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Economics
Consider Figure 18-1. Average rates of population growth have been higher over the entire period covered by the figure in nearly all emerging and developing nations than in advanced nations. What
Take a look at Figure 18-1, and read the related text that discusses the exact values of the average growth rates displayed in the figure. Over the entire interval since 1981, which group of
Suppose that a foreign resident is contemplating buying 5 percent of the shares of a company based in a developing nation but is experiencing difficulty determining whether the firm is riskier than
Suppose that a foreign resident has bought 20 percent of the shares of a company based in a developing nation but is experiencing difficulty determine whether the firm has responded to this purchase
Why does it make sense that there was a negative percentage change in the quantity of cable TV subscriptions demanded in response to an increase in the price of these subscriptions?
Would the estimated price elasticity of demand for movie tickets have been different if we had not used the average-values formula? How?
1. Why does it make sense that Fryer found a positive percentage change in the amount of learning tasks supplied in response to a rise in the monetary reward for performing them? 2. Is the students'
1. What do you suppose were the likely short-run adjustments to removal of the cotton subsidy by Egyptian farmers who continued to devote all of their lands to agricultural crops? 2. How will the
An individual's income rises from $80,000 per year to $84,000 per year, and as a consequence, the person's purchases of movie downloads rise from 48 per year to 72 per year. What is this individual's
Consider panel (a) of Figure 19-1. Use the basic definition of the price elasticity of demand to explain why the value of the price elasticity of demand is zero for the extremely rare situation of
Take a look at Figure 19-2. Work out the calculation for the price elasticity of demand between prices of $11 per reservation and $10 per reservation to prove that the value is 21?
Consider Figure 19-2. Work out the calculation for the price elasticity of demand between prices of $1 per reservation and $2 per reservation to prove that the value is 0.158?
Table 19-2 indicates that the short-run price elasticity of demand for tires is 0.9. If an increase in the price of petroleum (used in producing tires) causes the market prices of tires to rise from
Take a look at Figure 19-2. Work out the calculation for the price elasticity of demand between prices of $6 per reservation and $5 per reservation to prove that the value is 1?
Consider Figure 19-3. Following a price increase, is the quantity demanded more responsive to the price increase immediately, after an initial passage of time, and then after even more time has
Take a look at Figure 19-5. Following a price increase, is the quantity supplied more responsive to the price increase immediately, after an initial passage of time, and then after even more time has
What fact ultimately constrains consumption of any item said to be available in "unlimited" amounts at a fixed price?
To ensure attainment of a consumer optimum, why might a client seek to ensure that the hourly legal-service fee continues to apply to constant-quality hours of legal services?
1. Why might two people diagnosed with exactly the same type of pain-inducing physical problem opt to place different levels of daily stress on their bodies? 2. What does Michel's experience imply
1. Explain why it must be true, even for someone trying to lose weight, that the last bite of food consumed must have positive marginal utility at a consumer optimum? 2. What is true of the marginal
The marginal utility that an individual would experience if she were to consume the first unit of a digital app is 15 utils, and the marginal utility that she would experience if she were to consume
Take a look at Figure 20-1. Suppose that the individual currently consumes 5 digital apps. What happens to the person's total utility if he were to reduce his consumption to 4 units? Why does this
Consider Figure 20-1. If this individual were to contemplate consuming a seventh digital app and experience a total utility of 15 utils as a consequence, what would be the resulting marginal utility?
Take a look at Table 20-1. Suppose that the price of each digital app falls to $3.30. At the same time, the price of each portable power bank increases to $5.37. Income remains unchanged at $26.
At the optimal quantities of digital apps and portable power banks determined in your answer to Problem 20-21, after rounding to the nearest 10 cents, is the $26 income all spent at the new consumer
Consider figure 20-2, and suppose that the initial point is A. Explain why a decrease in the price of each digital app from $5 to $4 results in a change in the marginal utilities of digital apps in a
If administrators of government pension funds for public employees were to discover in a future year that they had used a discount rate was too high, who would end up having to ensure payment of
Why do you suppose that some behavioral economists have criticized a recent decision by the United Kingdom's government to give people more freedom to sell off shares in their pension funds?
