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business
the macro economy

Questions and Answers of The Macro Economy

5. Markets reward individuals according to their output;communism rewards people according to their needs.How might these different systems affect work effort? L03
4. How might a nation's production possibilities be affected by the following? L02a. A decrease in taxes.b. An increase in government regulation.c. An increase in military spending.d. An increase in
3. What's the real cost of the food in the "free lunch" cartoon on page 5? LO 1
2. How much time could you spend on homework in a day?How much do you spend? How do you decide? LO 1
1. What opportunity costs did you incur in reading this chapter? If you read four more chapters of this book today, would your opportunity cost (per chapter) increase?Explain. LO 1
The Economy Tomorrow: Using the data from Problem 7 (at the original price of $21), determine how many ties the producer would supply if(a) A tax of $2 per tie were collected from the producer. (c)
A firm has leased plant and equipment to produce video games, which can be sold in unlimited quantities at $13 each. The following figures describe the associated costs of production:Rate of output
Complete the following table:Output Total Cost Marginal Cost Average Total Cost Average Variable Cost 0 $100 5 110 10 130 15 170 20 220 25 290 30 380 35 490 According to the table above,(a) If the
Illustrate on the accompanying graph the changes to the cost curves due to(a) Higher feed prices. (c) Higher worker productivity.(b) Lower wage rates.Does the profit-maximizing rate of output
Assume that the price of silk ties in a perfectly competitive market is $21 and that the typical firm confronts the following costs:Quantity(ties per day) 0 1 2 3 4 5 6 7 8 9 10 Total cost $10 $17
Complete the following cost schedules:Quantity 0 1 2 3 4 5 6 7 Total cost $9 $12 $16 $21 $30 $40 $52 $66 ATC MC —Assuming the price of this product is $12, at what output rate is(a) Total revenue
Complete the following cost and revenue schedules:Total Total Marginal Quantity Price Revenue Cost Cost 0 $50 $ 50 1 50 60 2 50 90 3 50 140 4 50 200 5 50 280(a) Graph MC and p.(b) What rate of output
If the price of catfish fell from $13 to $7 per bushel, use Figure 8.7 to determine the(a) Profit-maximizing output. (c) Total profit or loss.(b) Profit or loss per bushel.
Kanesha is an entrepreneur and has recently opened her first coffee shop, The Coffee Cat.Kanesha pays $5000 rent each month, $4800 for employee payroll, and $1200 for supplies. She was planning on
If the owner of the Table 8.1 drugstore hired a manager for $10 an hour to take his place, how much of a change would show up in:(a) Accounting profits? (b) Economic profits?
According to In the News “The Lure of Catfish,”(a) How many fish did farmer Hollingsworth have in inventory?(b) If each of his fish weighed 2 pounds, what percent of the market did he have?
How does an employer-paid Social Security tax on wages affect a competitive firm’s supply curve? LO8-6
Under what conditions would a firm decide to shut down in the short run but remain invested in the market in the long run? LO8-5
If a perfectly competitive firm raises its price above the prevailing market rate, how much of its sales might it lose? Why? Can a competitive firm ever raise its prices?If so, when? LO8-2
Is Apple Computer a perfectly competitive firm? LO8-2
What was the opportunity cost of Hiroshi Fujishige’s farm? (See In the News “The Value of Hiro’s Strawberry Farm”) Is society better off with another Disney theme park? Explain. LO8-1
What costs did GM eliminate when it shut down its plants? (In the News “GM Shutting 5 Factories this Month”) How about Omaha Power? LO8-4
What rate of output is appropriate for a nonprofit corporation (such as a hospital)? LO8-3
Why isn’t the rate of output that minimizes average total cost the most profitable rate of output? LO8-3
If a firm is incurring an economic loss, would society be better off if the firm shut down? Would the firm want to shut down? Explain. LO8-4
How many fish should a commercial fisher try to catch in a day? Should he catch as many as possible or return to dock before filling the boat with fish? Under what economic circumstances should he
How can the demand curve facing a firm be horizontal if the market demand curve is downward-sloping? LO8-2
What economic costs will a large corporation likely overlook when computing its profits? How about the owner of a family-run business or farm? LO8-1
What shapes or shifts a firm’s supply curve.
The difference between production and investment decisions.
When a firm will shut down.
How a competitive firm maximizes profit.
The characteristics of perfectly competitive firms.
How profits are computed.
