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principles of microeconomics

Questions and Answers of Principles Of Microeconomics

Write a brief essay explaining the accuracy of this statement: The Beatles were once a monopolistically competitive firm that became a monopolist.
In a market in which there is vertical differentiation, we always see price differences among the products. In markets with horizontal differentiation, sometimes the products differ but prices are
As cities go, Las Vegas is about as “over-the-top” as is imaginable. Where else in the world can you find a 350-foot tall glass pyramid, a half-scale replica of the Eiffel Tower, a firespewing
The table shows the relationship for a hypothetical firm between its advertising expenditures and the quantity of its output that it expects it can sell at a fixed price of $12 per unit.a. In
Conduct an online search for “iPhone repair San Diego” You will find about 10 million entries. Now try “iPhone screen repair San Diego.” You will find more than 6 million entries. Try to
If you have traveled to other countries, you may have firsthand knowledge about McDonald’s menu items that are available only in foreign markets, but McDonald’s menus also contain regional
The Economics in Practice discusses the increase in sales of books that have been endorsed by Oprah Winfrey’s book club. While Oprah receives no payment for her book club endorsements, many
Every weekend more than 500 different vendors set up at the local farmers’ market, selling a variety of items from homemade prepared foods to fresh produce. Yolanda rents a booth each weekend at
The following diagram shows the structure of cost and demand facing a monopolistically competitive firm in the short run.a. Identify the following on the graph and calculate each
Explain the relationship between price and marginal revenue for a perfectly competitive firm and for a monopolistically competitive firm. Why is the relationship different for these markets?
For each of the following, state whether you agree or disagree. Explain your answer.a. Monopolistically competitive firms generate economic profits because they are protected by barriers to
Why do you think adjustment to the Dust Bowl was so slow?
Why would a private company voluntarily adopt internal carbon “taxes?”
What do you think would have happened to pass through if the largest of the electricity providers had been heavily invested in solar power, which does not produce carbon?
If government imposes penalties (taxes) that exceed the actual value of the damages done by the pollution on the firms in a polluting industry, the result is an inefficient and unfair imposition of
The kingdom of Freedonia is divided into two countries: East Babalu and West Babalu. In an effort to reduce carbon dioxide emissions, the kingdom has enacted a carbon tax on all electricity
Many people are concerned with the problem of urban sprawl. As the development of new housing tracts and suburban shopping malls continues over time, metropolitan areas have become more congested and
A paper factory dumps polluting chemicals into the Snake River. Thousands of citizens live along the river, and they bring suit, claiming damages. You are asked by the judge to testify at the trial
Microsoft and Disney are just two of a growing number of organizations using internal carbon taxes in an attempt to reduce carbon emissions, and the carbon prices being used to set the internal taxes
The following diagram represents the profit-maximizing price and output for a firm in a perfectly competitive industry with no externalities. Use this diagram to explain what will happen if the
Velma, a book editor for a local publishing company, and Daphne, an opera singer in a local opera company, share a townhouse in Miami. Velma enjoys reading and editing books at home, and Daphne
It has been argued that the following are examples of “mixed goods.” They are essentially private but partly public. For each example, describe the private and public components and discuss
Explain why you agree or disagree with each of the following statements:a. The government should be involved in providing health care for all citizens because health care is a “public
Society is made up of two individuals, Bert and Ernie, whose demands for public good A are given in Figure 1. Assuming that the public good can be produced at a constant marginal cost of $7, what is
Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods—once produced, information can be shared at virtually no cost. A
The recent economic growth resulting from government policies of newly industrializing nations such as India and China has increased environmental strains on global air and water systems. The
The overuse of a common resource is often referred to as the tragedy of the commons, and traffic congestion has been described as a modern example of this problem. Explain how traffic congestion
Economists have found that many young single people do not buy healthcare insurance. Why not?
If emergency rooms decided to only serve people with health insurance, regardless of their condition, what would you expect that to do to the problem of adverse selection in the health insurance
If a box of raisins claims it contains at least 100 raisins, do you think it is likely that there are 200?
What do you think stimulated the demand for this new iPhone app?
