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Economics
(a) What is the marginal physical product of each successive worker in Figure 5.1? For which worker is marginal physical product(b) First diminishing?(c) Zero?
(a) Compute average fixed costs and average variable costs in Figure 5.3 for all rates of output. At what rate of output is (are)(b) Average fixed costs the lowest?(c) Average variable costs the
(a) Complete the following table;(b) Then plot the marginal cost and average total cost curves on the same graph.(c) What output has the lowest per unit cost?(d) What is the value of
Given the following production function for Tight Jeans Corporation, calculate the marginal physical product, graph the production function and the marginal physical product on two separate graphs,
Given the following production function for Tight Jeans Corporation, calculate the marginal physical product and the value of the marginal physical product. Note the value of the marginal physical
Using Figure 5.3 as a guide, compute total profits at a price of $18 per pair of jeans and output of(a) 40 pairs, and(b) 50 pairs.
Suppose a company incurs the following costs: • Labor $800 • Equipment $400 • Materials $300 It owns the building, so it doesn't have to pay the usual $900 in rent. (a) What is the total
If investment in new machinery doubles the productivity of every worker, what will be the MPP of the fifth worker in Figure 5.1?
If the world's population is growing by 1 percent a year, (a) How fast does production have to increase to keep living standards from falling? (b) Will living standards rise, fall, or stay the same
What industries do you regard as being highly competitive? Can you identify any barriers to entry in those industries?
Adam Smith in The Wealth of Nations asserted that the pursuit of self interest by competitive firms promoted the interests of society. What did he mean by this?
According to the News Wire "Competitive Markets," how many catfish farms exited the industry in 2002-2008? What did they then do? Was this socially desirable?
If there were more bookstores around your campus, would textbook prices rise or fall? Why aren't there more bookstores?
Why doesn't The CocaCola Company lose all its customers when it raises its price? Why would a catfish farmer lose all her customers if she raised her price?
How many fish should a commercial fisherman try to catch in a day? Should he catch as many as possible or return to dock before filling the boat with fish? Under what economic circumstances should he
Why would anyone want to enter a profitable industry knowing that profits would eventually be eliminated by competition?
In the News Wire "Competitive Pressure," what types of costs are cited? Which are not mentioned? If the shop owner wanted to increase production and sales, what additional costs would he incur?
If Apple had no competitors, would it be improving iPhone features as fast?
Who gained or lost when money losing catfish farmers left the industry (see the News Wire "Entry and Exit")?
Use Figure 6.5 to determine(a) How many baskets of fish should be harvested at market prices of(i) $9(ii) $13(iii) $17(b) How much total revenue is collected at each price?(c) How much profit does
Suppose that the monthly market demand schedule for Frisbees isSuppose further that the marginal and average costs of Frisbee production for every competitive firm areFinally, assume that the
In Figure 6.5, what rate of output(a) Maximizes total revenue?(b) Maximizes profit per unit?(c) Maximizes total profit? (Choose the higher level of output.)
Graph a situation where the typical catfish farmer is incurring a loss at the prevailing market price P1 (a) What is MC equal to at the best possible rate of output? (b) Is ATC above or below
Suppose a firm has the following costs:(a) If the prevailing market price is $12 per unit, how much should the firm produce? (b) How much profit will it earn at that output rate? (c) If the market
Graph the market behavior described in the News Wire "Entry and Price?"
According to the News Wire "Entry and Price," (a) How many LCD television brands entered the market between 2002 and 2007? (b) What happened to the market price?
Under perfectly competitive scenarios, firms exit the business when economic losses are incurred. According to the News Wire "Competitive Markets," how many Arkansas catfish farmers quit the business
Consider the case of a Tshirt shop for which the following data apply: Rent = $200/day; Labor cost = $4/shirt; and Output (sales) = 40 Tshirts / day. Using these data and the information contained
If you owned the only bookstore on or near campus, what would you charge for this textbook? How much would you pay students for their used books?
What are the economies of scale in multiplex theaters? Why aren't their prices less than those of single screen theaters?
The U.S. airline industry generated over $30 billion in profits in 2015. Is that outcome representative of a competitive industry? Why don't more companies get into the airline business?
Why don't competitive industries produce at the rate of output that maximizes industry profits, as a monopolist does?