The Economy Tomorrow: Suppose the hourly wage rate is $24 in the United States and $3 in China, and productivity is 20 units per hour in the United States and 4 units per hour in China.(a) What are
Kanesha is an entrepreneur and has recently opened her first coffee shop, The Coffee Cat.Kanesha pays $5000 rent each month, $4800 for employee payroll, and $1200 for supplies.She was planning on
Complete the following table:Total Marginal Average Average Quantity Cost Cost Variable Cost Total Cost 0 20 — — —1 10 10 2 21 3 16 4 14 5 100
Complete the following table:Quantity Fixed cost Variable cost Total Cost 0 100 10 40 20 100 30 100 270 40 260
Table 7.2 again shows the total cost of production for producing 15 pairs of jeans per day.PROBLEMS FOR CHAPTER 7 (cont’d)Resource Input × Unit Price of Input = Total Cost 1 factory $100 per day
Given the following productivity information,(a) Calculate marginal physical product.(b) When does marginal productivity first diminish?Labor Output 0 0 1 10 2 22 3 30 4 36 5 38 6 37
The following table indicates the average total cost of producing varying quantities of output from three different plants:Rate of output 10 20 30 40 50 60 70 80 90 100 Average total cost Small firm
Refer to the production table for jeans (Table 7.1). Suppose a firm has two sewing machines and can vary only the amount of labor input.(a) Graph the production function for jeans given the two
Suppose a company incurs the following costs: labor, $600; equipment, $300; and materials,$200. The company owns the building, so it doesn’t have to pay the usual $700 in rent.(a) What is the total
At what level of labor input in Figure 7.2 does marginal physical product(a) First diminish?(b) Become zero?(c) Turn negative?
(a) Complete the following cost schedule:Average Average Rate of Total Marginal Average Variable Total Output Cost Cost Fixed Cost Cost Cost 0 $ 600 1 800 2 1,050 3 1,400 4 1,800 5 2,300(b) Use the
What causes unit labor costs to rise in some nations and fall in others? LO7-3
What is the economic cost of doing this homework?LO7-4
How would your productivity in completing coursework be measured? Has your productivity changed since you began college? What caused the productivity changes?How could you increase productivity
Why don’t more U.S. firms move to Mexico to take advantage of low wages there? Would an identical plant in Mexico be as productive as its U.S. counterpart? LO7-1
Are colleges subject to economies of scale or diseconomies? LO7-5
Corporate funeral giants have replaced small family-run funeral homes in many areas, in large part because of the lower costs they achieve. What kind of economies of scale exist in the funeral
Owner/operators of small gas stations rarely pay themselves an hourly wage. How does this practice affect the economic cost of dispensing gasoline? LO7-4
What will happen to Tesla if it doesn’t achieve the economies of scale it anticipates from its gigafactory? (See In the News “Tesla Banks on Gigafactory.”) LO7-5
Suppose all your friends offered to help wash your car.Would marginal physical product decline as more friends helped? Why or why not? LO7-2
What are the production costs of your economics class?What are the fixed costs? The variable costs? What’s the marginal cost of enrolling more students? LO7-3
What (dis)economies of scale are.
How economic and accounting costs differ.
How the various measures of cost relate to each other.
What the law of diminishing returns means.
What the production function represents.
The Economy Tomorrow: In 2016, 160,000 electric vehicles (EVs) were sold in the United States.(a) Suppose the average price of these cars was $37,000. Calculate price elasticity of demand if a$2000
On the graphs below, show the impact of the price reduction for iPhones, as described in In the News “Samsung Stung by Apple Moves.”PRICE (dollars per unit)QUANTITY (units per period)16GB iPhone
Use the following data to illustrate the (a) demand curve and (b) total revenue curve:Price $10 9 8 7 6 5 4 3 2 1 Quantity 2 4 6 8 10 12 14 16 18 20(a) At what price is total revenue maximized?(b) At
Suppose that in a week the price of Greek yogurt increases from $1.25 to $1.75 per container. At the same time, the quantity of Greek yogurt demanded at a typical grocery store increases from 10,000
If the cross-price elasticity of demand between printed textbooks and e-books is +0.50,(a) Are e-books and textbooks complementary (C) or substitute (S) goods?(b) If textbook prices increase by 10
Using the World View “Rebounding Oil Price Spurs More Rigs,” calculate the price elasticity of supply between 2016 and 2017 if the price of oil increased by 20 percent in the same time period.
According to the calculation in the section “Income Elasticity,” by how much will popcorn sales increase if average income goes up by 8 percent?
