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survey of economics

Questions and Answers of Survey Of Economics

=+What accounts for the importance of property rights and economic signals in a well-functioning market?
=+ What is total surplus and why is it used to illustrate the gains from trade ina market?
=+ What is producer surplus?
=+on manufacturers that cause them to reduce supply by one-third at any given price. Calculate and plot the new supply schedule and indicate the new equilibrium price and quantity on your diagram.
=+ Show this on your diagram.c. Suppose that the U.S. Department of Transportation imposes costly regulations
=+a. Plot the demand and supply curves using these schedules. Indicate the equilibrium price and quantity on your diagram.b. Suppose the tires used on pickup trucks are found to be defective. What
=+21. The accompanying table gives the annual U.S. demand and supply schedules for pickup trucks.tity of trucks demanded (mquantity of trucks supplied (mill Price of truck illions) ions) $20,000 20 u
=+splurged on vacations that had been postponed during the Great Recession.d. Using your results from partc, modify your diagram to illustrate an outcome in which the equilibrium price of air travel
=+price of oil on the demand for air travel. (Hint: think about this in terms of the substitutes for air travel, like driving.)c. Put the diagrams from parts a and b together. What happens to the
=+significantly because jet fuel is a major expense.a. Draw a supply and demand diagram that illustrates the effect of a fall in the price of jet fuel on the supply of air travel.b. Draw a supply and
=+drink.b. Consumers are illogical because they buy less at Cost-U-Less Warehouse Superstore when their incomes go up.c. Consumers are illogical for buying an iPhone 7 when an iPhone 5 costs less.
=+2016 despite the fact that Starbucks has raised prices from 10 to 30 cents per
=+ Explain the mistake in terms of supply and demand and the factors that influence them.a. Consumers are illogical because they are buying more Starbucks beverages in
=+19. In each of the following, what is the mistake that underlies the statement?
=+c. The supply of reproductions of Rembrandt paintings
=+have seen so far? Explain.a. The demand for cardiac bypass surgery, given that the government pays the full cost for any patientb. The demand for elective cosmetic plastic surgery, given that the
=+equilibrium price of such a work is determined.c. Suppose rich art collectors decide that it is essential to acquire Picasso Blue Period art for their collections. Show the impact of this on the
=+a. Draw a supply curve for Picasso Blue Period works. Why is this supply curve different from ones you have seen?b. Given the supply curve from parta, the price of a Picasso Blue Period work will
=+17. Although he was a prolific artist, Pablo Picasso painted only 1,000 canvases during his “Blue Period.” Picasso is now dead, and all of his Blue Period works are currently on display in
=+inferior good.e. Consumers expect the price of pizza to fall next week.
=+16. Use a diagram to illustrate how each of the following events affects the equilibrium price and quantity of pizza.a. The price of mozzarella cheese rises.b. The health hazards of hamburgers are
=+after the birth rate has returned to normal, by which time children born today are old enough to work as babysittersc. The market for an hour of babysitting services 30 years into the future, when
=+15. This year, the small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal. Use a diagram to illustrate the effect of these
=+bar brawl.b. The bubonic plague, a deadly infectious disease, breaks out in London.c. To celebrate the defeat of the Spanish Armada, Queen Elizabeth declares several weeks of festivities, which
=+more plays. For the following situations, use a diagram to illustrate how each event affects the equilibrium price and quantity in the market for Shakespeare’s plays.a. The playwright Christopher
=+ 14. Will Shakespeare is a struggling playwright in sixteenth- century London. As the price he receives for writing a play increases, he is willing to write
=+even though prices at the cafeteria have risen, too. (This one requires that you draw both the demand and the supply curves for school cafeteria meals.)
=+must be violating the law of demand?)d. Due to a tuition rise, most students at a college find themselves with less disposable income. Almost all of them eat more frequently at the school cafeteria
=+13. Demand twisters: Sketch and explain the demand relationship in each of the following statements.a. [would never buy a Taylor Swift album! You couldn’t even give me one for nothing.b.
=+c. Music featuring handmade acoustic guitars makes a comeback as audiences tire of heavy metal and alternative rock music.d. The country goes into a deep recession and the income of the average
=+reengineers the guitar-making process and floods the market with identical guitars.
