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Economics
Peter's Restaurant lists separate prices for all the items on its dinner menu. Chez Pierre offers only a fixed-price complete dinner (with patrons choosing from a list of appetizers, entrees, and
A firm sells two goods in a market consisting of three types of consumers. The accompanying table shows the values consumers place on the goods. The unit cost of producing each good is $10.Find the
In mid-2012, Saudi Arabia and Venezuela (both members of OPEC) produced an average of 8 million and 3 million barrels of oil a day, respectively. Production costs were about $20 per barrel, and the
Proctor and Gamble and Kimberly-Clarke dominate the U.S. diaper market with shares of about 50 percent and 35 percent respectively. Both firms invest large sums in R&D to continually reduce the cost
Over the last decade, the Delta Shuttle and the U.S. Air Shuttle have battled for market share on the Boston-New York and Washington, D.C.-New York routes. In addition to service quality and
Four large used-car dealers compete for customers in a city where demand for used automobiles is constant at about 800 cars per month. By an implicit agreement, the dealers set comparable prices on
In Problem 10, suppose that each firm has a $10 million direct sales budget to allocate between the two markets. Again, revenues in the markets are split in proportion to direct sales dollars
A stranger in a bar challenges you to play the following zero-sum game. The table lists your payoffs in dollars.What is your optimal mixed strategy? What is your opponent's? How much should you
The following payoff table offers a simple depiction of the strategy choices of the Allies and Germany with respect to the 1944 D-Day invasion during World War II. The Allies can land at either
In the game show Jeopardy, Bob with $10,000 and Dan with $6,000 are about to place their bets in Final Jeopardy. (The third player has so little money that he cannot possible win.) Each secretly
Everyone has tales to tell about the ups and downs of air travel. The industry has been deregulated for nearly 40 years. Over this time, few airlines have consistently earned profits. Though
Consider once again the combination of market failures outlined in Problem 3. Recall that the demand for wood pulp is described by P = 500 − 10Q, where Q is measured in thousands of units. The
In 1997, after spending more than $500 million in development and after extensive test marketing, Procter & Gamble launched a series of snack food products made with Olestra, a "no fat" substitute.
In 2010, the California utility, PG&E (formerly, Pacific, Gas, and Electric) suffered a fatal gas pipeline explosion in San Bruno. The company was found to have inadequate inspection and safety
Walt Disney Pictures vowed it would learn from its mistakes after suffering a loss of more than $100 million on the film John Carter. (The studio had ceded creative control to a maverick director,
In August 1999, Bridgestone ∕ Firestone Inc. recalled 6.5 million tires in the wake of a number of tire-related rollover accidents in the Explorer SUV produced by Ford Motor Company. Although
Individual investors face a daunting choice of thousands of stock and bond funds and fund managers. The following (stylized) spreadsheet example tries to distinguish superior fund managers from the
An oil wildcatter is considering drilling a site that she judges to be wet with probability .2 and dry with probability .8. Her profit from an oil strike is $1 million, and her loss from a dry hole
The last 20 years have witnessed a revolution in information technology. The emergence of low-cost information storage, retrieval, sharing, and transmission systems has begun to change the
Suppose that the gross profit generated by a particular worker is given by ???? = 1,000e + u, where e denotes the worker’s effort (measured as an index between 0 and 50) and u is a random variable
Traditionally, negotiation and litigation have been the two prevailing methods of dispute resolution. These alternative methods lie at opposite extremes of a spectrum. The negotiation process is
A US firm (company U) is negotiating to buy aircraft engines from a British firm (company B). Under discussion is the price to be paid (in British pounds), quality (high or low), warranty (full or
Following the example in the text, consider two HIV prevention programs: (1) Intensive counseling of high-risk individuals and (2) Instituting a needle-exchange program for intravenous drug users.
An electronics firm has production plants in Oregon and Tennessee. It ships its products overseas from three ports: Los Angeles, New Orleans, and New York. Transportation costs between plants and
The accompanying spreadsheet lists six different means of generating electricity in the United States. Row 6 lists the estimated megawatt hours produced in 2010 by power plants of each kind. In turn,
How do you suppose that higher tax rates have affected the inventive for Greek residents to engage in tax avoidance, or legally reducing tax liabilities, including earning less income that is
In what way do small talk and gossip represent the use of simplifying assumptions?
