply curve between
Mexico's import restrictions on used cars the price of 1998 cars and the price of 1997 cars. (Related to Application 1 on page 450.)
Supply Elasticity and Deadweight Loss. Consider the following statement: As the price elasticity of sup- ply increases, the deadweight loss from a maximum price changes.a. Draw two sets of
Maximum Rent on Land. Consider a state where all land is occupied by mobile-home parks, and each household rents one padacre (a standard pad for a mobile home). In the market equilibrium, the rent is
Gasoline Price Controls. The equilibrium price of gasoline is $3, and the equilibrium quantity is 100 million gallons per day. Suppose the government sets a maximum price of $2.90. For producers,
Price Controls for Medical Care. Consider a town where the equilibrium price of a doctor's visit is $60 and the equilibrium quantity supplied is 90 patient visits per hour. For suppliers (doctors),
No Deadweight Loss from Rent Control? Like other fruit flies, Frudo has an expected life span of 37 days. According to Frudo, "If my assumptions are correct, a rent-control law implemented today will
Excess Supply from a Minimum Milk Price. In the equilibrium in the powdered milk market, the quantity is 100 million units and the price is $9.00 per unit. The price elasticity of demand is 0.80 and
The deadweight loss from rent control is shown by the area between the the quantity curve and the to curve from the quantity.
In Figure 21.5 on page 445, a consumer who is on the demand curve halfway between points cand a would be willing to pay S. above the controlled price to get an apartment. A producer who is on the
In Figure 21.5 on page 445, suppose rent control is partly relaxed, with the maximum price rising from $300 to $350. The quantity of apartments on the market will increase from to
In Figure 21.5 on page 445, rent control prevents a total of for consumers on the demand curve between points mutually beneficial transactions. and and producers on the and supply curve between points
Arrow up or down In Figur 21.5 on page 445, rent con- trol the quantity of apartments, surplus, and -producer surplus, consumer the total market surplus.
Identify the Surpluses. The following graph shows a supply curve and a demand curve and several areas between the curves. Identify the areas on the figure that represent the following:a. Consumer
In Figure 21.3 on page 441, the sixth lawn is not cut because the in Figure 21.1) is of the sixth consumer (Siggy, the sixth producer (Efrin, in Figure 21.2) of the
Fill in the blanks with "consumers" or "producers": A minimum price above the equilibrium price generates benefits for some , and imposes costs on some and some
Fill in the blanks with "consumers" or "producers": A maximum price below the equilibrium price generates benefits for some and imposes costs on some and some
In Figure 21.4 on page 442, a maximum price of $4 prevents mutually beneficial transactions between Thurl and Forest and and between
In Figure 21.3 on page 441, Forest is willing to pay for the fourth cut lawn, and Dee's mar- ginal cost is the price would be surplus of If they split the difference, and each would get a
You are willing to pay $2,000 to have your house painted, and Pablo's marginal cost of painting a house is $1,400. If you agree to split the difference, the price is your consumer surplus is and
For a given market price, a consumer who is on the high end of the demand curve has a . - sumer surplus than a consumer on the low end of the demand curve.
As the market price increases, consumer surplus . (increases/decreases) and producer sur- plus. (increases/decreases).
In Figure 21.2 on page 440, Bea's producer surplus (greater/less) than Dee's because is Dee has a of production. (lower, higher) marginal cost
In Figure 21.1 on page 439, Tupak's consumer surplus (greater/less) than Thurl's because is Tupak has a to pay. (lower, higher) willingness
In Figure 21.1 on page 439, Tupak's consumer surplus for Thurl. compared to
Producer surplus equals minus
Consumer surplus equals minus
Import Restrictions and the Price of Steel. Suppose import restrictions on steel decrease the sup- ply of steel by 24 percent. The initial price of steel is $100 per unit, the elasticity of demand is
Regulations and the Price of Housing. Suppose local building regulations increase the cost of build- ing new houses, decreasing supply by 12 percent. The initial price of new housing is $200,000, the
College Enrollment and Apartment Prices. Consider a college town where the initial price of rental apartments is $400 and the initial quantity is 1,000 apartments. The price elasticity of demand for
and the supply elasticity is 3.0. If a subsidy on accordions increases supply by 20 percent, the equilib rium price will percent. (decrease/increase) by
Suppose the price elasticity of demand for accordions is
and the supply elasticity is 3.30. If publicity about an outbreak of salmonella decreases demand by 12 percent, the equilibrium price will (decrease/increase) by percent.
Suppose the price elasticity of demand for tomatoes is
and the elasticity of supply is 0.50. If the demand for motel rooms increases by 15 percent, the equilib- rium price of motel rooms will (decrease/increase) by percent.
Suppose the elasticity of demand for motel rooms is
and the elasticity of supply is 2.30. Suppose an antichewing campaign decreases the demand for chewing tobacco by 18 percent. The equi- librium price of chewing tobacco will (decrease/increase) by
Assume that the elasticity of demand for chewing tobacco is
As the supply curve becomes flatter, the price elasticity of supply (increases/decreases).
