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survey of economics

Questions and Answers of Survey Of Economics

=+How does this total surplus compare to the total surplus without a price floor from part a?
=+e. Taxes must be collected to pay for the purchases of surplus milk by the USDA. Asa result, total surplus is reduced by the amount the USDA spent buying surplus milk. Using your answers from
=+d. How much money does the USDA spend to buy surplus milk?
=+ How much producer surplus is created now?
=+c. With the price floor at $0.18 per pound of milk, producers sell 240 billion pounds of milk (some to consumers and some to the USDA).
=+How much consumer surplus is created now?
=+b. With the price floor at $0.18 per pound of milk, consumers buy 140 billion pounds of milk.
=+What is the total surplus (producer surplus plus consumer surplus)?
=+How much producer surplus?
=+a. In the absence of a price floor, how much consumer surplus is created?
=+To support the price of milk at the price floor, the U.S. Department of Agriculture (USDA) has to buy up 100 billion pounds of surplus milk. The supply and demand curves in the following diagram
=+program creates a price floor for milk at $0.18 per pound. At that price, in 2015, the quantity of milk supplied is 240 billion pounds, and the quantity demanded is 140 billion pounds.
=+3. In 2014, the U.S. House of Representatives approved a new farm bill establishing the Margin Protection Program (MPP) for dairy producers. The MPP supports dairy farmers when the margin between
=+found that the controlled price of bread in New York was below the market price.c. Drawa diagram showing the effect of the price control on the market for bread during this one-year period. Did the
=+b. What kinds of inefficiencies were likely to have arisen when the controlled price of bread was above the market price? Explain in detail. One year during this period, a poor wheat harvest caused
=+a. Draw a diagram showing the effect of the policy. Did the policy act as a price ceiling or a price floor?
=+ 2. In the late eighteenth century, the price of bread in New York City was controlled, set at a predetermined price above the market price.
=+Illustrate the effect of this policy on the market, and indicate the resulting price and quantity transacted. What is the quota rent per ride?
=+which operating licenses are given to existing taxi drivers; the number of licenses is restricted such that only 10 million rides per year can be given.
=+d. Suppose that the stock market rises and the demand for taxi rides returns to normal (that is, returns to the demand schedule given in the table). The mayor now decides to ingratiate himself with
=+This reduces the quantity of taxi rides demanded by 6 million rides per year at any given price. What effect will the mayor’s new policy have now? Illustrate with a diagram.
=+c. Suppose that the stock market crashes and, as a result, people in Gotham City are poorer.
=+ Who loses and who benefits from this policy?
=+b. Suppose that the mayor sets a price ceiling at $5.50. How large is the shortage of rides? Illustrate with a diagram.
=+a. Assume that there are no restrictions on the number of taxi rides that can be supplied (there is no medallion system). Find the equilibrium price and quantity.
=+1. In order to ingratiate himself with voters, the mayor of Gotham City decides to lower the price of taxi rides. Assume, for simplicity, that all taxi rides are the same distance and therefore
=+3, Why has the fight between Uber and the taxicab industry tumed political
=+ How does your graph change if that restriction is lifted?
=+2. Use a graph to illustrate the effect of the entry of Uber on the incomes of taxicab drivers. Assume that Uber cars cannot pick up fares hailed from the street and that there are some people who
=+1. How did lenders benefit from the restriction on the number of New York City taxi medallions?
=+would result in the quota no longer having an effect on the market? Illustrate your answer using Figure 5-8.
=+decline in tourism. What is the smallest parallel leftward shift in demand that
=+limit on taxi rides is increased to 9 million. What happens to the quota rent? To the deadweight loss? 2. Assume that the quota limit is 8 million rides. Suppose demand decreases due toa
=+. Suppose that the supply and demand for taxi rides is given by Figure 5-8 but the quota is set at 6 million rides instead of 8 million. Find the following and indicate them on Figure 5-8.a. The
=+ And why do governments undertake market interventions even though they create losses
=+ Why are economists often skeptical of market interventions?
=+Who benefits and who loses from market interventions?
=+controls the two main forms it takes? Why do price and quantity controls create deadweight losses?
=+What is a market intervention and why are price controls and quantity
=+complaints from riders, New York removes the regulated price of $2.50 per mile. What happens to the equilibrium price and quantity? How will taxi drive
=+Uber’s entry into the market reduces the quantity of rides demanded from taxis by 30% at every price, shifting the demand curve leftward. Assume that New York City politicians respond by imposing
=+0 ee we 0 80.200 Quantity of tai rides (ions of miles) rugman Wels Microeconomics, Se, ©2018 Worth Publichersa. At &; the market is at equilibrium with 600 million miles of rides transacted at an
=+‘WORK IT OUT 14. The accompanying diagram shows the demand and supply curves for taxi rides in New York City.
