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survey of economics

Questions and Answers of Survey Of Economics

=+c. The quantity effect component of marginal revenue per output level
=+1. Use the accompanying total revenue schedule of Emerald, Inc., amonopoly producer of 10-carat emeralds, to calculate the answers to parts a—d. Then answer part e.a. The demand scheduleb. The
=+c. Awebsite for trading locally provided goods and services
=+b. Anew type of car engine, which runs on solar cells
=+a. Anew type of credit card, called Passport
=+3. Explain the nature of the network externality in each of the following cases.
=+b. The length of time during which consumers have to pay higher prices
=+a. The incentive to invent new products
=+How would this change each of the following?
=+2. Suppose the government is considering extending the length of a patent from 20 years to 30 years.
=+e. Texas Tea has acquired an exclusive government license to draw oil from the only heating oil pipeline in the state.
=+d. Recently, some nonlocal firms have begun to offer heating oil to Texas Tea’s regular customers at a price much lower than Texas Tea’s.
=+c. The cost to Texas Tea of purchasing heating oil from refineries has gone up significantly.
=+b. Last year, Texas Tea and several other competing local oil-supply firms merged into a single firm.
=+a. There is a national shortage of heating oil, and Texas Tea could procure only a limited amount.
=+Explain which of the following pieces of evidence support or contradict that conclusion.
=+1. Currently, Texas Tea Oil Co. is the only local supplier of home heating oil in Frigid, Alaska. This winter residents were shocked that the price of a gallon of heating oil had doubled and
=+ What is price discrimination and why is it so prevalent in certain industries?
=+ What tools do policy makers use to address the problem of monopoly?
=+ Why does the presence of monopoly typically reduce social welfare?
=+How does being a monopolist affect a firm’s price and output decisions?
=+What is the significance of monopoly, a type of industry in which only one producer, a monopolist, operates?
=+e, Suppose that the price at which Kate can sell catered meals is $13 per meal. In the short run, will Kate earn a profit?
=+d. Suppose that the price at which Kate can sell catered meals is $17 per meal. In the short run, will Kate earn a profit?
=+ In the short run, should she produce or shut down?
=+ cc. Suppose that the price at which Kate can sell catered meals is $21 per meal. In the short run, will Kate earn a profit?
=+What is the shut-down price and quantity?
=+b. What is the break-even price and quantity?
=+a. Calculate the total cost, the average variable cost, the average total cost, and the marginal cost for each quantity of output.
=+33, Kate’s Katering provides catered meals, and the catered meals industry is perfectly competitive. Kate’s machinery costs $100 per day and is the only fixed input. Her variable cost consists
=+f. If the dry cleaning industry is perfectly competitive, what does the average difference in price between Goleta and Santa Barbara imply about costs in the two areas?‘WORK IT OUT
=+e. Assume that California Cleaners now charges the new average price and just breaks even (that is, makes zero economic profit) at this price. Show the likely effect of the entry on your diagram in
=+ Illustrate the effect of entry on the average Goleta price by a shift of the short-run supply curve, the demand curve, or both.
=+Cleaners, enters the market. It charges $1.95 per shirt. What is the new average price of washing and ironing a shirt in Goleta?
=+d. Observing profits in the Goleta area, another dry cleaning service, Diamond
=+c. Assume $2.25 is the short-run equilibrium price in Goleta. Draw a typical short-run demand and supply curve for the market. Label the equilibrium point.
=+each shirt in the short run. Mark the short-run equilibrium point and shade the area that corresponds to the profit made by the dry cleaner.
=+b. Draw typical marginal cost and average total cost curves for California Cleaners in Goleta, assuming it is a perfectly competitive firm but is making a profit on
=+a. What is the average price per shirt washed and ironed in Goleta? In Santa Barbara?
=+Dry cleaner City Price Santa Barbar a A-1Cleaners $1.50 es Regal Cl leaner ea Santa arbar Barb. | 9.St. Paul Clean | Santa Barbar ers a Zip Kleen Dry | Santa Barbar Cleaners fa Effie the Tail |
=+the above information, what do you think will happen to wheat production and prices after 2016? 12. The accompanying table presents prices for washing and ironing a man’s shirt taken froma survey
=+$7.71 per bushel. The harvested acreage for wheat in the United States decreased from 48.8 million acres in 2013 to 43.9 million acres in 2016. Using the information on prices and costs here and in
=+Explain.c. With a yield of 44 bushels of wheat per acre, the average total cost per farm was
=+bushel of wheat.b. The average price of wheat received by a farmer in 2016 was $4.89 per bushel. Do you think the average farm would have exited the industry in the short run?
=+United States in 2016.a. The average variable cost per acre planted with wheat was $115 per acre. Assuming a yield of 44 bushels per acre, calculate the average variable cost per
=+perfectly competitive industry. In this question, we analyze results from a study released by the U.S. Department of Agriculture about wheat production in the
=+a. A profit-maximizing firm in a perfectly competitive industry should select the output level at which the difference between the market price and marginal cost is greatest.b. An increase in fixed
=+c. What is the interpretation of “profit” here? Calculate the profit for all levels of inoculation. 10. Evaluate each of the following statements. If a statement is true, explain why; if it is