Is single ownership of a whole industry necessary to exercise monopoly power? How might an industry with several firms achieve the same result? Can you think of any examples?
Despite its reaffirmed monopoly position, Polaroid went bankrupt in 2001 and stopped making instant development cameras in 2007. What happened?
Why don't monopolists try to establish the highest price possible, as many people allege? What would happen to sales? To profits?
What circumstances might cause a monopolist to charge less than the profit maximizing price?
How could free Media Player software (either bundled or downloaded with Windows) possibly harm consumers?
What entry barriers exist in (a) The fast food industry; (b) Cable TV; (c) The auto industry; (d) The illegal drug trade?
Why would any firm pay another firm to not produce?
In Figure 7.1,(a) What is the highest price the monopolist could charge and still sell fish?(b) What is total revenue at that highest price?(c) What happens to total revenue as price is reduced from
Assume the on campus demand for soda is as follows: Price ($ per can) .......................... 2.001.751.501.251.000.750.500.25 Quantity demanded (per day) ..................... 30 40 50 60 70 80
In Figure 7.1's graph,(a) At what output rate (from A to G) is total revenue maximized?(b) What is MR at that output rate?
Use Figure 7.2 to answer the following questions:(a) What rate of output maximizes total profit?(b) What is the MR at that rate of output?(c) What is the price?(d) If output is increased by 1 pound
Compute marginal revenues from the following data on market demand:Price per unit ...................... $38....36....34....32....30....28....26Units demanded ...................
Suppose the following data represent the market demand for catfish: Price (per unit) ....................................... $20191817161514131211 Quantity demanded (units per day) ................
Assume that the following marginal costs exist in catfish production:(a) Graph the MC curve.(b) Use the data on market demand below and graph the demand and MR curves on the same graph.Price (per
(a) According to the News Wire "Mimicking Monopoly," OPEC ministers agreed to keep their daily crude production target at what level? (b) This explicit limit on production led to how much of an
According to the News Wire "R&D Incentives," how much profit per year per user might the producers of Cardizem have been making if their average total costs were equal to that of the generic
If a euro is worth $1.20, by how much did the German brewers' price fixing scheme increase the price of a bottle of beer?
Why are you doing this homework? What are you giving up? What do you expect to gain? If homework performance determined course grades, would you spend more time doing it?
Why did Swiss voters overwhelmingly reject government set pay limits on CEO paychecks (News Wire "Cap CEO Pay?")?
Why do people want to cap Bob Iger's salary but not Dale Earnhardt Jr.'s?
Why does the opportunity cost of doing homework increase as you spend more time doing it?
How do "supply and demand" explain the wage gap between petroleum engineering and sociology majors (News Wire "Unequal Wages")?
Explain why marginal physical product would diminish as(a) More secretaries are hired in an office.(b) More professors are hired in the economics department.(c) More construction workers are hired to
Under what conditions might an increase in the minimum wage not reduce the number of low wage jobs? How much of a job loss is acceptable?
The United Farm Workers want strawberry pickers to join its union. It hopes then to convince consumers to buy only union picked strawberries. Will such activities raise picker wages? Increase
Why did Hewlett Packard eliminate so many jobs (News Wire "Derived Demand")?
Why are engineering professors paid more than English professors?
How might you measure the marginal revenue product of A quarterback, The team's coach, and The team's owner?
(a) If each of the companies at the Rutgers Job Fair was hiring two people, what was the quantity of labor demanded? (b) What was the quantity supplied?
If Nick Saban (News Wire "Marginal Revenue Product") were offered a CEO position at a sporting goods company, what would his opportunity cost be?
According to Figure 8.4, how many workers would be hired if the prevailing wage were(a) $8 an hour?(b) $4 an hour?Figure 8.4,
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
(a) Assuming that the price of grapes is $3 per flat, use the data in Problem 3 to calculate total revenue and marginal revenue product (MRP) and graph the MRP curve. (b) How many pickers will be
Using the production information contained in Table 8.1 and assuming that the price of strawberries is $3 per box, how many workers would be hired at a wage of(a) $12 per hour, and(b) $6 per
The University of Alabama increased the capacity of its Bryant Denny stadium by 10,000 seats when it hired Nick Saban as its football coach. (a) If the average price of a season ticket is $1,000, how
In Figure 8.7,(a) How many workers lose their jobs when the minimum wage is enacted?(b) How many workers are unemployed at the minimum wage?FIGURE 8.7
In November 2014, the Miami Marlins agreed to pay Giancarlo Stanton $325 million over 10 years. If this salary were to be covered by ticket sales only, how many more tickets per game would the
Assuming that a college graduate on average earns his or her MRP, what is the MRP for a newly hired Economics major?