1. Why might state-owned companies that China's government ordered to buy more shares to help boost returns have been equally likely to have later earned either higher or lower returns? Explain your
1. Why do you think that people have experienced even more difficulties than usual in predicting the prices of shares of stock issued by individual companies? 2. Do you suppose that the degree of
Take a look at Figure 21-1. Suppose that Q1 = 10 acres and P1 = $2,000 per acre. What is the dollar amount of economic rents received during the current period, and why is this amount classified as
Reconsider Figure 21-1 and the data provided in Problem 21-19, and suppose that P2 = $2,800 per acre. By how much do economic rents change when the rental rate on land rises from P1 to P2 in the
Consider Figure 21-2. Explain why the figure indicates that if the normal rate of return on investment were to remain unchanged while accounting profit increased, economic profit also would increase?
Take a look at Figure 21-2. Explain why the figure implies that if the amount of accounting profit were to shrink to zero while the normal rate of return on investment remained unchanged, economic
Take a look at Table 21-1. Suppose that you are planning your retirement. The appropriate interest rate for computing the present values of future dollars to be received is 8 percent, and you plan to
Reconsider Table 21-1, and assume that as in Problem 21-23, you wish to save enough this year to have $50,000 available for your planned retirement 30 years into the future. How many dollars would
Are the annual expenses that a shipper must incur to maintain its iBubble Wrap® air pumps part of its fixed costs or of its variable costs?
As ports have produced higher quantities of loading and unloading services, have there been upward movements along their AVC and MC curves or upward shifts in those curves? Explain
What would likely happen to long-run average cost at Oman's facility if engineers encountered difficulties in maintaining the facility's substantial daily volume of oil production? Explain.
If Tesla were to produce only a few dozen home batteries per month, would the company experience economies of scale or diseconomies of scale? Explain.
1. In your view, is a retailing firm's shrink likely to contribute mostly to its fixed costs or variable costs? Explain your reasoning. 2. Given that hiring and paying asset-protection customer
1. If short-run average variable costs and marginal costs decline at every feasible quantity of output, what (if anything) happens to the positions of the AVC, AFC, ATC, and MC curves? Explain. 2.
Take a look at Figure 22-1. Suppose that the firm decided to consider employing a 12th unit of labor, which it has determined would result in a decrease in total product to 370 units of output. If it
Consider Figure 22-2. If this firm were to boost its output to 12 units of output and thereby raise its total variable costs to $54, what would be the resulting average fixed cost, average variable
Consider Figure 22-3. If the firm were to employ an 8th unit of output, its total product would rise to 380 units of output. What would be the resulting values of the average product of labor and of
In Problem 22-20, if the firm were to employ the 8th unit of labor and produce 380 units of output, what would be the average variable cost and the marginal cost?
Take a look at Figure 22-4. Suppose that the form boosts its scale of operations from a level consistent with short-run average cost curve SAC3 to short-run average cost curve SAC5. Explain what
Consider Figure 22-6. Suppose that the current scale of output for a typical firm facing this LAC curve, which applies to all firms in this industry, is between points A and B, at about 500 units per
If the government were to decide to limit the number of propane distributors to a handful of firms, would the propane-distribution industry still satisfy the characteristics of perfect competition?
Why might firms that hire mostly untrustworthy people struggle to provide as much output in a competitive market as firms that attract and retain mostly honest individuals?
If the price of a particular rare earth were actually to drop below its original level following entry of new firms even as market demand continued to increase, what type of industry would exist?