=+which direction.a Environmentalists succeed in having the use of Brazilian rosewood banned in the United States, forcing luthiers to seek out alternative, more costly woods.b. A foreign producer
=+12. After several years of decline, the market for hand-made acoustic guitars is making a comeback. These guitars are usually made in small workshops employing relatively few highly skilled
=+going to be their last. What effect would this likely have on the demand for and price of tickets? Illustrate with a supply and demand diagram.
=+supply and demand diagram.d. Suppose the band’s next album was a total dud. Do you think they would still have to worry about ticket prices being too high? Why or why not? Drawa supply and demand
=+b. Suppose that due to this star’s protests, ticket prices were lowered to $50. In what sense is this price too low? Draw a diagram using supply and demand curves to support your argument.c.
=+a. How would you evaluate the argument that ticket prices are too high?
=+band play. Let’s assume this star sold out arenas around the country at an average ticket price of $75.
=+d. Suppose that a scalper had secretly learned before the announcement that Aaron Hank would not play in the next game. What actions do you think he would take? 11. Fans of music often bemoan the
=+c. What accounts for whether case a or case b occurs?
=+b. Show the case in which this announcement results in a lower equilibrium price and a higher equilibrium quantity than before the announcement.
=+a. Show the case in which this announcement results in a lower equilibrium price and a lower equilibrium quantity than before the announcement.
=+demand diagrams to explain your answers to parts a and b.
=+due to a knee injury, he will not in fact play in the team’s next game. Assume that season ticket-holders are able to resell their tickets if they wish. Use supply and
=+anticipated that in the next game he will break that record. As a result, tickets for the team’s next game have been a hot commodity. But today it is announced that,
=+10. Aaron Hank is a star hitter for the Bay City baseball team. He is close to breaking the major league record for home runs hit during one season, and it is widely
=+curves for cars in China to explain what has happened in the Chinese car market.
=+fact, China now has more car brands than the United States. In addition, car sales have climbed every year and automakers have increased their output at even faster rates, causing fierce
=+be valid for an inferior good?c. Lastly, assume you do not know whether the good is normal or inferior. Devise an experiment that would allow you to determine which one it was. Explain. g. In
=+a. Do you think that the increase in quantity demanded (say, from 90 to 110 in the table) when price decreases (from $21 to $19) is due to a rise in consumers’ income? Explain clearly (and
=+ 8. The following table shows a demand schedule for a normal good.Price Quantity demanded$23 70 a 90 19 110 7 130
=+the ultimate effect of the study on the price of garlic is uncertain.”
=+b. “A study shows that eating a clove of garlic a day can help prevent heart disease, causing many consumers to demand more garlic. This increase in demand results in a rise in the price of
=+between shifts of and movements along the supply and demand curves. Draw a diagram to illustrate what actually happens in each situation.a. “A technological innovation that lowers the cost of
=+quantity of lobsters. What will happen to the price at which fishermen can sell lobster? What will happen to the price paid by U.S.consumers? What will happen to the quantity consumed by U.S.
=+Now suppose that Maine lobsters can be sold in France. The French demand schedule for Maine lobsters is as follows:Stan era Oran of Iota om nded (pounds)= 100 20 300 15 500 10 700 5 900b. What is
=+a. Draw the demand curve and the supply curve for Maine lobsters. What are the equilibrium price and quantity of lobsters?
=+‘Suppose that Maine lobsters can be sold only in the United States. The U.S. demand schedule for Maine lobsters is as follows:Ene EECA Quantity of lobster dema nded (pounds)= 200 20 400 15 600 10
=+market demand schedule for soft drinks for the prices of $1.50 and $2 per gallon. 6. Suppose that the supply schedule of Maine lobsters is as follows:Ene EECA Quantity of lobster suppli ed
=+5. Let’s assume that each person in the United States consumes an average of 37 gallons of soft drinks (nondiet) at an average price of $2 per gallon and that the U.S. population is 294 million.
=+realize how fattening bagels are. Case 2: People have less time to make themselves a cooked breakfast.d. The market for the Krugman and Wells economics textbook Case 1: Your professor makes it
=+Case 2: The price of cotton increases.c. The market for bagels Case 1: People
=+following events.a. The market for newspapers in your town Case 1: The salaries of journalists go up. Case 2: There is a big news event in your town, which is reported in the newspapers.b. The
=+4. Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the
=+of school vacation in September. This happens despite the fact that generally worsening weather increases the cost of operating flights to Paris, and Air France therefore reduces the number of
=+a. Lobster prices usually fall during the summer peak lobster harvest season, despite the fact that people like to eat lobster during the summer more than at any other time of year.b. The price of
=+production, and so on. Using supply and demand, explain the change in price in each of the following cases. Note that supply and demand may shift simultaneously.
