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principles of economics

Questions and Answers of Principles Of Economics

Tim buys 2 pizzas and sees 1 movie a week when he has $16 to spend. The price of a movie ticket is $8, and the price of a pizza is $4. Draw Tim’s budget line. If the price of a movie ticket falls
Can Money Buy Happiness?Whoever said money can’t buy happiness isn’t spending it right. There must be some connection, but once your basic human needs are met, does more money buy more happiness?
Schools Get a Lesson in Lunch Line Economics Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise
a. How many hours does Max windsurf and how many hours does he snorkel to maximize his utility?b. If Max spent a dollar more on windsurfing and a dollar less on snorkeling than in part(a), by how
In your table in Problem 6, add two columns and list Max’s marginal utility per dollar from windsurfing and from snorkeling.
Make a table that shows the various combinations of hours spent windsurfing and snorkeling that Max can afford.
Which does Max enjoy more: his 6th hour of windsurfing or his 6th hour of snorkeling?
Calculate Max’s marginal utility from snorkeling at each number of hours per day. Does Max’s marginal utility from snorkeling obey the principle of diminishing marginal utility?
Describe how Jerry’s consumption possibilities change if, other things remaining the same, (i) the price of a magazine falls and (ii) Jerry’s income increases.
Aid May Grow for Laid-Off Workers Expansion of the Trade Adjustment Assistance(TAA) program would improve the social safety net for the 21st century, as advances permit more industries to take
After you have studied Reading Between the Lines on pp. 168–169, answer the following questions.a. What events put U.S. tire producers under pressure and caused some to go out of business?b.
Trading Up The cost of protecting jobs in uncompetitive sectors through tariffs is high: Saving a job in the sugar industry costs American consumers$826,000 in higher prices a year; saving a dairy
Suppose that in 2008, tomato growers in Florida lobby the U.S. government to impose an import quota on Mexican tomatoes. Explain who in the United States would gain and who would lose from such a
Draw a graph of the market for corn in a poor developing country to show the changes in consumer surplus, producer surplus, and deadweight loss.
Use the news clip in Problem
Act Now, Eat Later The hunger crisis in poor countries has its roots in U.S. and European policies of subsidizing the diversion of food crops to produce biofuels like corn-based ethanol. That is,
A semiconductor is a key component in your laptop, cell phone, and iPod. The table provides information about the market for semiconductors in the United States.Price Quantity Quantity(dollars
Chinese Tire Maker Rejects U.S. Charge of Defects U.S. regulators ordered the recall of more than 450,000 faulty tires. The Chinese producer of the tires disputed the allegations and hinted that the
a. What are the benefits to a country from importing food?b. What costs might arise from relying on imported food?
Draw a graph to illustrate the gains and losses from the tariff and on the graph identify the gains and losses, the tariff revenue, and the deadweight loss.
If the United States puts a tariff of $25 per container on imports of roses, what happens to the U.S. price of roses, the quantity of roses bought, the quantity produced in the United States, and the
Use the information on the U.S. wholesale market for roses in Problem 1 toa. Explain who gains and who loses from free international trade in roses compared to a situation in which Americans buy only
In the news clip in Problem 6, who will gain and who will lose from the trade in services that the news clip predicts?
Postcard: Bangalore. Hearts Set on Joining the Global Economy, Indian IT Workers are Brushing Up on Their Interpersonal Skills The huge number of Indian workers staffing the world’s tech firms and
a. Draw a graph to illustrate the Brazilian market for oil and explain why Brazil was an importer of oil until a few years ago.b. Draw a graph to illustrate the Brazilian market for oil and explain
Describe Brazil’s comparative advantage in producing oil and explain why its comparative advantage has changed.
Drivers Feel the Pinch as Diesel Hits $4 a Gallon“The high price of gasoline is hurting our economy,”said Mark Kirsch, a trucker, who organized a rally in Washington. “It’s hurting
Show on a graph the change in consumer surplus, producer surplus, total surplus, and the deadweight loss in the markets for coal, gasoline, and diesel.
Explain how China’s price controls have changed consumer surplus, producer surplus, total surplus, and the deadweight loss in the markets for coal, gasoline, and diesel.
a. Are China’s price controls described in the news clip price floors or price ceilings?b. Explain how China’s price controls have created shortages or surpluses in the markets for coal,
After you have studied Reading Between the Lines on pp. 144–145 answer the following questions.a. In what ways do employers break laws in the underground labor market described in the news
The table gives the demand and supply schedules for an illegal drug.Price Quantity Quantity(dollars per demanded supplied unit) (units per day)50 500 300 60 400 400 70 300 500 80 200 600 90 100 700a.
a. How would a payment to cotton farmers to idle their land influence the supply of cotton?b. How would a payment to cotton farmers to idle their land affect the consumer surplus and the producer
Explain how a subsidy paid to cotton farmers affects the consumer surplus and the producer surplus from cotton. Does the subsidy make the cotton market more efficient or less efficient?Explain.
a. Why does the federal government subsidize farmers?b. Explain how a subsidy paid to cotton farmers affects the price of cotton and the marginal cost of producing it.