=+b. What proportion of the population should optimally be inoculated?
=+a. What are the interpretations of “marginal benefit” and “marginal cost” here? Calculate marginal benefit and marginal cost per each 10% increase in the rate of inoculation. Write your
=+Total Marginal Percent Total deaths benefit Marginal “Profit” ot popu- deaths dueto of + costof of lation due to inocu- inocu- inocu inocu- Inoculated disease ation lation ation _ lation,o 88
=+9. Anew vaccine against a deadly disease has just been discovered. Presently, 55 people die from the disease each year. The new vaccine will save lives, but it is not completely safe. Some
=+c. What is the market price, and how much profit will each firm make?
=+b. There are 100 firms in this industry that all have costs identical to those of this firm. Draw the short-run industry supply curve. In the same diagram, draw the market demand curve.
=+a. Calculate this firm’s marginal cost and, for all output levels except zero, the firm’s average variable cost and average total cost.
=+‘Market demand for the firm’s product is given by the following market demand schedule:Price of jet (millions) | Quantity demanded $12 300 10 500 8 800 1,200 1,800
=+8. A perfectly competitive firm has the following short-run total cost:Quantity 1c° $5 1 10 2 B 3 18 4 25, 5 34 6 45
=+What will happen to the number of steakhouses in town in the long run?Explain your answer.
=+ Explain your answers.b. Local steakhouses suffer from the popularity of sushi and start incurring losses.
=+ Will the first sushi restaurant be able to sustain its short-run profit over the long run?
=+What will happen to the number of sushi restaurants in town in the long run?
=+a. What will happen to the short-run profit of the sushi restaurant?
=+sushi restaurant becomes very popular and its profit increases.
=+been popular. Soon, however, an influential health report warns consumers against grilled meat and suggests that they increase their consumption of fish, especially raw fish. The
=+7.The first sushi restaurant opens in town. Initially people are very cautious about eating tiny portions of raw fish, as this is a town where large portions of grilled meat have always
=+Should it stay in the industry or exit in the long run?
=+a. A profit-maximizing business incurs an economic loss of $10,000 per year. Its fixed cost is $15,000 per year. Should it produce or shut down in the short run?
=+c. Draw Bob’s individual supply curve. In your graph, plot the price range from $0 to $60 in increments of $10.6.
=+b. Over what range of prices will Bob produce no Blu-rays in the short run?
=+a. Draw Bob’s marginal cost curve.
=+5. Consider again Bob’s Blu-ray company described in Problem 3.
=+ What will his total profit be now?
=+d. Suppose instead that the price of Blu-rays is $20. Now what is the profit- maximizing quantity of Blu-rays that Bob should produce?
=+ Will he stay in the industry or exit in the long run?
=+What will his total profit be? Will he produce or shut down in the short run?
=+c, Suppose the price of a Blu-ray is $7. What is the profit-maximizing quantity of Blu-rays that Bob should produce?
=+b. Suppose the price of a Blu-ray is $2. What should Bob do in the short run?
=+What is his shut-down price?
=+a. What is Bob’s break-even price?
=+ Assume that Blu-ray production is a perfectly competitive industry. For each of the following questions, explain your answers.
=+ 4. Consider Bob’s Blu-ray company described in Problem 3.
=+ Is this a long-run equilibrium? If not, what will the price of Blu-ray movies be in the long run?
=+costs as Bob. Suppose that currently the price of a Blu-ray is $25. What will Bob’s profit be?
=+a. Calculate Bob’s average variable cost, average total cost, and marginal cost for each quantity of output.b. There is free entry into the industry, and anyone who enters will face the same
=+per month and rents a machine for $20,000 a month. Those are his fixed costs. His variable cost per month is given in the accompanying table.Quantity of Blu-rays ve 0 So 1,000 5,000 2,000 8,000
=+copies the original movie onto a Blu-ray. Bob rents a building for $30,000
=+c. One of many sellers of zucchini at a local farmers’ market 2. For each of the following, is the industry perfectly competitive? Referring to market share, standardization of the product,
=+1. For each of the following, is the business a price-taking producer? Explain your answers.a. Acappuccino café in a university town where there are dozens of very similar cappuccino cafésb. The
=+ Is this trend likely to increase or?
=+3. Why are some retailers responding by having manufacturers make slightly modified or exclusive versions of products for them?
=+What, on average, will be the effect on the consumer surplus of purchasers of these items?
=+On the profitability of brick-and-mortar retailers like Best Buy?
=+ 2. What effect is the introduction of shopping apps having on competition in the retail market for electronics?
=+What was the most important impediment to competition?
=+1, From the evidence in the case, what can you infer about whether or not the retail market for electronics satisfied the conditions for perfect competition before the advent of comparison price
=+2. Assume that the egg industry is perfectly competitive and is in long-run equilibrium with a perfectly elastic long-run industry supply curve. Health concerns about cholesterol then lead to a
=+d. The price of a key input rises due to a long-term shortage of that input.
=+c. A permanent change in consumer tastes increases demand for the good.
=+b. The wages paid to workers in the industry go up for an extended period of time.
=+a. A technological advance lowers the fixed cost of production of every firm in the industry.

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