1. Why would a number of plastic-recycling firms continue to operate even though the market clearing price of recycled plastic is lower than their break-even price? 2. Why might daily variations in
1. Why do economists seeking to study industry entry and exit measure the number of firms instead of the number of establishments? 2. Why are we unable to conclude that large numbers of entries into
Suppose that the firm with the costs and revenues tabulated in Figure 23-2 is contemplating whether to produce 12 units of output. If it were to produce this many units, what (if anything) would
Consider the firm discussed in Problem 23-13. If the firm were to produce the 12th unit and thereby incur hourly total costs of $65, what would be its marginal cost? Based on this answer and your
Take a look at Figure 23-3. This figure uses the data in the table from Figure 23-2, which indicates that the area of the blue rectangle displaying hourly economic profits is $5 per period. What
Consider Figure 23-5, and suppose that the price per unit corresponding to the position of d1 is at $4.50 per unit and that the quantity at point E1 is exactly 7 units per hour. Calculate total
Take a look at Figure 23-5, and suppose that the price per unit corresponding to the position of d2 is at $2.50 per unit and that the quantity at point E2 is exactly 5 units per hour. Calculate total
Consider Figure 23-8. Why does the output rate in panel (b) remain at qe units per hour even if the position of the AC curve shifts from AC1 to AC3 following an increase in fixed costs, and how do we
1. Who gained from passage of the New Jersey law? Explain briefly. 2. What do you suppose happened to the profit-maximizing quantities of heart drugs produced and sold by the new pharmaceutical
What essential economic conditions must be satisfied for firms to succeed in utilizing big data techniques to engage in price discrimination that increases their profits?
1. How does the act of forbidding competitors such as Andria and Zoey from selling cold drinks on the street affect the prices that legally licensed sellers can obtain for their cold drinks? 2. What
1. Why do you suppose that the Marseilles drug dealer also seeks to prevent customers from reselling drugs to other buyers? 2. Is there any economic difference between a customer-loyalty-card program
Suppose that in Figure 24-4, the monopolist knows that if it were to reduce the price of its product to $5.40 per unit, the quantity demanded-and hence its output-would rise to 13 units per week.
Consider the information from Problem 24-13. If the total costs of producing 13 units were equal to $72.70 per week, would the marginal revenue of producing the 13th unit (your answer to Problem
Take a look a Figure 24-5. Suppose that Q1 is equal to 25 units of output per time period. If the vertical distance to point A is $10 per unit and the vertical distance to point B is $4 per unit,
Take a look a Figure 24-5. Suppose that Q2 is equal to 35 units of output per time period. If the vertical distance to point C is $6 per unit and the vertical distance to point B is $3 per unit, then
Suppose that initially the data in Problem 24-17 apply, but then an increase in fixed costs occurs. As a result, the ATC curve in Figure 24-6 shifts upward, As a result, the average total cost of
1. Why might serving drinks with uniquely flavored edible straws assist a restaurant in distinguishing its products from competitors' products with similar tastes and textures? 2. Why do you suppose
Why do you suppose that business schools with weaker programs typically display their category ratings on billboards, whereas those with stronger programs usually do not place ads on billboards at
1. Other things being equal, how did the entry of Keurig into this industry likely initially affect the demand for items produced and sold by Soda-Stream? 2. How were Soda-Stream's responses
1. If efforts by traditional financial-planning firms to promote their financial therapy services prove successful, what will happen to the positions of and shapes of the demand curves that they
Take a look at panel (a) Of Figure 25-1, and assume that it initially applies to a typical firm in a monopolistically competitive industry. Explain how it might be possible for this firm temporarily
Take a look at panel (b) of Figure 25-1, and assume that it initially applies to a typical firm in a monopolistically competitive industry. Explain how it might be possible for this firm temporarily
In what fundamental ways does the monopolistic competitor in panel (b) Of Figure 25-2 behave similarly to the perfectly competitive firm in panel (a) In a long-run equilibrium? In what fundamental