Because the principle of diminishing returns is applicable only in the (short/long) run, elasticity of supply is. the (smaller/larger) than the of supply. elasticity
Suppose the price elasticity of a supply of cheese is 0.80. If the price of cheese rises by 20 percent, the quantity of cheese supplied will increase by percent.
When the price of paper increases from $100 to $104 per ton, the quantity supplied increases from 200 to 220 tons per day. The price elasticity of sup- ply is
percent, the quantity demanded would decrease by percent. If per- capita income increases by 20 percent, the quantity of fish demanded would increase by about percent.
Find the following elasticities from the USDA Web site. (Related to Application 3 on page 423.).a. Organic broccoli in the price elasticity- to income) ventional broccoli = United States own ;
(absolute value) online stores +2.00 iPod players -0.70 CDs in stores +1.80
iPods and iTunes. You have been hired to predict the effects of increasing the price of iTunes songs by 10 percent, from $0.99 to $1.09. You are interested in the effects of the price hike on the
(or 1/3). Use your graph to show the combined effect of the gas tax and higher transit fare.c. Explain why the net change in transit ridership is positive or negative.
Gas Prices and Public Transit Ridership. Consider the effect of higher gasoline prices on public transit ridership. The initial price of public transit is $2.00 per ride and the initial ridership is
Income and Starbucks Coffee Shops. Starbucks just hired you to determine whether your city could support a new Starbucks coffee shop. There are cur- rently four Starbucks coffee shops in the city,
If a 10 percent increase in the price of tennis rackets decreases the quantity of tennis balls demanded by 15 percent, the cross-price elasticity of demand is
If a 10 percent increase in the price of natural gas increases the quantity of residential electricity demanded by 18 percent, the cross-price elasticity of demand is
The cross-price elasticity of demand is. (positive/negative) for substitute goods and (positive/negative) for complemen- tary goods.
If a 20 percent increase in income increases the quan- tity of iPods demanded by 30 percent, the income elasticity of demand is
The income elasticity of demand is (positive/negative) for normal goods and. (positive/negative) for inferior goods.
Where on the Demand Curve? The demand curve for your firm's product is linear. Based on recent sales data, you have determined that at the current price, the price elasticity of demand is 0.80.a. Is
Maximizing Revenue from Wilderness Passes. Your state issues wilderness passes to people who hike, bike, and ski in wilderness areas. Its objective is to maximize the total revenue from the passes.
If we are on the lower part of a linear demand curve, a decrease in price total revenue. (increases/decreases)
At the midpoint of a linear demand curve, the price elasticity of demand is.
Suppose we are on the upper portion of a linear demand curve. If the price increases by 10 percent, the quantity demanded will decrease by (more/less) than 10 percent and total revenue will
Demand is tion of a linear demand curve. ear demand curve and
According to an economic consultant, "For your firm, an increase in price is a win-win situation. Your total. revenue will increase and your total cost will decrease. Therefore, you'll earn more
Price Hikes and Cable TV Revenue. Four years ago the cable company in your city increased its price by 20 percent, and its total revenue increased. Last year, a new company started providing TV
Revenue from Mobile Phones. Consider the demand for mobile phones. Suppose the price elastic- ity of demand for the market as a whole is 0.80.a. If all mobile-phone companies simultaneously increased
The Price of Heroin and Property Crime. The price elasticity of demand for heroin is 0.27. Suppose that half of heroin users support their habits with property crime, so the loss from property crimes
Elasticity and Vanity Plates. Suppose the price elasticity of demand for vanity plates in your state is 0.60. The initial price is $20 and the initial quantity is 1,000 plates per week. Suppose the
Revenue Effects of a Bumper Crop. Your job is to predict the total revenue generated by the nation's corn crop. Last year's crop was 100 million bushels, and the price was $5 per bushel. This year's
Suppose that at the current price the price elasticity of demand for a campus film series is 2.0. If the price is cut, total revenue will (increase/decrease).
If demand is elastic, an increase in price (increases/decreases) total revenue; if demand is inelastic, an increase in price (increases/decreases) total revenue.
A policy that limits the supply of illegal drugs increases the number of burglaries and robberies because is
In the state of Virginia, the demand for vanity license plates is in price would (elastic/inelastic), so an increase (increase/decrease) total revenue from vanity plates. (Related to Application 2 on
for wealthy households. Suppose the government reduced its subsidies for medical care, and the price to consumers increased by 10 percent. Predict the changes in the quantity of medical care demanded
for poor households but only
Income and the Price Elasticity of Demand for Medical Care. Like many other developing nations, Peru subsidizes medical care, charging consumers a small fraction of the cost of providing services
Projecting Transit Ridership. As a transit planner, your job is to predict ridership and total fare revenue. Suppose the short-run elasticity of demand for com- muter rail (over a one-month period)

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