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survey of economics

Questions and Answers of Survey Of Economics

=+ Which will induce firms to exit? When will entry or exit cease? Explain your answer.
=+1 Which of the following events will induce firms to enter an industry?
=+ Explain why it is optimal for lobster shacks to operate only in the summer.
=+Maine is also full of “lobster shacks,” roadside restaurants serving lobster dishes that are open only during the summer.
=+ The rest of the year lobsters can be obtained from other parts of the world, but at a much higher price.
=+2. Maine has a very active lobster industry, which harvests lobsters during the summer months.
=+c. The firm operates while making a profit.
=+b. The firm operates in the short run despite sustaining a loss.
=+a. The firm shuts down immediately.
=+1, Draw a short-run diagram showing a U-shaped average total cost curve, a U- shaped average variable cost curve, and a “‘swoosh”-shaped marginal cost curve. Onit, indicate the range of
=+d. There are many baseball teams in the United States, one or two in each major city and each selling tickets to its hometown events.
=+c. Dozens of designers sell high-fashion clothes. Each designer has a distinctive style and a loyal clientele.
=+b. The price of natural gas is determined by global supply and demand. A small share of that global supply is produced by a handful of companies located in the North Sea.
=+a. There are two producers of aluminum in the world, a good sold in many places.
=+1. Meach of the following situations, do you think the industry described will be perfectly competitive or not? Explain your answer.
=+ + How does the short-run industry supply curve differ from the long-run industry supply curve?
=++ Why does it make sense for a firm to behave differently in the short run versus the long run?
=+What determines if a firm is profitable or unprofitable?
=+ How does a perfectly competitive industry determine the profit-maximizing output level?
=+What factors make a firm or an industry perfectly competitive?
=+What is perfect competition and why do economists consider it an important benchmark?
=+c. For each level of output, calculate this manufacturer’s marginal cost (MO). On one diagram, draw the manufacturer’s AVC, ATC, and MCcurves.
=+What is the minimum-cost output?
=+For each level of output except zero output, calculate the average variable cost (AVO), average total cost (ATO), and average fixed cost (AFC).
=+a. What is this manufacturer’s fixed cost? b.For each level of output, calculate the variable cost (VO).
=+36. The accompanying table shows a car manufacturer’ s total cost of producing cars. 1 Quantity of cars 1 o $500,000 540,000 560,000 570,000 590,000, 620,000 660,000 720,000 800,000 Cm wrannrwn
=+c. For which levels of output does WW experience constant returns to scale?‘WORK IT OUT
=+b. For which levels of output does WW experience decreasing returns to scale?
=+a. For which levels of output does WW experience increasing returns to scale?
=+ 15. Wolfsburg Wagon (WW) is a small automaker. The accompanying table shows WW’s long-run average total cost.Quantity of cars LRATC of car 1 $30,000 2 20,000 3 15,000 4 12,000 5 12,000 6 12,000
=+c. Inthe long run, choosing a higher level of fixed cost shifts the long-run average total cost curve upward.
=+b. The short-run average variable cost can never be less than the long-run average total cost.
=+a. The short-run average total cost can never be less than the long-run average total cost.
=+14. True or false? Explain your reasoning.
=+.c. Draw Don’s long-run average total cost curve. Draw his short-run average total cost curve if he owns 3 trucks.
=+at 3 is greater than his long-run average total cost of producing 20 orders per week
=+b. What is Don’s long-run average total cost for 20 orders per week? Explain why his short-run average total cost of producing 20 orders per week when the number of trucks is fixed
=+Don’s average total cost per order in the short run? What will his average total cost per order in the short run be if his business booms to 60 orders per week?
=+Assume that Don purchased 3 trucks, expecting to produce 40 orders per week.a. Suppose that, in the short run, business declines to 20 orders per week. What is
=+13. Consider Don’s concrete-mixing business described in Problem 12.
=+and what will his average total cost be? Answer the same questions for 40 and 60 orders per week.