=+you think the writers’ agreement will be popular with the cable television companies that show on-demand movies? More consumers are shifting their movie-watching preferences from Redbox rentals
=+b. Consumers consider movie rentals and ondemand movies substitutable to some extent. When the new writers’ agreement comes into effect, what will happen in the market for on-demand movies—that
=+how will consumer surplus in the market for movie rentals change? Illustrate with a diagram. Do you think the writers’ agreement will be popular with consumers who rent movies?
=+television.a. When the new writers’ agreement comes into effect, what will happen in the market for movie rentals—that is, will supply or demand shift, and how? And, as a result,
=+negotiate a new agreement with movie producers stipulating that they will receive 10% of the revenue from every rental of a movie they wrote. They have no such agreement for movies shown on
=+what happens to consumer and producer surplus on a Friday night without surge pricing.c. How does surge pricing change consumer and producer surplus? 13. Hollywood screenwriters
=+How does demand change on a Friday night? How does the supply of Uber rides change? Label the shortage of Uber cars that results on a Friday night without surge pricing.b. Show
=+five times bigger than a Sunday night in any city around the world. And if you've got enough supply on the system so that we were perfectly supplied on a Friday night for as much demand as a city
=+12. Uber has long been criticized for its use of surge pricing, setting prices based on current supply and demané factors, which, at times, results in a sudden and drastic increase in prices. In a
=+c. Explain how reselling tickets on secondary sites can increase consumer surplus.
=+b. In your diagram, highlight or label the areas that correspond to consumer surplus, producer surplus, and total surplus.
=+a. Draw a supply and demand diagram that depicts the market for Adele concert tickets. Assume all tickets cost $150. Label the equilibrium price, quantity, and resulting shortage.
=+required that premium seat holders present the credit card used to purchase tickets to get into the concert. Despite these attempts to restrict resale, tickets on secondary sites like Stub-Hub were
=+went on sale at Ticket-master on a first come, first served basis. Throughout the day, a record 10 million people tried to purchase the 750,000 tickets available. In an attempt to prevent ticket
=+b. If Taylor Swift and other artists were not allowed to pull their music from the free streaming services, what would happen to mutually beneficial transactions (the producing and buying of music)
=+a. If music lovers obtain music and video content via free music streaming services, instead of buying it directly or paying for premium access, what would the record companies’ producer surplus
=+free. She is not alone. Adele, Dr. Dre, Garth Brooks, and Coldplay have all had runins with free streaming services.
=+premium access and listen to millions of songs on demand and ad free. But not all artists are fans of free streaming music. In 2016, Taylor Swift’s move to prevent Spotify from playing her new
=+music services have changed the way we listen to music. Spotify, Pandora, Tidal, and Google Play are some of the more popular services. These companies offer free access to music. For a small
=+city could extract from this taxi driver?c. Suppose that the city allowed the price of taxi rides to increase to $8 per ride. Again assume that, at this price, the taxi driver sells as many rides
=+driver is able to sell as many taxi rides as he desires. What is this taxi driver’s producer surplus? (Recall that the area of a right triangle is 1/2 the height of the triangle x the base of the
=+9. The accompanying diagram illustrates a taxi driver’s individual supply curve (assume that each taxi ride is the same distance).a. Suppose the city sets the price of taxi rides at $4 per ride,
=+does an individual consumer get? What is the maximum admission fee Fun World could charge?
=+maintains the price of each ride at $5. What is the maximum admission fee it could charge? (Assume that all potential customers have enough money to pay the fee.)c. Suppose that Fun World lowered
=+a. Suppose that the price of each ride is $5. At that price, how much consumer surplus does an individual consumer get? (Recall that the area of a right triangle is ¥2 the height of the triangle x
=+and how much consumer surplus does he receive now?d. Suppose you own the restaurant and Ari is a typical customer. What is the highest price you can charge for the “all-you-can-eat” special and
=+a. If the price of a serving of pasta is $4, how many servings will Ari buy? How much consumer surplus does he receive?b. The following week, Ari is back at the restaurant again, but now the price
=+equilibrium. 7.0n Thursday nights, a local restaurant has a pasta special. Ari likes the restaurant’s pasta, and his willingness to pay for each serving is shown in the accompanying
=+a. Calculate consumer and producer surplus at the equilibrium in this market.b. Now the fifth edition of this textbook becomes available. As a result, the willingness to pay of each potential buyer
=+of the fourth edition of this textbook. The supply schedule is derived from offers at Amazon.com. The demand schedule is hypothetical.Quantity of boo | Quantity of boo Priceofbook | ksdemanded | ks
=+remained roughly the same, averaging $117,290 per year in 2015). Can you determine precisely by how much producer surplus has decreased as a result of the $9.16 decrease in the average fare? If you
=+sold in the third quarter was 183.9 million and 175.9 million in the fourth quarter. Over the same period, the airlines’ costs remained roughly the same: the price of jet fuel averaged around $2
=+5. Assume that due to a decrease in demand, the average domestic airline fare decreased from $371.72 in the third quarter of 2015 to $362.56 in the fourth quarter of the same year, a decrease of
=+results with all interested buyers.