From Figure 6.1, compute(a) The price elasticity between each of the following points(b) The total revenue at each point.(c) If there is a price decrease, will total revenue increase when demand is
Suppose consumers buy 50 million packs of cigarettes per month at a price of $5 per pack. If a$2 tax is added to that price,(a) By what percentage does price change? (Use the midpoint formula in
What is the price elasticity of demand for cigarettes implied in In the News “Californians Vote to Triple Cigarette Tax” by(a) The state’s legislative analyst office?(b) Anti-smoking
According to Professor Becker (In the News “Professor Becker Rejects Clinton’s Tax Math”), by how much would cigarette prices have to rise to get a 15 percent reduction in smoking in(a) one
What was the price elasticity of demand for iPhones in 2007 (In the News “After iPhone Price Cut, Sales Are Up by 200 Percent” and section “Computing Price Elasticity”)?
Suppose that quantity supplied for a product falls by 10 percent. If the price elasticity of supply is 2, what should happen to the price of the product? LO6-5
In the Economy Tomorrow section, what are the substitute goods and complementary goods that will affect future EV sales? Is the price elasticity of demand for EVs likely to be high or low? LO6-3
Is the demand for iPhones price inelastic or elastic?Why? Is income elasticity high or low? LO6-4
If the elasticity of demand for coffee is so low(Table 6.1), why doesn’t Starbucks raise the price of coffee to $10 a cup? LO6-2
How has the Internet affected the price elasticity of demand for air travel? LO6-1
If you owned a movie theater, would you want the demand for movies to be elastic or inelastic? LO6-2
In California, 15.7 percent of low-income households smoke but only 9.4 percent of high-income households do so. So, the burden of higher cigarette taxes (In the News “Californians Vote to Triple
Why does the price elasticity of demand for cigarettes differ for teenagers and adults (see Table 6.2)? LO6-1
Identify two goods each whose demand exhibits (a)high income elasticity, (b) low income elasticity, (c)high price elasticity, and (d) low price elasticity. What accounts for the differences in
If the price of gasoline doubled, how would consumption of (a) cars, (b) public transportation, and (c) resturants be affected? How quickly would these adjustments be made? LO6-3
Is the demand for enrollments in your college priceelastic? How could you find out? LO6-1
What the elasticity of supply measures.
What the income elasticity of demand tells us.
What the cross-price elasticity of demand measures.
The relationships between price changes, price elasticity, quantity demanded, and total revenue.
How to compute price elasticity of demand.
The Economy Tomorrow: Use the following data to illustrate the relevant demand curve:Price $ 10 9 8 7 6 5 4 3 2 1 Quantity 2 4 6 8 10 12 14 16 18 20(a) If the price increases from $4 to $8, by how
A consumer downloads 4 movies and 3 apps per week. Suppose the price is $5 per movie and $3 per app, and the marginal utility is 12 for a movie and 10 for an app.(a) Calculate marginal utility per
Suppose the following table reflects the total satisfaction derived from consumption of pizza slices and Pepsis. Assume that pizza costs $1 per slice and a large Pepsi costs $2. With $20 to spend,
Suppose the graph below depicts the demand for football tickets at Grand University.(a) If current demand is represented as Demand 2, what is total revenue at the price of $24?(b) If the price drops
Suppose movie downloads cost $2 apiece and game downloads cost $3. If the marginal utility of movie downloads at the optimal mix of consumption is 10 utils, what is the marginal utility of a game
The following data reveal how much each consumer is willing to pay for an Alaskan cruise:Amy $ 900 Ed $2,000 Bob $1,100 Gigi $1,300 Carol $1,500 Hugo $1,800 Eduardo $ 400 Isabelle $1,500(a)
If the price of a Spyder drops to $700,000 in Figure 5.4,(a) How many Spyders can be sold at that price?(b) How much consumer surplus will there be if all the cars are sold at that price?(c) How much
In Figure 5.4, if Bob’s maximum price increased by 50 percent,(a) Would he buy a Spyder?(b) How much consumer surplus would he have?
In Figure 5.4, how much consumer surplus is received by(a) Fred? (b) Hua? (c) Carlos?
According to Table 5.1,(a) With which box of popcorn does marginal utility first diminish?(b) With which box does marginal utility become negative?
When you eat out and have $25 to spend, what information do you need to maximize your utility? LO5-4
Why do airlines charge different fares for the same flight? LO5-3

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