The following table shows the relationship between utility and income for three individuals. Show each relationship graphically and explain whether each person is risk-averse, risk-neutral, or
Your current salary is a fixed sum of $115,600 per year. You have an offer for another job. The salary there is a flat $75,000 plus a chance to earn $350,000 if the company does well. Assume that
At the beginning of 2018 I bought a fire insurance policy for my vacation home in Aspen; at the end of the year, my vacation home had not burned down. Was my purchase a mistake? Explain.
Video poker is a popular form of gambling in casinos, second only to slot machines. Some video poker games offer a “doubleup” feature, where players receiving a paying hand are offered the chance
Explain how imperfect information problems such as adverse selection and moral hazard might affect the following markets or situations:a. The market for wireless internet connectivity at large
Many colleges offer pass/fail classes. Use the ideas of adverse selection and moral hazard to explain why teachers in these classes find that pass/fail students rarely score at the top of the class.
Signals are also used in social settings. In a new place, what signals do you look for to find people who share your interests?
Find a product advertisement in a magazine, in a newspaper, or on a Web site, for which the missing information tells you something important about this product. Explain what information is missing,
Do you think companies that issue health insurance should be allowed to inquire about family medical history and the results of genetic testing before deciding to issue insurance policies? Why or why
Valentino wants to purchase a classic motorcycle and sees a 1974 Triumph Bonneville T140 listed on Cycletrader.com for $5,950. He is willing to pay $7,500 if the motorcycle is reliable, but only
One way insurance companies reduce adverse selection problems is by offering group medical coverage to large firms and requiring all employees to participate in the coverage. Explain how this reduces
Included in the Tax Cuts and Jobs Act of 2017 was the elimination of the individual mandate penalty for not having health insurance. Starting in 2019, individuals who do not have health insurance
Mona Stangley owns an organic egg farm just outside of Gilbert, Texas. At present, she pays her workers an hourly wage to inspect and package her organic eggs in egg cartons. She is considering
The five busiest airports in the United States are in Atlanta, Chicago, Los Angeles, Dallas-Ft. Worth, and New York City. At these airports there are more than 450 food outlets, with each airport
Simon likes to watch movies and his Internet service provider offers streaming movies on a pay-per-view basis for $3 each. The provider also offers a service for unlimited streaming of movies for $15
Most casino game dealers in Las Vegas are paid minimum wage, and therefore rely on tips for a large portion of their income. Within the past few years, a majority of Las Vegas casinos have instituted
In academic disciplines where few women earn a Ph.D., there are considerably fewer women professors. How does this affect the gender imbalance in these fields?
Executive compensation is much higher in the United States than elsewhere in the world. Can you think of any causes for this?
Identify which of the three basic sources of income is represented by each of the following:a. Sally receives $240 per week in unemployment compensation.b. Damon receives $100 in dividend payments
By using the data in the following table, create two graphs. The first graph should plot the Lorenz curves for left-handed people and right-handed people. The second graph should plot the Lorenz
The tiny Kingdom of Arugula has five residents, and the following table lists the annual income of each of these people. Fill in the table and draw a Lorenz curve showing the distribution of income
Some employers offer tuition reimbursement for their employees who wish to further their education. Do a Web search to find a list of companies that contribute to tuition for their employees. Do you
Economists call education “an investment in human capital.” Define capital. In what sense is education capital? Investments are undertaken to earn a rate of return. Describe the return to an
Following is a list of establishment categories and average weekly earnings for nonsupervisory employees in a recent year. Using the concepts of “human capital” and “compensating
New PhDs in economics entering the job market find that academic jobs (jobs teaching at colleges and universities) pay about 30 percent less than nonacademic jobs such as working at a bank or a
Should welfare benefits be higher in California and New York than in Mississippi? Defend your answer.
Executive compensation remains a much-debated topic in the United States. Over the past four decades, compensation for CEOs of U.S. corporations has risen dramatically, both in real dollars and in
Poverty among the elderly has been sharply reduced in the last quarter-century. How has this reduction been accomplished?
Explain how a state government transfer program such as unemployment compensation may actually result in a higher unemployment rate than would occur if the program did not exist.
