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Questions and Answers of
Economics
Suppose that people who previously had held jobs become structurally unemployed due to establishment of new government regulations during a period in which the inflation rate remains unchanged. Would
Suppose that the greater availability of online job placement services generates a reduction in frictional unemployment during an interval in which the inflation rate remains unchanged. Would the
Consider a situation in which a future president has appointed Federal Reserve leaders who conduct monetary policy much more erratically than in past years. The consequence is that the quantity of
1. Why do residents of the shantytowns have little incentive to remove rubble? 2. How might granting titles of ownership lead to improved shantytown conditions?
1. Why might Russia's long-run economic growth rate increase if it allows increased immigration from China and other nations? 2. How could South Korea's long-run rate of growth of real GDP per capita
1. As increased taxes on traditional cigarettes have pushed up their market-clearing prices, is the quantity of traditional cigarettes demanded more or less responsive to price changes than it was a
1. Why is it important to keep in mind that relating a proportionate change in the quantity of an item to a proportionate change in that item's price yields the price elasticity of demand only when
1. What fundamental condition must hold true at a parent's consumer optimum when the parent simultaneously purchases two different kids' apps? 2. Why have recent drops in prices of kids' apps
1. In principle, if some people are subject to bounded rationality, while others are not, could policies that nudge only those with bounded rationality move those people toward making higher-utility
Refer to the table below. If the subscription price for a sports app is $2 per week, the subscription price of a game app is $1 per week, and a student has $9 per week to spend, what quantities will
1. Why do low interest rates mean that a lower-than-intended present value of retirement savings translates into a smaller-than-expected future value? 2. If interest rates rise, could Ghelfi again
1. Why could insider information released by government agencies sometimes be as profitable as insider information illegally obtained from private firms?2. How would full public release of
Suppose that you are trying to decide whether to spend $1,000 on stocks issued by WildWeb or on bonds issued by the same company. There is a 50 percent chance that the value of the stock will rise to
1. Are disposable rockets used to lift a spacecraft to earth orbit fixed or variable inputs? Explain your reasoning.2. What types of expenses are likely included in the marginal cost of the next
1. Would a firm using additive production to create initial samples of new products be more or less likely to have a large minimum efficient scale? Explain your reasoning.2. Why might
1. Below what type of short-run average cost has the price of ethanol fallen?2. Does Cooper appear to view the coming year as a short-run or long-run period?
1. How would the survival pattern shown in Figure 23-11 be altered if firms earned no less than zero economic profits every single year?2. In what way would Figure 23-11 change if the U.S. government
In several markets for digital devices that can be viewed as perfectly competitive, steady increases in demand for the required minerals ultimately have generated long-run reductions in the market
In several perfectly competitive markets for minerals used as inputs in digital devices, persistent increases in demand eventually have generated long-run increases in the market prices of these
Consider a market for online movie rentals. The market supply curve slopes upward, the market demand curve slopes downward, and the equilibrium rental price equals $3.50. Consider each of the
1. What is the economic term for the various items that Madison would have had to provide if she wished to enter the Portland Saturday Market legally?2. How does prohibiting competitors such as
1. Why do you suppose economists have found evidence of the most substantial use of mobile taxi apps in cities with the highest ratios of potential riders to taxis?2. What do you think would happen
A monopolist's maximized rate of economic profits is $5,000 per week. Its weekly output is 500 units, and at this output rate, the firm's marginal cost is $15 per unit. The price at which it sells
Currently, a monopolist's profit-maximizing output is 200 units per week. It sells its output at a price of $60 per unit and collects $30 per unit in revenues from the sale of the last unit produced
1. For Cheung's company, what period constituted the "long run"?2. Given the easy market entry and exit of apps, what amount of long-run annual economic profits can the owners of Foodspotting
1. Why does the fact that nonprofit colleges typically seek to maximize the differential between total revenues and costs mean that they essentially behave like profit-maximizing firms?2. Why do you
In a perfectly competitive market, price equals marginal cost, but this condition is not satisfied for the firm with the revenue and cost conditions depicted in Problem 25-2. In the long run, what
The table below depicts the prices and total costs a local used-book store faces. The bookstore competes with a number of similar stores, but it capitalizes on its location and the word-of-mouth
1. Some observers argue that that there are economies of scale in the "death care" industry. If so, why might this industry become an oligopoly?2. Why might other "death care" firms have to take into
1. Could competing firms that will have future interactions be more likely to make cooperative pricing decisions than the basic prisoner's dilemma game predicts? Explain your reasoning.2. How do
Consider the following list, and classify each item according to the appropriate type of two-sided market-audience-making, matchmaking, shared-input, or transaction-based-and write a one-sentence
Consider the following list, and classify each item according to the appropriate type of two-sided market-audience-making, matchmaking, shared- input, or transaction-based-and write a one-sentence
1. Why do you suppose that MTNA's explicit compliance expenses cost them a significant amount?2. How did the MTNA incur implicit opportunity costs in complying with the FTC?