Why should taxpayers subsidize public colleges and universities? What external benefits are generated by higher education?
Why might the market under produce and the government overproduce military output?
If everyone seeks a free ride, what mix of output will be produced in Figure 9.2?Why would anyone voluntarily contribute to the purchase of public goods like flood control or snow removal?FIGURE 9.2
Could local fire departments be privately operated, with services sold directly to customers? What problems would be involved in such a system?
Given the effectiveness of Israel's Iron Dome (News Wire "Public Goods"), why wouldn't individuals want to pay for its protective services? Could this be a profitable venture in the private market?
President Obama vetoed the Keystone XL pipeline because it entailed external costs (News Wire "External Costs"). Should any activity that generates external costs be prohibited?
Does anyone have an incentive to maintain auto exhaust control devices in good working order? How can we ensure that they will be maintained?
What are the costs of New York City's recycling program. Are these costs justified?
Most cities are served by only one cable Company. How might this monopoly power affect prices and service? What should the government do, if anything?
In Figure 9.3, by how much is the market overproducing cars?FIGURE 9.3
How much global output is lost annually as a result of adult deaths from secondhand smoke if the average adult produces (a) $10,000 output per year, (b) $20,000 output per year?
(a) Draw a production possibilities curve (PPC) with cars on the horizontal axis and other goods on the vertical axis.(b) Illustrate on your PPC the market failure that occurs in Figure 9.3?FIGURE 9.3
Draw market demand and social demand curves for flu shots?
In Figure 9.2, identify the market and optimal outcomes. Does the market under or overproduce public goods?FIGURE 9.2
Suppose the annual cost of the Iron Dome is $50 million. What is the opportunity cost of this defense spending in terms of private housing assuming a new home can be constructed for (a)
The market demand for cigarettes are given in the following table. Price ($ per pack) ......................... 6.506.005.505.004.504.003.50 Quantity (packs per day) .......................... 40 50
Graph the following data on social and market demand:(a) Does this product have external benefits or external costs? (b) How large ($) is that externality?
The production possibilities curve shows the tradeoff between housing and all other goods.(a) If the current mix of output is at point A and the optimal mix of output is at point C, does a market
If smart phone sales are increasing but automobile sales are declining, is the economy growing or contracting?
Why did the Great Depression last so long? What happened to all the jobs?
Why might inflation accelerate as the unemployment rate declines?
During the period shown in Table 10.4, what happened to the wealth of people holding hordes of silver?TABLE 10.4Asset __________________ Change in Value, 1991 – 2001Stock
According to Table 10.2, how might the diet of the average consumer have been altered by relative price changes in 2014?TABLE 10.2Item _________ Price Change in 2014 (Percent)Eggs
Which of the following people would we expect to be hurt by an increase in the rate of inflation from 3 percent to 6 percent?(a) A homeowner(b) A retired person(c) An automobile worker(d) A bond
Would it be advantageous to borrow money if you expected prices to rise? Why or why not?
How much more output will the average American have next year if the $18 trillion U.S. economy grows by (a) 2 percent? (b) 5 percent? (c) −1.0 percent? Assume a population of 320 million.
According to the information in Table 10.2, which product had(a) The largest price increase in 2014?(b) The biggest price decline in 2014?TABLE 10.2Item _________ Price Change in 2014 (Percent)Eggs
Since 1940, (a) When did the longest recession begin? (b) When did the shortest recession begin? (c) When did the recession with the highest unemployment rate begin? (d) When did the recession with
Suppose the following data describe a nation's population:(a) What is the unemployment rate in each year? (b) Has the economy experienced an increase or a decrease in i. The number of unemployed
If the average worker produces $100,000 of GDP, by how much will GDP increase if there are 150 million labor force participants and the unemployment rate drops from 6.0 to 5.5 percent?
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