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principles of microeconomics

Questions and Answers of Principles Of Microeconomics

8. Two friends, Rachel and Joey, enjoy baking bread and making apple pie. Rachel takes 2 hours to bake a loaf of bread and 1 hour to make a pie. Joey takes 4 hours to bake a loaf of bread and 4 hours
1.7. Suppose that a politician tells you about a plan to create two expensive but necessary programs to build more production facilities for solar power and wind power. At the same time, the
1.6. Suppose that an amazing new fertilizer doubles the production of potatoes. How would this invention affect the production possibilities frontier for an economy that produces only potatoes and
1.5. How does your decision to invest in a college degree add to your human capital? Use a projected production possibilities frontier for 10 years from now to compare your life with and without the
1.4. Are the following statements positive or normative?a. My dog weighs 75 pounds.b. Dogs are required by law to have rabies shots.c. You should take your dog to the veterinarian once a year for a
1.3. Think about comparative advantage when answering this question: Should your professor, who has highly specialized training in economics, take time out of his or her teaching schedule to mow the
2. The following table shows scores a student can earn on two upcoming exams according to the amount of time devoted to study:a. Plot the production possibilities frontier.b. Does the production
1. Michael and Angelo live in a small town in Italy. They work as artists. Michael is the more productive artist. He can produce 10 small sculptures each day but only 5 paintings. Angelo can produce
1.8. What factors are most important for economic growth?
1.7. Why does comparative advantage matter more than absolute advantage for trade?
1.6. What criteria would you use to determine which of two workers has a comparative advantage in performing a task?
1.5. Does having an absolute advantage mean that you should undertake to produce everything on your own? Why or why not?
1.4. Why does the production possibilities frontier bow out?
1.3. Draw a production possibilities frontier curve.Illustrate the set of points that is feasible, the set of points that is efficient, the set of points that is inefficient, and the set of points
1.2. Is it important to build completely realistic economic models? Explain your response.
1.1. What is a positive economic statement? What is a normative economic statement? Provide an example of each (other than those given in the chapter).
1.■ What is the trade-off between having more now and having more later?
1.■ What are the benefits of specialization and trade?
1.■ What is a production possibilities frontier?
1.■ How do economists study the economy?
1.9. What concept best explains why you wouldn’t want to make your own clothes completely from scratch and instead will normally prefer to buy them from a retailer?
1.8. We have talked about how trade creates value. Use the information in each example below to compute the total value created in each exchange:a. Patrick bought an orange pen from Jill for
1.7. Whiplash (2014) is about an aspiring college-age drummer who wants to become the best drummer in the world. He is willing to sacrifice personal relationships, practices tens of thousands of
1.6. When a town gets snowed in for a couple of days—the urban legend goes—the local hospital is likely to see a boost in births nine months later. In other words: blizzards might be prime
1.5. After some consideration, you decide to hire someone to help you move from one apartment to another. Wouldn’t it be cheaper to move yourself? Do you think the choice to hire someone is a
1.4. Suppose that Colombia is good at growing coffee but not very good at making computer software and that Canada is good at making computer software but not very good at growing coffee. If Colombia
1.3. By referencing events in the news or something from your personal experiences, describe one example of each of the five foundations of economics discussed in this chapter.
1.2. Compare your standard of living with that of your parents when they were the age you are now. Ask them or somebody you know around their age to recall where they were living and what they
1.1. What role do incentives play in each of the following situations? Are there any unintended consequences?a. You learn you can resell a ticket to next week’s homecoming game for twice what you
1.4. Evaluate the following statement: “Trade is like football: one team wins and the other loses.”
1.3. What is the opportunity cost of reading this textbook?
1.2. Explain why many seniors often earn lower grades in their last semester before graduation.(Hint: This is an incentive problem.)
1.1. How would you respond if your instructor gave daily quizzes on the course readings? Are these quizzes a positive incentive or a negative incentive?
1.What is the opportunity cost of attending college?
1.■ What are five foundations of economics?
1.■ What is economics?