=+in town. Assume that hamburgers are a normal good for most people. . Income falls in town. Assume that hamburgers are an inferior good for most people.e. Hot dog stands cut the price of hot dogs.
=+2. Ina supply and demand diagram, draw the shift of the demand curve for hamburgers in your hometown due to the following events. In each case, show the effect on equilibrium price and quantity.a.
=+lowers manufacturers’ costs of producing chocolate ice cream.
=+herds by a third. These dairy farmers supply cream that is used to manufacture chocolate ice cream.b. Anew report by the American Medical Association reveals that chocolate does, in fact, have
=+1. A study conducted by Yahoo! revealed that chocolate is the most popular flavor of, ice cream in America. For each of the following, indicate the possible effects on demand, supply, or both as
=+ 2. How does Uber’s surge pricing solve the problem? Assess Kalanick’s claim that the price is set to leave as few people possible without a ride. 3. Use a supply and demand diagram to
=+1. What accounts for the fact that before Uber’s arrival, there were typically enough taxis availabe for everyone who wanted one on good weather days, but not enough available on bad weather days?
=+quantity falls in response to these events and one in which the equilibrium quantity rises.b. What happens to the equilibrium price in each diagram
=+2. When a new, faster computer chip is introduced, demand for computers using the older, slower chips decreases. Simultaneously, computer makers increase their production of computers containing
=+theaters have more unfilled seats.
=+effect of the shift on the equilibrium price and the equilibrium quantity.a. As US. gasoline prices fell during the 1990s, more people bought large cars.b. As technological innovation has lowered
=+1. For each of the following, determine (i) the market in question; (ii) whether a shift in demand or supply occurred, the direction of the shift, and what induced the shift; and (iii) the
=+growers, who produced a bumper crop.b. After a hurricane, Florida hoteliers often find that many people cancel their upcoming vacations, leaving them with empty hotel rooms.c. After a heavy
=+below, does a surplus or shortage exist at the original equilibrium price? What will happen to the equilibrium price as a result?a. 2015 was a very good year for California wine-grape
=+1. In the following three situations, the market is initially in equilibrium, Explain the changes in either supply or demand that result from each event. After each event described
=+Why do all sales and purchases in a market take place at the same price?
=+3, Why does the market price rise if it is below the equilibrium price?
=+2. Why does the market price fall if it is above the equilibrium price?
=+passenger), Caribbean cruise lines offer more cabins, at lower prices, than before.
=+time.c. Immediately after the school year begins, fast-food chains must raise wages, which represent the price of labor, to attract workers.d, Many construction workers temporarily move to areas
=+1. Explain whether each of the following events represents (i) a shift ofthe supply curve or (ii) a movement along the supply curve.a. More homeowners put their houses up for sale during a real
=+buy more long-stem roses the week of Valentine’s Day, even though the prices are higher than at other times during the year.a. A sharp rise in the price of gasoline leads many commuters to join
=+1. Explain whether each of the following events represents (i) a shift ofthe demand curve or (ii) a movement along the demand curve.a. A store owner finds that customers are willing to pay more for
=++ What are shortages and surpluses and why do price movements eliminatethem?
=++ How do supply and demand curves lead to an equilibrium price and equilibrium quantity in the market?
=++ What are supply and demand curves?
=+What is a competitive market ?
=+d. How would you describe the relationship between the two variables here?
=+the are method?c. Assume that when the yearly rate of economic growth rose from 3.5% to 4.5%, the yearly rate of increase in airborne pollutants rose from 5.5% to 7.5%. What is the average slope of
=+What is the average slope of a nonlinear curve between these points using
=+growth allows a country’s residents to have more cars and travel more, thereby releasing more airborne pollutants.a. Which variable is the independent variable? Which is the dependent variable?b.
=+10. Studies have found a relationship between a country’s yearly rate of economic growth and the yearly rate of increase in airborne pollutants. It is believed that a higher rate of economic
=+how the level of income taxes affects a person’s incentive to earn a higher salary?‘WORK IT OUT

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