At every point along the AFC curve in Figure 25-4, what is true of the explicit dollar amount of this firm's total fixed costs at any given point that one might select, such as the three points
Take a look at panel (a) of Figure 25-5. Suppose that during the relevant time period, the firm's marginal and average variable costs remain unchanged. The firm's total fixed costs, however, rise
Consider panel (b) of Figure 25-5, in which the ATC curve and associated data are the same-drawn at a slightly different scale, however-as in Figure 25-4. Suppose that the shape of the demand curve
Based on your answer to Problem 25-3, is the firm with the revenue and cost conditions depicted in Problem 25-2 behaving "anticompetitively" in the sense of intentionally "taking advantage" of
1. What was the five-firm concentration ratio in the broadband industry? 2. What would be the revised HHI value if the top dozen firms decided to conduct a horizontal merger and offer a single "Top
1. How might the fact that men continue to earn slightly higher incomes than women help to explain the observation that males are more likely to cheat on their males than females? (People with higher
1. In what type of two-sided market does Animoca complete? 2. Why do you suppose that a handful of large firms have become predominant in the market for multiplayer electronic games in which network
1. In what sense is there oligopolistic interdependence in the basic dominant-firm model, in which there truly is just one single dominant firm? Explain your reasoning. 2. If a dominant firm cannot
In Problem 26-14, what is the value of the Herfindahl-Hirschman index?
Suppose that a firm located in Cleveland, Ohio, has entered the same industry as the Dallas company discussed in Problem 26-14. The new firm captures a 5 percent market share, and the market share of
Consider Figure 26-2. Suppose conditions in the industry change in such a way that the amount that each firm makes if it charges a high price when the other firm charges a low price increases from $2
Take a look at Figure 26-3. What is the total dollar amount of the typical perfectly competitive firm's economic incentive to join the proposed cartel, assuming that after the fact no firms cheat on
Consider Figure 26-3, and suppose that this typical firm has agreed to participate in the proposed cartel. What is the total dollar amount of the firm's economic incentive to cheat on the cartel
If there are 13 "All others" in the industry in Problem 26-1, each of which has a share of sales equal to 1 percent, what is the value of the Herfindahl-Hirschman Index for this industry?
What is the value of the Herfindahl-Hirschman Index for the industry in Problem 26-2?
1. Who pays for the many hours of work that numerous officials of agencies such as the Consumer Product Safety Commission devote to establishing new regulations? 2. What would happen to electric
1. Why do you suppose that a growing number of behavioral economists are calling for adoption of more pragmatic approaches to formulating regulations? Explain Briefly. 2. Why do you suppose that
1. Why do you suppose that the U.S. Transportation Department has been considering new regulations mandating that states construct parking facilities for trucks? 2. Why do you think that many firms
1. Compared to other means, market shares, regions, customers and sales information are easier to measure and thus to easier enforce by firms engaging in collusion. 2. Suppose that a firm's
A bank in Austin, Texas, has allowed its state banking license, under which it had been regulated by the Federal Deposit Insurance Corporation, a U.S. bank regulator, to expire. It has switched to a
Suppose that in panel (a) of Figure 27-2, the vertical distances to points F and A are $10 per unit and $2 per unit, and Qm is 1,000 units. To measure the degree of monopoly power, economists often
Consider panel (b) of Figure 27-2. The quantity Q1 is 2,000 units, the price P1 is $2 per unit, the average cost AC1 is $4 per unit, and the vertical distance to point C is $6 per unit. What is the
The manager of a Pittsburgh shop wishes to sell on eBay a used telescope that is in good condition. The manager knows that prospective buyers perceive a 50-50 chance that the telescope is in good
Manufacturing firms based in Columbus, Ohio, and Erie, Pennsylvania, have proposed a merger. If they were to merge, the resulting value of the Herfindahl-Hirschman Index in the nationwide market for
Did the decline in the global price of oil reduce marginal revenue product by reducing marginal revenue from the sale of oil or the marginal product of labor provided by oil workers? Explain.
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