=+a. For each level of fixed cost, calculate Don’s total cost for producing 20, 40, and 60 orders per week.b. If Don is producing 20 orders per week, how many trucks should he purchase
=+trucks; and his workers. He is trying to decide how many mixer trucks to purchase. He has estimated the costs shown in the accompanying table based on estimates of the number of orders his company
=+12. Don owns a small concrete-mixing company. His fixed cost is the cost of the concrete-batching machinery and his mixer trucks. His variable cost is the cost of the sand, gravel, and other inputs
=+problem set will raise your overall average? What range will lower your overall average? Explain your answer.
=+total cost be? Has your average total cost increased or decreased? Why? 11. In your economics class, each homework problem set is graded on the basis of a maximum score of 100. You have completed 9
=+your average total cost increased or decreased? Why?c. Suppose instead that you could produce one more (the fifth) widget at a marginal cost of $20. If you do produce that fifth widget, what will
=+b. Suppose you could produce one more (the fifth) widget at a marginal cost of $5. If you do produce that fifth widget, what will your average total cost be? Has
=+a. What is your average total cost?
=+10. You produce widgets. Currently you produce four widgets at a total cost of $40.
=+cc. At what level of output is Mark and Jeff’s average total cost minimized?
=+a. For each quantity of labor, calculate average variable cost (AVC), average fixed cost (AFC), average total cost (ATC), and marginal cost (MC).b. On one diagram, draw the AVC, ATC, and MCcurves.
=+c. An increase in fixed cost increases marginal cost.d. When marginal cost is above average total cost, average total cost must be falling. 9. Mark and Jeff operate a small company that produces
=+b. An increase in fixed cost increases the minimum-cost output.
=+8. Evaluate each of the following statements. If a statement is true, explain why; if it is false, identify the mistake and try to correct it.a. Adecreasing marginal product tells us that marginal
=+7. You have the information shown in the accompanying table about a firm’s costs. Complete the missing data.Quantity ofoutpt = TC MCAT VC ° $20~ = > $20 1 2 2 2 10 2 2 2 2 16 3 2 2 2 20 4 2 2 2
=+b. Calculate the marginal cost of each level of output. What principle explains why the marginal cost per floral arrangement increases as the number of arrangements increases?
=+a. Calculate the marginal product of each worker. What principle explains why the marginal product per worker declines as the number of workers employed increases?
=+with space and equipment of $100 per day. Each worker is paid $50 per day. The daily production function for Magnificent Blooms is shown in the accompanying table.Quantity of labor (worker |
=+adopt equipment and methods that increase labor productivity? 6. Magnificent Blooms is a florist specializing in floral arrangements for weddings, graduations, and other events. Magnificent Blooms
=+answer with a diagram.c. When productivity growth is positive, what happens to the marginal cost curve and the average total cost curve? Illustrate your answer with a diagram. If labor costs are
=+business sector grew by 1.7% between 1970 and 1999, by 2.6% between 2000 and 2009, and by 1.1% between 2010 and 2015.b. When productivity growth is positive, what happens to the total product curve
=+ Consider a case in which labor costs are only variable costs and a case in which they are both variable and fixed costs. An increase in labor productivity means each worker can produce more
=+a. When labor costs increase, what happens to average total cost and marginal cost?
=+5. Labor costs represent a large percentage of total costs for many firms. According to data from the Bureau of Labor Statistics, U.S. labor costs were up 2.0% in 2015, compared to 2014.
=+yogurt are produced when average total cost is minimized?
=+c. What principle explains why the AFC declines as output increases? What principle explains why the AVCincreases as output increases? Explain your answers.d. How many cups of frozen
=+4. The production function for Marty’s Frozen Yogurt is given in Problem 2. The costs are given in Problem 3.a. For each of the given levels of output, calculate the average fixed cost (AFC),
=+c. What is the marginal cost per cup for the first 110 cups of yogurt? For the next 90 cups? Calculate the marginal cost for all remaining levels of output.
=+yogurt? 200 cups? Calculate variable and total cost for every level of output given in Problem 2.b. Draw Marty’s variable cost curve. On the same diagram, draw his total cost curve.