1. Could it be the case that chicken farmers who have both humanitarian and profit motives for keeping their chickens comfortable nonetheless are fully "self-interest"? Explain. Why might the
1. In spite of the lower opportunity cost of rail-gun projectiles instead of missiles, does the U.S. Navy continue to face an increasing additional cost, in terms of forgone ship production, to
Suppose that the government has raised by $10 a per-carat tax rate it imposes on diamonds in an effort to influence production of this particular good by each of the firms that produce it and
Centralized command and control prevails throughout a certain nation's economy. What three key economic questions have been addressed in this nation, and what has been the common element of the
During her years of college, Dominique discovered that her three favorite subjects were astronomy, chemistry, and political science. She chose to major in astronomy because she had seen data
Sebastian is a financial analyst who is convinced that his clients do not always make choices that are consistent with their long-term objectives. He has also determined that his clients do not
Maneesha has completed an analysis of the market for a prescription medication. She has determined that the policymaker should act to prevent an increase in the price of this drug on the grounds that
Why might a person pay a firm at a mall to prepare her tax forms while she shops instead of allocating the same amount of time to finding a qualifying Free-File tax preparation service? What must be
If the U.N. follows through on a proposal to add production targets for 148 more items to its Sustainable Development Goals, why might we expect that the opportunity cost in terms of other goods and
How must the dollar values of the opportunity costs of time compare for a typical purchaser of a vehicle converted by Becker Automotive, Inc., versus commuters who do not purchase them? Explain
1. In spite of the lower opportunity cost of rail-gun projectiles instead of missiles, does the U.S. Navy continue to face an increasing additional cost, in terms of forgone ship production, to
Suppose that in Figure 2-1, a student currently is allocating her study time in such a way that she is earning a C in mathematics and a C in economics. What is the opportunity cost, measured in terms
Suppose that in Figure 2-2, the nation currently is producing combination D in the table and on the graph of the production possibilities curve. What is the opportunity cost of producing 20 million
Suppose that in Figure 2-4, the nation currently has sufficient resources to produce combinations located along only the innermost production possibilities curve. In addition, suppose that the
Suppose that in Figure 2-4, the nation with otherwise the same background conditions as in Problem 2-23 currently has sufficient resources to produce combinations located along only the innermost
Is there an inverse relationship between the price of cable TV subscriptions and the number of subscriptions that people purchase? Explain.
How could laws that ban tips cause a reduction in the quality of the delivery of services?
What has happened to the position of the U.S. market demand curve for chewing gum? Explain briefly.
What do you suppose has happened to the positions of the supply curves in the markets for commodities such as almonds, apples, cotton, oranges, grapes, lemons, rice, and walnuts? Has the market
What happens to ticket scalpers who are still holding tickets after an event has started?
1. What has been the direction of the shift in the demand for breakfast cereals? 2. What direction might the supply of breakfast cereals have shifted to help explain why the market prices of these
1. What do you predict has happened to oil storage prices whenever shortages of storage space have arisen? 2. Why might increases in oil storage prices be required to induce owners of aged storage
If the price of flash memory chips used in manufacturing smartphones decreases, what will happen in the market for smartphones? How will the equilibrium price and equilibrium quantity of smartphones
In Figure 3-2, what are the effects of a price decrease from $4 per portable power bank to $2 per portable power bank on the quantities of portable power banks demanded by buyer 1 and by buyer 2
In Figure 3-2, what are the effects of a price increase from $1 per portable power bank to $3 per portable power bank on the quantities demanded by buyer 1 and by buyer 2 individually and combined?
In figure 3-4, the current position of the demand curve is D1, and the price of a portable power bank is $3. If there is an increase in the price of tablet devices that are complements to portable
In figure 3-4, the current position of the demand curve is D1, and the price of a portable power bank, which is a normal good, is $3. If there is an increase in consumer incomes, will the demand
In Figure 3-7, what are the effects of a price decrease from $5 per portable power bank to $3 per portable bank on the quantities supplied by supplier 1 and by supplier 2 individually and combined?
In Figure 3-7, what are the effects of a price increase from $2 per portable power bank to $4 per portable power bank on the quantities supplied by supplier 1 and by supplier 2 individually and
In Figure 3-9, the current position of the supply curve is S1, and the price of a portable power bank is $3. If suppliers anticipate a higher price of portable power banks in the future, will the
In Figure 3-9, the current position of the supply curve is S1, and the price of a portable power bank is $3. If the cost of inputs that suppliers utilize to produce portable power banks decreases,
How might California cities alternatively have developed a rationing by queues approach using the Internet? Why do you suppose that the Venezuelan government has begun to provide individuals with
When firms respond to minimum wage increases by shutting down entirely, who else is harmed besides their employees? Other things being equal, is the price of milk in Europe likely to rise or fall in
How do you suppose that when soft drink sellers introduced cans containing 7.5 ounces of soft drink to sell alongside traditional 12-ounce cans, they managed to offer the soft drinks in the smaller
1. Why might transaction costs of locating a replacement clothing item increase with the number of particular features that characterize that item? 2. It is obvious how finding a provider of
In 2013, the government of a nation established a price support for wheat. The government's support price has been above the equilibrium price each year since, and the government has purchased all
Consider Figure 4-1. The current demand and supply curves are D1 and S1, at which the equilibrium price and quantity are P1 and Q1. If there is a decrease in the price of an item that consumers
Consider Figure 4-1. The current demand and supply curves are D1 and S1, at which the equilibrium price and quantity are P1 and Q1. If firms adopt an improved technique for producing this goods,
Consider Figure 4-3. Suppose that the government reduces the ceiling price to $500 per unit. Would the shortage at the $500-per-unit ceiling price be greater than at the $600-per-unit price ceiling?