1. Why is it difficult to weigh environmental benefits of plastic bag regulations against human costs generated by higher rates of infection and shoplifting losses?2. Even if the costs of plastic bag
Consider the data from Problem 27-11. Suppose that antitrust authorities have determined that there are separate relevant markets for e-books and physical books. In addition, these authorities
1. Why do you think that increases in legal minimum wages have induced restaurant chains, such as Applebee's and Chili's, to have customers use tablet devices for food orders?2. As more eateries opt
1. What do you suppose has been happening to the market wage rate for law professors? Explain your reasoning. 2. Why do you think that there has been a decline in law schools' demand for support
Recently, Swedish companies have outsourced manufacturing labor previously performed by Swedish workers at $20 per hour to U.S. workers who receive a wage rate of $10 per hour. Evaluate the effects
Suppose that until recently, U.S. firms that produce digital apps had been utilizing only the labor of qualified U.S. workers at a wage rate of $35 per hour. Now, however, these firms have begun
1. What benefits might union membership have offered to Junker? 2. Given that the SEIU had been receiving more than $3 million per year from Michigan home care workers, why do you think the SEIU now
1. Assume that the 4.1 million fast-food workers joined a union, but a large fraction of them preferred maximizing wages for a limited number of members while the remainder wished to maximize member
Why does marginal factor cost increase as a monopsonistic firm utilizes more labor but remain unchanged as a perfectly competitive firm employs additional labor?
Why does a monopsonistic firm pay the last unit of labor that it employs a wage that is less than that unit's marginal revenue product?
1. Why do you suppose that economists often use data on currency use to estimate the overall size of the underground economy? 2. Does the failure of media reports to take into account redistribution
1. Why do you suppose that even many city, county, and state governments have reduced the hours that part-time employees work to fewer than 30 hours per week? 2. Why do you suppose that a private
1. Some critics of the Emissions Trading System have called on EU governments to rescind a large fraction of the carbon emissions permits that they created when the system was first established. How
1. Is the net carbon effect of emissions generated from burning wood in Europe close to zero within Europe? Explain your reasoning. 2. In what way does the utilization of renewable biomass in
A government agency caps aggregate emissions of an air pollutant within its borders, establishes initial pollution allowances across all firms, and grants the firms the right to trade these
Suppose that a new chief of the government agency discussed in Problem 31-7 decides to restrict considerably the extent to which firms in this nation can legally utilize pollution allowances.