=+ 3. The production function for Marty’s Frozen Yogurt is given in Problem 2. Marty pays each of his workers $80 per day. The cost of his other variable inputs is $0.50 per cup of yogurt. His
=+c. What is the marginal product of the first worker? The second worker? The third worker? Why does marginal product decline as the number of workers increases?
=+b. Draw the total product curve. Put the quantity of labor on the horizontal axis and the quantity of frozen yogurt on the vertical axis.
=+a. What are the fixed inputs and variable inputs in the production of cups of frozen yogurt?
=+workers. He estimates that his daily production function when he varies the number of workers employed (and at the same time, of course, yogurt mix, cups, and so on) is as shown in the accompanying
=+c. Explain why the cost of corn is a variable cost but not a fixed cost for an ethanol producer.d. When the cost of corn goes up, what happens to the average total cost curve of an ethanol
=+b. Suppose energy is a fixed cost and energy prices rise. What happens to the company’s average total cost curve? What happens to its marginal cost curve? Illustrate your answer with a diagram.
=+a. Explain how the cost of energy can be both a fixed cost and a variable cost for a company.
=+costs. In addition, many industries—such as those that produce beef, chicken, high-fructose corn syrup and ethanol—are highly dependent on the price of corn. In particular, corn has seen a
=+1. Changes in the prices of key commodities have a significant impact on a company’s bottom line. For virtually all companies, the price of energy is a substantial portion of their
=+ What market factors does it depend upon?
=+ How likely is it that they will catch up with Amazon?
=+ 3. What advantage does a robotic system give Amazon over its rivals?
=+2. What are the pros and cons of Amazon’s strategy?
=+1. Describe the shift in Amazon’s cost structure based on the concepts from this chapter. Is Amazon ona short-run or long-run cost curve? What are the relevant returns to scale in Amazon's
=+3. Draw a graph like Figure 11-12 and insert a short-run average total cost curve corresponding to a long-run output choice of 5 cases of salsa per day. Use the graph to show why Selena should
=+b. An interior design firm in which design projects are based on the expertise of the firm’s ownerc. A diamond-mining company
=+2. In each of the following cases, explain what kind of scale effects you think the firm will experience and why. a.A telemarketing firm in which employees make sales calls using computers and
=+c. Explain what the firm should do instead if it believes the change in demand is temporary.
=+results in the lowest average total cost?b. Suppose that the firm, which has historically produced 12,000 units, experiences a sharp, permanent increase in demand that leads it to produce 22,000
=+a. For each of the three choices, calculate the average total cost of producing 12,000, 22,000, and 30,000 units. For each of these quantities, which choice
=+1. The accompanying table shows three possible combinations of fixed cost and average variable cost. Average variable cost is constant in this example (it does. not vary with the quantity of output
=+why making one more pie raises Alicia’s average total cost when output is greater than the minimum-cost outp
=+c. What is Alicia’s minimum-cost output? Explain why making one more pie lowers Alicia’s average total cost when output is lower than the minimum-cost output. Similarly, explain
=+b. Indicate the range of pies for which the spreading effect dominates and the range for which the diminishing returns effect dominates.
=+a. Calculate Alicia’s marginal cost, variable cost, average total cost, average variable cost, and average fixed cost as her daily pie output rises from 0 to 6.(Hint: The variable cost of two
=+1. Alicia’s Apple Pies is a roadside business. Alicia must pay $9.00 in rent each day. In addition, it costs her $1.00 to produce the first pie of the day, and each subsequent pie costs 50% more
=+Quantity of electricity | Quantity of ice (poun (Kilowatts) ds)0) 0)1 1,000 2 1,800 3 2,400 4 2,800
=+increase in the size of the fixed input increases output by 100% for any given amount of the variable input. What is the fixed input now?Construct a table showing the quantity of output and
=+1. Bernie’s ice-making company produces ice cubes using a 10-ton machine and electricity. The quantity of output, measured in terms of pounds of ice, is given in the accompanying table.a. What is

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