=+condition, it is worth a lot; if it is in poor condition, it is useful only as scrap. Assume that your car is in excellent condition but that it costs a potential buyer $40 for a CARFAX report to
=+of bidders brought a higher selling price. According to Galinsky, this explains why smart sellers on eBay set absurdly low opening prices (the lowest price that the seller will accept), such as 1
=+4a. Inan auction, potential buyers compete for a good by submitting bids. Adam Galinsky, a social psychologist at Northwestern University, compared eBay auctions in which the same good was sold. He
=+c. When the price falls from $29 to $19, how much does each consumer's individual consumer surplus change? How does total consumer surplus change?
=+a. Suppose the market price is $29. What is the total consumer surplus?b. The market price decreases to $19. What is the total consumer surplus now?
=+willing to pay $35, consumer 3 is willing to pay $30, consumer 4 is willing to pay$25, consumer 5 is willing to pay $20, and consumer 6 is willing to pay $15.
=+his annual salary is $80,000. 3. There are six potential consumers of computer games, each willing to buy only one game. Consumer 1 is willing to pay $40 for a computer game, consumer 2 is
=+b. So-Hee advertises her car for sale in the used-car section of the student newspaper for $2,000, but she is willing to sell the car for any price higher than$1,500. The best offer she gets is
=+a. Gordon lists his old Lionel electric trains on eBay. He sets a minimum acceptable price, known as his reserve price, of $75. After five days of bidding, the final high bid is exactly $75. He
=+c. After soccer practice, Stacey is willing to pay $2 for a bottle of mineral water.The 7-Eleven sells mineral water for $2.25 per bottle, so she declines to purchase it. 2. Determine the amount of
=+he learns that the T-shirt has been discounted by 50%.b. Alberto goes to the music store hoping to find a used copy of Nirvana’s Nevermind for up to $30. The store has one copy of the record
=+1. Determine the amount of consumer surplus generated in each of the following situations.a. Leon goes to the clothing store to buy a new T-shirt, for which he is willing to pay up to $10. He picks
=+economic activity. Any policies that interfere with markets reduce society’s welfare.
=+a situation in which the two rights must always be sold together. 2. Suppose that in the market for used textbooks the equilibrium price is $30, but it is mistakenly announced that the equilibrium
=+1. some states that are rich in natural resources, such as oil, the law separates the right to above-ground use of the land from the right to drill below ground (called “mineral rights”).
=+to patients with small children. If “total surplus” in this case is defined to be the total life span of kidney recipients, is this new guideline likely to reduce, increase, or leave total
=+3, Suppose UNOS decides to further alter its guidelines for the allocation of donated kidneys, no longer relying solely on the concept of net survival benefit but also giving preference
=+Having Cara produce one fewer pepper, and Jamie one more pepper, than in the market equilibriumc. Having Josey consume one fewer pepper, and Cara produce one fewer pepper, than in the market
=+ 2. Show how each of the following three actions reduces total surplus:a. Having Josey consume one fewer pepper, and Casey one more pepper, than in the market equilibrium b.
=+1. Using the tables in Check Your Understanding 4-1 and 4-2, find the equilibrium price and quantity in the market for cheese -stuffed jalapeno peppers. What is total surplus in the equilibrium in
=+to $0.90.b. Calculate the total producer surplus when the price of a pepper is $0.70. Quantity of peppers Cara’s cost Jamie’s cost ist pepper $0.10 $0.30 nd pepper 0.10 0.50
=+1. Consider again the market for cheese-stuffed jalapeno peppers. There are two producers, Cara and Jamie, and their costs of producing each pepper are given in the accompanying table. (Neither is
=+ Why can a market sometimes fail and be inefficient? What is consumer surplus?

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