The 2018 federal poverty guidelines used to determine eligibility for Medicaid and the Children’s Health Insurance Program (CHIP) set a poverty line of $25,100 for a family of four in the 48
One of the issues that is debated in virtually every election is whether to raise the federal minimum wage, which stood at $7.25 per hour in 2018. Suppose that you are married with a child, working a
Suppose the prevailing equilibrium wage in a labor market is $24.00 per hour. What would be the impact of a minimum wage law that sets the minimum wage in this market at $32.00 per hour? What if the
Wealth distribution is not only calculated for households throughout the United States, but also by state. According to a 2010 study by Insidermonkey.com, Washington, D.C. ranked highest among all 50
The following table contains data compiled by the Organisation for Economic Co-operation and Development (OECD). The data reflects the average annual percentage change in real household income by
If you are considering increasing your work hours, would you be more interested in your marginal tax rate or your average tax rate?
The tax incidence of the Corporate Profits Tax determines whether the proposed tax cut was likely to reduce or increase income inequality. Why is this?
Suppose that in 2019, Congress passed and the president signed a new simple income tax with a flat rate of 20 percent on all income greater than $35,000 (no tax on the first $35,000). Assume that the
In the United States, 44 states have passed legislation to legalize lotteries, and the states use the lottery proceeds to raise revenue. If you view the price of a lottery ticket as a tax, do you
Each year around April 15, discussions heat up regarding the tax system in the United States. A number of people are in favor of replacing the current federal income tax with either a flat tax or a
A citizens’ group in the Pacific Northwest has the following statement in its charter: “Our goal is to ensure that large, powerful corporations pay their fair share of taxes in this country.”
For each of the following statements, do you agree or disagree? Why?a. Economic theory predicts unequivocally that a payroll tax reduction will increase the supply of labor.b. Corporate income
In calculating total faculty compensation, the administration of Doughnut University includes payroll taxes (Social Security taxes) paid as a benefit to faculty. After all, those tax payments are
With the passage of the Tax Cuts and Jobs Act of 2017, the corporate tax rate was reduced from 35 percent to 21 percent beginning in 2018. Also in 2018, the Trump administration started what has been
Taxes on necessities that have low demand elasticities impose large excess burdens because consumers can’t avoid buying them. Do you agree or disagree with that statement? Explain.
You are given the following information on a proposed “cigar tax” in the Republic of Panatela. Panatela collects no other specific excise taxes, and all other government revenues come from a
Assume that at a price of $12 per pound, the quantity of cashews demanded is 50 pounds. Now assume that the government imposes an excise tax on cashews of $3 per pound. Draw a graph showing demand
For each of the following statements, do you agree or disagree? Why? a. Taxing for externalities causes distortions that always result in excess burdens.b. It is possible for a distorting tax to
Suppose a special tax was introduced that used the value of one’s automobile as the tax base. Each person would pay taxes equal to 10 percent of the value of his or her car. Would the tax be
Annie, Blake, and Cornelia are triplets who are trying to decide on a name for their new bakery. They have narrowed their decision down to three choices, and the preferences of each are listed in the
The town of Mt. Pilot has a three-member town council that is considering new infrastructure projects for the town: building a new park, buying a new fire truck, and repaving Main Street. The town
What do you expect to see happen to average prices after trade opens up?
If in fact the Chinese government was allocating the rights to export under a quota to the most productive firms, what would you expect to see happen once the quota is lifted?
The following table shows imports and exports of goods during the first half of 2018 for the United States: What, if anything, can you conclude about the comparative advantage that the United States
As corruption falls in a country, cost of production often falls. Why?
What do you think happens to the overall marriage rate as a result of the embankment?
Use a supply-and-demand graph to show the impact of cell phones in India on prices in the fishing market.
Some of the same researchers whose work is described also did another study looking at the outcomes of households that moved versus those that did not in the general population. To control for
Can you think of another medical designation for which a regression discontinuity technique might be useful?
Design another experiment using difference-indifferences to understand the effect of a policy change at your college.
Smartphones all rely on technology covered by a number of different patents, owned by many different firms. How does this complicate the competitive picture?
Suppose you believed that the size of the fine levied in price-fixing cases was an important deterrent to pricefixing. What market factors would you want to look at to figure out what fine to charge?
How would you expect the possibility of differentiating your product to change competition between oligopolists?
You are shopping for a new microwave. How would reducing price transparency soften competition between sellers of microwaves?
Why do you think there are so few firms in this business in the first place?
What is a production function?
What is a long-run average cost curve?
What is cost-plus regulation?
What is command-and-control environmental regulation?
What is the free rider problem?

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