Cigarette Taxes, Black Markets, and Crime:Lessons from New York’s 50-Year Losing Battle New York City has the highest cigarette taxes in the country. During the four months following the recent tax
The demand and supply schedules for tulips are Price Quantity Quantity(dollars demanded supplied per bunch) (bunches per week)10 100 40 12 90 60 14 80 80 16 70 100 18 60 120a. If tulips are not
Use the news clip in Problem 21.a. Would a cut in the tax on small business profits offset the effect of the higher minimum wage on employment? Explain.b. Would a cut in the Social Security tax that
Explain the effects of the higher minimum wage on the workers’ surplus and the firms’ surplus.Does the labor market become more efficient or less efficient? Explain.Taxes
On a graph of the market for low-skilled labor, show the effect of the increase in the minimum wage on the quantity of labor employed.
a. Explain the effect of the increase in the rent ceiling on the quantity of rent-stabilized apartments.b. Why is rent stabilization a source of conflict between renters and owners of apartments?
a. If rents for rent-stabilized apartments do not increase, how do you think the market for rental units in New York City will develop?b. Are rent ceilings in New York City helpful to the middle
The figure illustrates the market for a banned substance.Calculate the market price and the quantity consumed if a penalty of $20 a unit is imposed ona. Sellers only.b. Buyers only.c. Both sellers
Calculate the price, the marginal cost of rice, and the quantity produced if the government introduces a subsidy of $0.30 a box.
Calculate the price, the marginal cost of rice, and the quantity produced if the government sets a production quota of 2,000 boxes a week.
How to Take a Gas Holiday High fuel prices will probably keep Americans closer to home this summer, despite the gas-tax“holiday” that would shave 18¢ off every gallon.
Luxury Tax Heavier Burden on Working Class, it Would Seem The Omnibus Budget Reconciliation Act of 1990 included a stern tax on “luxury items.” In 1990 the Joint Committee on Taxation projected
The table gives the demand and supply schedules for chocolate brownies.Price Quantity Quantity(cents per demanded supplied brownie) (millions per day)50 5 3 60 4 4 70 3 5 80 2 6 90 1 7a. If brownies
Would migrant Indian workers be better off or worse off or unaffected by this minimum wage?
How would the market for labor be affected in India? Draw a supply and demand graph to illustrate your answer. [Be careful: the minimum wage is in the Gulf countries, not in India.]
How would the market for labor be affected in the Gulf countries? Draw a supply and demand graph to illustrate your answer.
If a minimum wage for teenagers is set at $7 an hour,a. How many hours do teenagers work and how many hours are unemployed?b. Demand for teenage labor increases by 500 hours a month. What is the wage
If a minimum wage for teenagers is set at $5 an hour, how many hours do they work and how many hours of teenage labor are unemployed?
Calculate the equilibrium wage rate, the number of hours worked, and the quantity of unemployment.
Explain the various ways in which a price ceiling on gasoline that is set below the equilibrium price would make buyers and sellers of gasoline better off or worse off. What would happen to total
Draw a graph to illustrate the effects of a price ceiling set below the equilibrium price in the market for gasoline.
How does the price cap influencea. The quantity of gasoline sold and the shortage or surplus of gasoline?b. The maximum price that someone is willing to pay for the last gallon of gasoline available
How does the price cap influence the quantity of gasoline supplied and the quantity demanded?
If a rent ceiling is set at $300 a month, what is the quantity of housing rented, the shortage of housing, and the maximum price that someone is willing to pay for the last unit of housing available?
a. What are the equilibrium rent and equilibrium quantity of rental housing?b. If a rent ceiling is set at $600 a month, what is the quantity of housing rented and what is the shortage of housing?
“Two Buck Chuck” Wine Cult“Two Buck Chuck,” is a cheap, good wine. After a year flooding the West Coast market, it is still being sold by the case to wine lovers. An overabundance of grapes
Would a free world market in water achieve a fair use of the world’s water resources? Explain why or why not and be clear about the concept of fairness that you are using.
a. What is the major problem in achieving an efficient use of the world’s water?b. If there were a global market in water, like there is in oil, how do you think the market would be organized?c.
MYTH: Price-Gouging Is Bad Mississippi cracked down on gougers after Hurricane Katrina. John Shepperson was one of the “gougers” authorities arrested. Shepperson lives in Kentucky and he watched
Is the difference in price paid by agricultural and residential users fair?
a. Do you think that the allocation of water between agricultural and residential users is likely to be efficient? Explain your answer.b. If agricultural users paid a higher price, would the
After you have studied Reading Between the Lines on pp. 120–121 answer the following questions.a. What is the method used to allocate the world’s cut flowers?b. Who benefits from this method of
a. If the pricing scheme described in the news clip were adopted, would the market be efficient or inefficient? Explain.b. Is the pricing scheme described in the news clip a “free-market
a. What is the maximum price that consumers are willing to pay for the 200th sandwich?b. What is the minimum price that producers are willing to accept for the 200th sandwich?c. If 200 sandwiches a
What is the marginal social cost of 45 rides a day?
