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business
the macro economy

Questions and Answers of The Macro Economy

The Economy Tomorrow: If the typical Expedia call center worker is paid an annual salary of$25,000, how much higher is the CEO’s annual salary in percentage terms?
By how much would the quantity of labor demanded decrease if a minimum wage hike raised prevailing wages from $8 to $10 an hour and if the elasticity of labor demand were 0.10?
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor:Number of pickers (per hour) 1 2 3 4 5 6 7 8 Output of grapes (in flats) 20 38 53 64 71 74
Assume that the following data describe labor market conditions:Wage rate (per hour) $3 $4 $5 $6 $7 $8 $9 $10 Labor demanded 50 45 40 35 30 25 20 15 Labor supplied 20 30 40 50 60 70 80 90 On a graph,
Apples can be harvested by hand or machine. Handpicking yields 80 pounds per hour;mechanical pickers yield 120 pounds per hour.(a) If the wage rate of human pickers is $8 an hour and the rental on a
If the price of strawberries doubled, how many pickers would be hired at $4 an hour, according to Table 16.1?
What is the price elasticity of labor supply?
Suppose a wage increase from $12 to $16 an hour for Expedia call center reps increases the number of daily job applicants from 42 to
(a) According to Figure 16.8, how many workers are unemployed at the equilibrium wage?(b) How many workers are unemployed at the minimum wage?
According to World View “Thousands of Refugees Attend Job Fair,”(a) How many people were supplying labor?(b) How many employers were demanding labor?(c) Was there a surplus or shortage in this
According to World View “Thousands of Refugees Attend Job Fair,” what was the situation in the 2016 Berlin labor market?A: Labor surplus B: Labor shortage C: Equilibrium
By what percentage did(a) The federal minimum wage increase between September 1997 and July 2009?(See Table 16.2.)(b) If President Obama’s wage-hike proposal (In the News “Obama Calls for $10.10
(a) How many home runs did Giancarlo Stanton score in 2014? (See In the News “Marlins Sign Stanton to Record $325 Million Contract”)(b) If his average annual salary were based on home runs alone,
Why didn’t President Obama set pay limits on baseball players who play in publicly funded stadiums? Why did he single out corporate executives? LO16-2
The minimum wage in Mexico is less than $1 an hour.Does this make Mexican workers more cost-effective than U.S. workers? Explain. LO16-3
What is President Trump’s opportunity cost for becoming president instead of running his businesses? How would you measure his marginal revenue product?LO16-2
In 2016 the president of the University of Michigan was paid $750,000 and the football coach was paid $9 million. Does this make any sense? LO16-2
Who is hurt and who is helped by an increase in the legal minimum wage? Under what circumstances might a higher minimum not reduce employment? LO16-3
How might you measure the marginal revenue product of (a) a quarterback and (b) the team’s coach? LO16-2
Is this course increasing your marginal productivity? If so, in what way? LO16-2
Explain why marginal physical product would diminish as(a) More waiters are hired in a restaurant.(b) More professors are hired in the economics department.(c) More carpenters are hired to build a
According to World View “Your Money or Your Life,”does the substitution effect or the income effect dominate in Mexico? In Russia? Why might this be the case? LO16-1
Would you continue to work after winning a lottery prize of $100,000 a year for life? Would you change schools, jobs, or career objectives? What factors besides income influence work decisions? LO16-1
Why are you doing this homework? What are you giving up? What utility do you expect to gain? LO16-1
How wage floors alter labor market outcomes.
How market wage rates are established.
What factors shape labor supply and demand.
The Economy Tomorrow:(a) According to Figure 15.7, how much did farm incomes change (in percentage terms)2008–2010?(b) If a law is passed that limits immigration, what is the predicted impact on
Suppose there are 100 grain farmers, each with identical cost structures as shown in the following tables:Production Costs (per Farm) Demand Output Total Cost Price Quantity Demanded(Bushels per Day)
Assume that the unregulated supply schedule for milk is the following:Price (per pound) 18¢ 24¢ 30¢ 36¢ 42¢Quantity supplied(billions of pounds per year) 43 53 63 73 83(a) Draw the supply and
Suppose that consumers’ incomes increase 10 percent, which results in a 0.6 percent increase in consumption of farm goods at current prices. What is the income elasticity of demand for farm goods?
