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economics 14th global

Questions and Answers of Economics 14th Global

Calculate Minnie’s profit-maximizing output and price and economic profit.Minnie’s Mineral Springs is a single-price monopoly.Columns 1 and 2 of the table set out the market demand schedule for
Use the data in Problem 2 to work Problem 5.a. Use a graph to illustrate the producer surplus generated from Minnie’s Mineral Springs’water production and consumption.b. Is Minnie’s an
La Bella Pizza can produce a pizza for a marginal cost of $2. Its price of a pizza is $15.a. Could La Bella Pizza make a larger economic profit by offering a second pizza for $5? Use a graph to
An unregulated profit-maximizing firm?Calypso, a U.S. natural gas distributor, is a natural monopoly that cannot price discriminate. The figure shows Calypso’s costs and the market demand for
Regulated to make zero economic profit?Calypso, a U.S. natural gas distributor, is a natural monopoly that cannot price discriminate. The figure shows Calypso’s costs and the market demand for
Regulated to be efficient?Calypso, a U.S. natural gas distributor, is a natural monopoly that cannot price discriminate. The figure shows Calypso’s costs and the market demand for natural gas. 2 MC
In which of the seven cases might monopoly arise?■ An airline company cuts ticket prices to increase its market share.■ A single firm controls a significant portion of a key resource needed to
Which of the seven cases are natural monopolies and which are legal monopolies? Which can price discriminate, which cannot, and why?■ An airline company cuts ticket prices to increase its market
Draw a graph of the market demand curve and Hot Air’s marginal revenue curve.Hot Air Balloon Rides is a single-price monopoly.Columns 1 and 2 of the table set out the market demand schedule and
The figure illustrates the situation facing the publisher of the only newspaper containing local news in an isolated community.a. On the graph, mark the profit-maximizing quantity and price and the
Show on the graph in Problem 17 the consumer surplus from newspapers and the deadweight loss created by the monopoly. Explain why this market might encourage rent seeking.Problem 17The figure
If the newspaper market in Problem 17 were perfectly competitive, what would be the quantity, price, consumer surplus, and producer surplus?Mark each on the graph.The figure illustrates the situation
Tesla Motors and Toyota Offer their Patent Portfolios In 2014, Tesla Motors announced that it is offering its patent portfolio for free usage. Toyota followed suit, making its patent portfolio for
Best Deals For College Students in 2021 As a college student, you can score impressive deals. You can get YouTube Music for$5 a month (regularly $10) and Hulu for $2 a month (regularly $4). Just be
A Push to Break Up Google’s Ad Tech Business State attorneys general say that Google’s actions hinder online ad competition. The states and the Justice Department are investigating Google’s
After you have studied Economics in the News on pp. 358–359, answer the following questions.a. Why does the Department of Justice say that Google is misusing its monopoly power? Do you agree?
Big Drugmakers Just Raised Their Prices Major pharmaceutical companies are raising prescription prices by an average of 4.6 percent this year. President Joe Biden’s plan to combat rising drug
BMW and Patents To avoid litigation wars that have previously been expensive to the smartphone industry, BMW has entered a licensing deal as cars, like smartphones, have many advanced features that
Provide some examples of industries near your school that operate in monopolistic competition(excluding those in the figure above).
How, other than by adjusting price, do firms in monopolistic competition compete?
Why might product development be efficient and why might it be inefficient?
Explain how we “read” the two graphs in Figs. A1.1 and A1. 2.Figs. A1. 1Figs. A1. 2 -60 Above sea level Below sea level Height (thousands of feet) 25 20 15 10 5 Origin -30 0 -5 Negative -10 B OF
Explain how we “read” the three scatter diagrams in Figs. A1. 3 and A1. 4 .Figs. A1. 3Figs. A1. 4 Movie Avengers: Endgame Pirates of the Caribbean: On Stranger Tides Avengers: Age of Ultron
Which of the relationships in Questions 4 and 5 is a positive relationship and which is a negative relationship?Data from Questions 4Draw a graph to show the relationship between two variables that
Swifties, Rejoice! Taylor Swift Will Perform a Free JamFest. When Taylor Swift performs at JamFest, what is free and what is scarce? Explain your answer.
Use the following news clip to work ProblemsCalculate the slope of the relationship in Problem 4 between 3,308 and 4,134 theaters.Problem 4Draw a graph of the relationship between the revenue per
Use the following news clip to work ProblemsCalculate the slope of the relationship in Problem 4 between 3,175 and 4,406 theaters. Star Wars Tops the Box Office Movie Star Wars Episode IX: The Rise
Use the following table to work Problems . The table gives the price of a balloon ride, the temperature, and the number of rides a day.What happens in the graph in Problem 10 if the temperature rises
During the Covid pandemic, what incentives did you face and how did you respond?
Give some examples to illustrate the potential for conflict between self-interest and the social interest during the Covid pandemic .