State whether each of the following events will result in a movement along General Motor’s (GM’s) demand curve for labor in their U.S. automobile factories or whether it will cause its demand
Dalia owns a small public relations firm and wants to contract with her insurance provider to offer her employees the option to purchase short-term disability insurance.The insurance will pay out
What is the elasticity of demand for season ski passes?When the price of a season ski pass is $400, buyers, whose demand curve for passes is linear, wish to purchase 10,000 passes per year, but when
What is the price elasticity of demand when P = 4 on the demand curve in Figure 4.4?Data from Figure 4.4 FIGURE 4.4 Calculating Price Elasticity of Demand. 20 (8/3)x(1/4) The price elasticity of
If a 10 percent increase in income causes the number of students who choose to attend private universities to go up by 5 percent, what is the income elasticity of demand for private universities?
For the supply curve shown in Figure 4.14, calculate the elasticity of supply when P = 6.Data from Figure 4.14 FIGURE 4.14 A Supply Curve for Which Price Elasticity Declines as Quantity Rises. For
Which of the following factors would affect a buyer’s reservation price for a given good or service: social influence, the price of the good, or the cost of producing the item?
If bottles sell for 35 cents each, how many bottles should the company described in Table 6.2 produce each day?Data from Table 6.2 TABLE 6.2 Fixed, Variable, and Total Costs of Bottle Production
For the bottle maker whose cost curves are shown in Figure 6.6, find the profit-maximizing output level if bottles sell for $0.20 each. How much profit will this firm earn? What is the lowest price
What is the socially optimal amount of recycling of glass containers?
Should Pudge Buffet stay in the farming business?
Does owning one’s own land make a difference?
What happens in a city with “too many” hair stylists and “too few” aerobics instructors?
How much economic rent will a talented chef get?
How do cost-saving innovations affect economic profit in the short run? In the long run?
How much waste does a price ceiling on heating oil cause?
By how much do subsidies reduce total economic surplus in the market for bread?
Blackadder and Baldrick are rational, self-interested criminals imprisoned in separate cells in a dark medieval dungeon. They face the prisoner’s dilemma displayed in the matrix.Assume that
Suppose the equilibrium wage for unskilled workers in New Jersey is $7 per hour. How will the wages and employment of unskilled workers in New Jersey change if the state legislature raises the
You would again save $10 by buying the game downtown rather than at the campus store, but your cost of making the trip is now $12, not $9. By how much would your economic surplus be smaller if you
Which is more valuable: saving $100 on a $2,000 plane ticket to Tokyo or saving $90 on a $200 plane ticket to Chicago?
Refer to given information in Example 1.3, but this time your frequent-flyer coupon expires in a week, so your only chance to use it will be for the Fort Lauderdale trip.Should you use your
If the marginal benefit of each launch had been not $6 billion but $9 billion, how many shuttles should NASA have launched?
Should a basketball team’s best player take all the team’s shots?A professional basketball team has a new assistant coach. The assistant notices that one player scores on a higher percentage of
In 500 words or less, use cost-benefit analysis to explain some pattern of events or behavior you have observed in your own environment.
Should you walk downtown to save $10 on a $25 computer game?
Should you walk downtown to save $10 on a $2,020 laptop computer?
How much should you eat at an all-you-can-eat restaurant?
Should NASA expand the space shuttle program from four launches per year to five?
What is the production possibilities curve for an economy in which Susan is the only worker?
How do changes in productivity affect the opportunity cost of nuts?
Samples of points on the demand and supply curves of a pizza market are provided in Table 3.1. Graph the demand and supply curves for this market and find its equilibrium price and quantity.Data from
What will happen to the equilibrium price and quantity of tennis balls if court rental fees decline?
What will happen to the equilibrium price and quantity of overnight letter delivery service as the price of Internet access falls?
How do shifts in both demand and supply affect equilibrium quantities and prices?