Suppose the market price of corn is $1.80 per bushel.(a) Would a farmer sell corn to the market or to the government (CCC)? (See Table 15.2.)(b) If the market price rose to $2, what would the farmer
The following tables show the market demand and supply for soybeans.Price Quantity Demanded Quantity Supplied($ per Bushel) (Bushels per Year) (Bushels per Year)10 0 120 9 10 110 8 20 100 7 30
According to Figure 15.2, how much did corn prices change between 2000 and 2012 in percentage terms?
If this year’s harvest was greater than last year’s by 12%, to sell all of the crop, how much does price have to change if the price elasticity of demand is 0.2?
According to In the News “Anticipated Surge in Harvest to Depress Corn Prices,”(a) By what percent did the quantity of corn supplied increase in 2016?(b) If the price elasticity of demand for
What are some of the farmers’ concerns beyond what is covered in the Farm Bill? How should government best help farmers? LO15-1
How have farmers increased milk production per cow so much (see section Destabilizing Forces)? How does this affect milk prices? LO15-1
Why are the price and income elasticities for food so low? LO15-1
You need a government permit (allotment) to grow tobacco. Who gains or loses from such regulation? LO15-2
How do farmers of unsubsidized crops survive and thrive? LO15-2
Farmers can eliminate the uncertainties of fluctuating crop prices by selling their crops in futures markets(agreeing to a fixed price for crops to be delivered in the future). Who gains or loses
Why doesn’t the United States just give its crop surpluses to poor countries? What problems might such an approach create? LO15-3
Are large price movements inevitable in agricultural markets? What other mechanisms might be used to limit such movement? LO15-1
Would the U.S. economy be better off without government intervention in agriculture? Who would benefit?Who would lose? LO15-3
How subsidies affect farm prices, output, and incomes.
What mechanisms are used to prop up farm prices and incomes.
What makes the farm business different from others.
The Economy Tomorrow: If health care costs are evenly divided by asthma attacks and heart attacks, what dollar value does EPA put on an asthma attack or heart attack (see In the News“A War on
The following cost schedule depicts the private and social costs associated with the weekly use of dicamba, a strong fertilizer that can damage nearby crops that are not genetically modified to resit
The table shows the total benefits and total costs to reduce solid waste pollution in in a local river.Quantity of Pollution Abatement(Tons of Trash Removed per Week) Benefits Costs 0 0 0 1 60 10 2
Suppose three firms confront the following costs for pollution control:Total Costs of Control Emissions Reduction (Tons per Year) Firm A Firm B Firm C 1 $ 30 $ 40 $ 50 2 70 100 120 3 120 180 210 4
How much more per ton is New York City paying to recycle rather than just dump its garbage (In the News “Recycling Wastes Money”)?
Many people pay nothing for each extra pound of garbage they create yet the garbage is a type of solid waste pollution. In view of this, we can view garbage collection as creating external benefits
Use the graph to answer the following questions:(a) What is the profit maximizing quantity?Suppose that there are external costs equal to $0.01 per kilowatt-hour.(b) Calculate the social marginal
How high would its pollution control costs have to be before a firm would “pay to pollute” a ton of carbon dioxide (World View “Paying to Pollute”)?
EPA says the value of a human life is $7.6 million, measured from birth to death. If life expectancy is 78 years, what is the value of the remaining life of an 18-year-old person?
(a) If the Indian Point nuclear plant (In the News “Recycling Wastes Money”) were charged one-tenth of a mill (0.01 cent) for every gallon of water it used, how much would it pay in annual
Over 1 billion people in the world don’t have access to electricity, relying mostly on fire for heat and cooking.Discuss the benefits and costs of carbon caps that limit the construction of new
Should coal mining be prohibited in order to reduce carbon emissions? LO14-2
If a high per-bag fee were charged for garbage collection, how would consumers respond? LO14-2
“The issuance of a pollution permit is just a license to destroy the environment.” Do you agree? Explain.LO14-2
What economic costs are imposed by mandatory sorting of trash (In the News “Recycling Wastes Money”)?LO14-2
Should the Indian Point nuclear plant (In the News “Cut the Power to Save the Fish?”) be closed? Who will benefit? Who will lose? LO14-3
Does anyone have an incentive to maintain auto exhaust control devices in good working order? How can we ensure that they will be maintained? Are there any costs associated with this policy? LO14-1
Why would auto manufacturers resist higher fuel efficiency standards? How would their costs, sales, and profits be affected? LO14-1
Should we try to eliminate all pollution? What economic considerations might favor permitting some pollution? LO14-3
What are the economic costs of the externalities caused by air toxins (In the News “Air Pollution Kills”), beach closings, or thermal pollution (In the News “Cut the Power to Save the
If “green” gasoline were sold for 20 cents per gallon more than “dirty” gasoline, would you buy it? How much of a premium per gallon do you think most people would pay? LO14-1
Why zero pollution may not be desirable.