Explain the idea of a tradeoff and think of three tradeoffs that you made today.
Explain why opportunity cost is the best forgone alternative and provide examples of some opportunity costs that you have faced during the last week.
Explain why choices you made during the Covid pandemic were in your self-interest. Why might your choices not have been in the social interest?
Distinguish between a positive statement and a normative statement and provide examples associated with the Covid-19 vaccine rollout.
What types of jobs do economists do?
What are the skills needed for an economics job?
What is the range and median salary of economists?How do they compare to other college majors?
Why is the underrepresentation of women and minorities in economics an economic problem?
Draw a graph of two variables whose relationship shows (i) a maximum and (ii) a minimum.
In a relationship among three variables, explain what change will bring a movement along a curve.
Explain what change will bring a shift of a curve.
From Brewer to Bio-Tech Entrepreneur Kiran Mazumdar-Shaw trained to become a master brewer and learned about enzymes, the stuff from which bio-pharmaceuticals are made. Discovering it was impossible
Explain how the following news headlines concern self-interest and the social interest.a. Starbucks Expands in Chinab. McDonald’s Moves into Online Orderingc. Food Must Be Labeled with Nutrition
The night before an economics test, you decided to go to the movies instead of studying for your test. Your test grade was 50 percent, lower than your usual 70 percent score.a. Did you face a
Olympics Could Cost More Than $26 Billion Japanese media estimate that overall spending on Japan’s new expensive national venues is between $26 billion and $28 billion. What is Japan’s
Which of these statements is positive, which is normative, and why?a. The United States should cut its imports.b. China imports U.S. pork and soybean.c. If the iPhone price rises, iPhone sales will
What are the five basic skills needed for an economics job?
How is the AEA trying to encourage more women and minorities to study economics?
How does the BLS expect jobs for economists to grow in the next decade?
Before starring in Guardians of the Galaxy , Chris Pratt had appeared in 11 movies that grossed an average of $7 million on the opening weekend.Guardians of the Galaxy grossed $94 million.a. How will
Look at today’s Wall Street Journal . What is the leading economic news story? Which big economic questions and tradeoffs does it discuss or imply?
Provide two microeconomic and two macroeconomic statements. Classify them as positive or normative, and explain your classifications.
What might be an incentive for economics students to do a Ph.D.? What would be the opportunty cost of doing a Ph.D.?
Use the following spreadsheet to work Problems. The spreadsheet provides data on the U.S. economy:Column A is the year, column B is the inflation rate, column C is the interest rate, column D is the
Use the following spreadsheet to work Problems. The spreadsheet provides data on the U.S. economy:Column A is the year, column B is the inflation rate, column C is the interest rate, column D is the
Use the following spreadsheet to work Problems. The spreadsheet provides data on the U.S. economy:Column A is the year, column B is the inflation rate, column C is the interest rate, column D is the
Use the following news clip to work ProblemsDraw a graph of the relationship between the revenue per theater on the y -axis and the number of theaters on the x -axis. Describe the relationship. Star
Use the following relationship to work ProblemsCalculate the slope of the relationship at point A and at point B . 10.0 8.0 6.0 4.0 1.5 0 A 2 6 B 8 10 X
Use the following relationship to work ProblemsCalculate the slope across the arc AB . 10.0 8.0 6.0 4.0 1.5 0 y 2 A 6 B 8 10 X
Use the following table to work Problems . The table gives the price of a balloon ride, the temperature, and the number of rides a day.Draw a graph to show the relationship between the price and the
Use the following spreadsheet to work Problems . The spreadsheet provides data on oil and gasoline: Column A is the year, column B is the price of oil (dollars per barrel), column C is the price of
Use the following spreadsheet to work Problems . The spreadsheet provides data on oil and gasoline: Column A is the year, column B is the price of oil (dollars per barrel), column C is the price of
Use the following spreadsheet to work Problems . The spreadsheet provides data on oil and gasoline: Column A is the year, column B is the price of oil (dollars per barrel), column C is the price of
Use the following data to work Problems. Draw a graph that shows the relationship between the two variables x and y:a. Is the relationship positive or negative?b. Does the slope of the relationship
Use the following data to work Problems. Draw a graph that shows the relationship between the two variables x and y :Calculate the slope of the relationship between x and y when x equals 3. 0 1 25 24
Use the following data to work Problems. Draw a graph that shows the relationship between the two variables x and y :Calculate the slope of the relationship across the arc as x increases from 4 to 5.
What happens in the graph in Problem 21 if the price rises and rainfall is constant?Problem 21Draw a graph to show the relationship between the price and the number of umbrellas purchased, holding

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