Suppose that in Figure 4-4, the government raises the floor price of milk above the displayed $0.10-per-pound floor price, to $0.12 per pound. Will the excess quantity of milk supplied increase or
Suppose that in Figure 4-4, the government reduces the floor price of milk below the displayed $0.10-per-pound floor price, to $0.08 per pound. Will the excess quantity of milk supplied increase or
Suppose that Figure 4-5 applies to the labor market in the state of Ohio, in which Wm is the minimum wage established by the federal government, and Qs - Qd therefore is Ohio's excess quantity of
Could negative externalities from drone flights be addressed if it were possible for people to negotiate prices at which drone owners would pay explicit fees for the right to fly drones above
Based on the above discussion, would a government find it easier or harder to raise funds for a public good that all people value similarly but that current government officials possess varying
1. How does a city's decision to assess substantial fines on rail operators that persistently generate traffic congestion affect the supply curve for rail services within the city? 2. Why do you
1. How does the jump in measles cases since 2014 illustrate the positive externality associated with measles vaccinations? Explain briefly. 2. How might the federal or state governments act to try
Based on your answer to Question 5-17, if Pennsylvania's government aims to correct the steel market's negative externality via an effluent fee, is the appropriate fee higher or lower now that steel
Consider panel (b) of Figure 5-1. Assume that a careful study of the likely transmission of influenza in light of a changed population distribution has revealed that the external benefits from
Based on your answer to Question 5-19, if the government aims to correct the positive externality in the inoculation market via a per-unit subsidy to consumers, in the wake of study is the
An online video game has the technical capability for a large number of players to participate, as long as a game administrator works to ensure constant functionality of the game. Adding more players
Consider the market for a health care service displayed in Figure 5-4, in which the government currently pays a per-unit subsidy M. If the government raises the value of M to a larger dollar amount
If average income tax rates paid by the lowest-income taxpayers were increased to equality with those paid by the highest-income taxpayers, would the U.S. income tax system become more or less
Why do you suppose that economists commonly refer to the elimination of all disability payments from people able to work part-time as a "tax" imposed on a disabled individual who is willing and able
1. Given that the current gasoline excise tax is computed by applying a per-gallon tax rate to each gallon and that a future vehicular user fee would be calculated by applying a per-mile fee to each
1. Why is the main objective of these cross-border mergers, whether the U.S. firm is the acquirer or the company that is acquired, to change the legal domicile of the merged firm from the standpoint
1. How could the legal expenses incurred in establishing rights to assess remote taxes and the costs that states incur in collecting such taxes cut further into dynamic-analysis estimates of the net
In problem 6-10, what was the individual's marginal state income tax rate in 2018? Did this individual experience proportional, progressive, or regressive taxation? Explain briefly.
Between 2017 and 2018, the income received by a company located in a city rose from $5,000,000 to $6,000,000. The annual city income taxes that the company paid increased from $250,000 to $500,000.
In Problem 6-12, what was the company's marginal city income tax rate in 2018? Did this company experience proportional, progressive, or regressive taxation? Explain briefly.
Consider Figure 6-3. Suppose that the government raises its sales tax rate from 4 percent to 6 percent. Does the direction of the effect on the government's tax revenues indicated by the figure's
Consider Figure 6-3. Suppose that the government raises its sales tax rate from 6 percent to 8 percent. Are the predictions of static tax analysis and dynamic tax analysis in agreement on the
Suppose that a state has increased its sales tax rate every other year since 2009. Assume the state collected all sales taxes that residents legally owed. The table below summarizes its experience.
The sales tax rate applied to all purchases within a state was 0.04 (4 percent) throughout 2016 but increased to 0.05 (5 percent) during all of 2017. The state government collected all taxes due, but
How might government policies that make it more difficult for businesses to fire workers cause those businesses to consider more carefully-and hence more slowly-whom they hire to positions in the
Why do you suppose that many economists argue that unemployment would drop if people developed stronger critical-thinking, writing, and science and mathematics skills that can be applied to wider
Even after adjusting for price-level differences, because state income tax rates vary considerable across U.S. states, why might an income-threshold definition of who is "rich" yield very different
In what way are the PPI and CPI likely to diverge for a while following a sustained increase in import price? Explain briefly. Why do you suppose that some economists have suggested that "irrational
1. If each household in a nation were to track a consumer price index that averaged the prices of items consumed solely by that household, why would you anticipate that the annual rate of change of
1. Why might the U.S. government, which funds Social Security, Medicare, and unemployment insurance programs by taxing wages, desire to find a way to reduce self-employment and inhibit the growth of
Suppose that you are given the following information:Total population.......................................................................330.0 millionAdult, noninstitutionalized, nonmilitary
Suppose that in Figure 7-2, the number of people employed were to expand by 9.2 million, and the number of people unemployed were to rise by 7.1 million. What would be the new values of the labor
Consider Table 7-1, Suppose that the 2019 price of corn were to rise to $8.50 per bushel but that the price of a digital device were to fall to $300. The quantities of the two commodities remain the
The cost of a nation's market basket in the base year is $1,200, and the current year's price index equals 125. What is the cost of the market basket in the current year?
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