In Figure 3.1, what is the marginal buyer’s reservation price when the quantity of pizza sold is 10,000 slices per day? For the same demand curve, what will be the quantity of pizza demanded at a
In Figure 3.2 , what is the marginal cost of a slice of pizza when the quantity of pizza sold is 10,000 slices per day? For the same supply curve, what will be the quantity of pizza supplied at a
In the rental housing market whose demand and supply curves are shown below, what will be the effect of a law that prevents rents from rising above $1,200 per month? Controlled rent = 1,200 Supply
How will a decline in airfares affect intercity bus fares and the price of hotel rooms in resort communities?
How will a large pay increase for federal employees affect the rents for apartments located far away from Washington Metro stations?
What will happen to the equilibrium price and quantity in the corn tortilla chip market if both of the following events occur: (1) researchers discover that a vitamin found in corn helps protect
For the demand curves D1 and D2 shown in Figure 4.5, calculate the price elasticity of demand when P = 4. What is the price elasticity of demand on D2 when P = 1?Data from Figure 4.5 12 Price 6 st D
For the demand curve shown in Figure 4.11, draw a separate graph showing how total expenditure varies with the price of movie tickets.Data from Figure 4.11 12 10 Price ($/ticket) 0 4 2 I 0 1 2 3 4 5
What is the elasticity of supply of land within the borough limits of Manhattan?
What is the elasticity of supply of lemonade?
Which of the following industries would you classify as an oligopoly? Explain your answer. If you are not sure, what information do you need to know to decide?a. Motorcyclesb. Hotelsc. Cruise
In recent years, the Federal Trade Commission (FTC) has been concerned with patent litigation settlements between brand-name and generic manufacturers in the pharmaceutical industry. A primary focus
Which of the following markets are likely to be perfectly contestable? Explain your answers. a. Coal miningb. Insurancec. Wind Farmsd. Landscapinge. Advertising
Assume that you are in the business of providing medical insurance. You have analyzed the market carefully, and you know that at a price of $6,000 per year, you will sell 40,000 insurance policies
Between 2011 and 2018, dozens of lawsuits were brought or reinstated against U.S. firms for conspiracy to fix prices of things as diverse as pharmaceuticals, pork, airline tickets, and eggs. Choose
Explain whether you agree or disagree with the following statement. If all firms in an industry successfully engage in collusion, the resulting profit-maximizing price and output would be the same as
What is the Cournot model? How does the output decision in the Cournot model differ from the output decision in a monopoly?
T-Mobile is the thirdlargest wireless communication provider in the United States, behind Verizon and ATT, and ahead of Sprint. In an effort to differentiate themselves from their three primary
The matrix in Figure 1 shows payoffs based on the strategies chosen by two firms. If they collude and hold prices at $10, each firm will earn profits of $5 million. If A cheats on the agreement,
The payoff matrices in Figure 2 at the top of the next column show the payoffs for two games. The payoffs are given in parentheses. The values on the left refer to the payoff to A; the values on the
Suppose we have an industry with two firms producing the same product. Acme Corporation produces 19,000 units, while Zoltar Corporation produces 1,000 units. The price in the market is $20, and both
Explain whether you agree or disagree with the following statements:a. In all oligopoly models except the contestable-market model, market concentration leads to output below the efficient level,
After 17 months of negotiations, the Federal Communications Commission announced in July 2008 its approval of the merger between the world’s only satellite radio broadcasters, Sirius Satellite
How would you expect a profit-maximizing retailer to choose which shoes to stock in his or her store?
What would you expect to see happen to the placement of Green Dragon Tea if we discovered sugar was good for us?
Do you think the Oprah effect is likely to be similar to the endorsement effect of Theron or Harris?
Mariano’s Hacienda Ranch is a Mexican restaurant in Dallas. Founder Mariano Martinez is not only known for serving up great Mexican food, but also for being the inventor of the world’s first
Consider the local music scene in your area. Name some of the local live bands that play in clubs and music halls, both on and off campus. Look in your local newspaper for advertisements of upcoming
Recreational Equipment, Inc, commonly known as REI, is an outdoor recreational retail company whose product offerings include sporting goods, camping gear, and clothing. REI has over 150 retail

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