Alternative strategies for reducing pollution.
How markets encourage pollution.
The Economy Tomorrow: Suppose the benefits of a regulation related to workplace safety is$10 million per year and the associated administrative costs are $200,000, compliance costs are$4 million, and
According to In the News “Vegas Wants to Bypass Electric Monopoly,” if MGM’s electric bill was $600,000 per month with NV Energy and its costs decrease by 60 percent in the wholesale market,
Suppose a corporation has two subsidiaries, one of which is unregulated and sells all of its output to the other, regulated subsidiary. Permitted profits at the regulated subsidiary are equal to 10
If the average U.S. worker produces $120,000 of output per year, what is the annual opportunity cost of the federal regulatory workforce (Table 13.1)?
According to In the News “Sleep Rules Raise Trucking Costs,” how much will annual shipping costs increase for each saved life?
Suppose a natural monopolist has fixed costs of $15 and a constant marginal cost of $3. The demand for the product is as follows:Price (per unit) $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 Quantity
What happens to profits (or losses) when new technology reduces average total costs (shifts ATC downward in Figure 13.2) in(a) An unregulated natural monopoly?(b) A price-regulated natural monopoly
PRICE OR COST (dollars per unit)0 10 20 30 40 50 60 70 80 90 100 110 120 130 12 34 56 78 910 Average total cost Market demand Marginal cost QUANTITY (units per period)Marginal revenue
Using the graph, identify output and price and calculate profits for(a) An unregulated natural monopoly.(b) A monopoly that is regulated according to price-efficiency (p = MC).(c) A monopoly that is
In Figure 13.2,(a) How much profit does an unregulated monopolist earn?(b) How much profit would be earned if price efficiency (p = MC) were imposed?
Suppose a company has $400 of fixed costs and a constant marginal cost of 10 cents. What are average total costs (ATC) at(a) Output of 10 units?(b) Output of 100 units?(c) Output of 1,000 units?
Why don’t Nevada regulators allow casinos and other consumers to bypass the state’s monopoly distributor of electricity? LO13-2
How could a local phone or cable company reduce service quality if forced to accept price ceilings? LO13-2
The Telecommunications Act of 1996 requires local phone companies to charge “reasonable” rates for transmission access. What is a “reasonable” rate? LO13-4
How would you put dollar values on the benefits and costs of truck safety regulations (In the News “Sleep Rules Raise Trucking Costs”)? Do benefits exceed costs? LO13-2
Prior to 1982, AT&T kept local phone rates low by subsidizing them from long-distance profits. Was such crosssubsidization in the public interest? Explain. LO13-1
Why would a profit-regulated firm want to sell itself inputs at inflated prices? Or increase wages? LO13-3
Given the inevitable limit on airplane landings, how should available airport slots be allocated? How would market outcomes be altered? LO13-2
What makes cable companies natural monopolies? How did cable profits affect the emergence of satellite transmissions? LO13-1
New York City has limited the number of taxicabs for decades. Were taxi companies natural monopolies?What was the purpose of such regulation? Why were Uber, Lyft, and other ride-sharing companies so
Why are railroads natural monopolies? What limits their pricing power? LO13-1
How deregulation has fared in specific industries.
The costs associated with regulation.
The regulatory dilemmas posed by natural monopoly.
The characteristics of natural monopoly.
17. What market failure does Bill Gates (World View, p. 438)cite as the motivation for global philanthropy? L03
16. If economic growth reduced poverty but widened inequalities, would it still be desirable? L03
15. How do nations expect nationalization of basic industries to foster economic growth? L03

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