Wii Sells Out Across Japan After a two-month TV-ad blitz for Wii in Japan, demand was expected to be much higher than supply.Yodobashi Camera was selling Wii games on a firstcome, first-served basis.
The World’s Largest Tulip and Flower Market Every day 20 million tulips, roses, and other cut flowers are auctioned at the Dutch market called The Bloemenveiling. Each day 55,000 Dutch auctions
The table gives the demand and supply schedules for sunscreen.Quantity Quantity Price demanded supplied(dollars per bottle) (bottles per day)0 400 0 5 300 100 10 200 200 15 100 300 20 0 400 Sunscreen
a. Can an eBay auction give the seller a surplus?b. On a graph show the consumer surplus and producer surplus from an eBay auction.
What method is used to allocate goods on eBay?How does the allocation method used by eBay auctions influence consumer surplus?
When the price is $70 a ride,a. What is each firm’s producer surplus?b. What is the market producer surplus?
a. What is the marginal social cost when the total number of rides is 30?b. What is the marginal cost for each supplier when the total number of rides is 30 and how many rides does each of the firms
a. What is each traveler’s consumer surplus when the price is $4 a mile?b. What is the market consumer surplus when the price is $4 a mile?
a. What is the marginal social benefit when the total distance travelled is 60 miles?b. What is the marginal private benefit for each person when they travel a total distance of 60 miles and how many
a. Construct the market demand schedule.b. What are the maximum price that Ann, Beth, and Cy are willing to pay to travel 20 miles?Why?
a. Describe the method of allocating scarce table resources at these three restaurants.b. Why do you think restaurants have different reservations policies?
Weak Coal Prices Hit China’s Third-Largest Coal Miner The chairman of Yanzhou Coal Mining reported that the recession had decreased the demand for coal, with its sales falling by 11.9 percent to
The supply schedule of long-distance phone calls is Price Quantity supplied(cents per minute) (millions of minutes per day)10 200 20 400 30 600 40 800 Calculate the elasticity of supply whena. The
To Love, Honor, and Save Money In a survey of caterers and event planners, nearly half of them said that they were seeing declines in wedding spending in response to the economic slowdown; 12% even
Netflix to Offer Online Movie Viewing Online movie rental service Netflix has introduced a new feature to allow customers to watch movies and television series on their personal computers. Netflix
Wal-Mart’s Recession-Time Pet Project During the recession, Wal-Mart moved its pet food and supplies to in front of its other fastgrowing business, baby products. Retail experts point out that kids
Are exotic holidays and local holidays substitutes?Explain your answer.
As Gasoline Prices Soar, Americans Slowly Adapt As gas prices rose in March 2008, Americans drove 11 billion fewer miles than in March 2007. Realizing that prices are not going down, Americans are
At $250 a chip, is the demand for chips elastic or inelastic? Use the total revenue test to answer this question.
At an average price of $350, is the demand for chips elastic, inelastic, or unit elastic? Use the total revenue test to answer this question.
a. What happens to total revenue if the price falls from $400 to $350 a chip and from $350 to $300 a chip?b. At what price is total revenue at a maximum?
The figure shows the demand for DVD rentals.a. Calculate the elasticity of demand when the price of a DVD rental rises from $3 to $5.b. At what price is the elasticity of demand for DVD rentals equal
Study Ranks Honolulu Third Highest for“Unaffordable Housing”A study ranks Honolulu number 3 in the world for the most unaffordable housing market in urban locations, behind Los Angeles and San
The table sets out the supply schedule of jeans.Price Quantity supplied(dollars per pair) (millions of pairs per year)120 24 125 28 130 32 135 36 Calculate the elasticity of supply whena. The price
Home Depot Earnings Hammered As gas and food prices increased and home prices slumped, people had less extra income to spend on home improvements. And the improvements that they made were on small
Calculate the cross elasticity of demand fora. Chevrolet Tahoe with respect to the price of gasoline.b. A full-size pickup with respect to the price of gasoline.
Calculate the cross elasticity of demand fora. Toyota Yaris with respect to the price of gasoline.b. Ford Focus with respect to the price of gasoline.
Calculate the price elasticity of demand for gasoline in California.
Swelling Textbook Costs Have College Students Saying “Pass”Textbook prices have doubled and risen faster than average prices for the past two decades. Sixty percent of students do not buy
Spam Sales Rise as Food Costs Soar Sales of Spam are rising as consumers realize that Spam and other lower-cost foods can be substituted for costlier cuts of meat as a way of controlling their

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