1. Why might South American and African growers confront a lower opportunity cost than U.S. growers in producing fresh flowers during early February each year before the U.S. Valentine's Day? 2. Why
1. If trade diversion were the main consequence of the formation of regional trade blocs, would such arrangements contribute to the growth of global trade? Explain your reasoning. 2. Why do "paper
How could multilateral trade agreements established for all nations through the World Trade Organization help to prevent both trade diversion and trade deflection that can occur under regional trade
1. Is the Bank of Egypt's unwillingness to provide dollars for pounds at the official government exchange rate succeeding in fixing the exchange rate at that level? Explain. 2. What is Egypt's
1. What do you suppose has happened to the merchandise trade balances of China and South Korea during the past several years? 2. Why do you suppose that Japan's currency, the yen, recently has
One assumption of the supply and demand model is that all goods bought and sold are identical. Why do you suppose economists commonly make this assumption? Does the supply and demand model lose its
Suppose the demand for towels is given by QD = 100 - 5P, and the supply of towels is given by QS = 10P. a. Derive and graph the inverse supply and inverse demand curves. b. Solve for the equilibrium
Consider the market for van Gogh paintings and assume no forgeries are possible. a. Is the supply of van Gogh paintings somewhat elastic, somewhat inelastic, perfectly elastic, or perfectly
Suppose the demand for down pillows is given by QD = 100 - P, and that the supply of down pillows is given by QS = - 20 + 2P. a. Solve for the equilibrium price. b. Plug the equilibrium price back
Determine the effects of the following events on the price and quantity of beer sold. Assume that beer is a normal good. a. The price of wine, a substitute for beer, decreases. b. The price of pizza,
Suppose that budding economist Buck measures the inverse demand curve for toffee as P = $100 - QD , and the inverse supply curve as P = QS . Buck's economist friend Penny likes to measure everything
Some policy makers have claimed that the U.S. government should purchase illegal drugs, such as cocaine, to increase the price that drug users will face and therefore reduce their consumption. Does
Suppose that a typical consumer has an inverse demand for frog's legs given by the following:P = 3/QD. A graph of that inverse demand curve is given in the figure to the right.Show that the demand
The cross-price elasticity of demand measures the percentage change in the quantity of a good demanded when the price of a different good changes by 1%. The income elasticity of demand measures the
Which of the following cases will result in the largest decrease in equilibrium price? The largest change in equilibrium quantity? Verify your answers by drawing graphs. a. Demand is highly
List the assumptions of the supply and demand model. Then, for each assumption, give one example of a market in which the assumption is satisfied, and one example of a market in which that assumption
The demand for organic carrots is given by the following equation: QOD = 75 - 5 PO + PC + 2I Where PO is the price of organic carrots, PC is the price of conventional carrots, and I is the average
Out of the following events, which are likely to cause the demand for coffee to increase? Explain your answers. a. An increase in the price of tea b. An increase in the price of doughnuts c. A
How is each of the following events likely to shift the supply curve or the demand curve for fast-food hamburgers in the United States? Make sure you indicate which curve (curves) is affected and if
The supply of wheat is given by the following equation:QWS = - 6 + 4 PW - 2 PC - PFWhere QWSis the quantity of wheat supplied, in millions of bushels; PW is the price of wheat per bushel; PC is the
Collectors of vintage lightning rods formerly had to drift from antique store to antique store hoping to find a lightning rod for sale. The invention of the Internet reduced the cost of finding
In March 2002 the retail price of gasoline was $1.19 per gallon - exactly the same as it was in August 1990. Yet, total gasoline production and consumption rose from 6.6 million gallons per week in
When the demand for toilet paper increases, the equilibrium quantity sold increases. Consumers are buying more, and producers are producing more. a. How do producers receive the signal that they need
Black markets are markets where items are sold in violation of government rules and regulations. a. Suppose that the government imposes a $1 per loaf price ceiling on bread, well below its
Advocates of small government complain that two proposed government programs will steal the market from small businesses: One program will foster a major increase in the government production of
In the market for coffee, the elasticity of demand is estimated to be -0.6 and the elasticity of supply is estimated to be 1.2. If the government imposes a $1 tax on each cup of coffee sold, what
A tax increases the price paid by buyers and reduces the price received by sellers; it makes society worse off. In contrast, a subsidy reduces the price paid by buyers and increases the price
Government believes that access to the Internet is essential in today's society, and to bolster access, it is proposing subsidizing the purchase of mobile devices. The inverse demand for mobile
Increases in demand generally result in increases in consumer surplus. But that's not always true. Illustrate a situation in which an increase in demand actually results in a decrease in consumer
Low-skilled workers operate in a competitive market. The labor supply is QS = 10W (where W is the price of labor measured by the hourly wage) and the demand for labor is Q D = 240 - 20W. Q measures
Broccoli is a superfood, and the Surgeon General wants people to eat more of it. "People would eat more broccoli if it didn't cost so much," she says. She proposes placing a $1 per pound price
You know that price ceilings are socially costly in that they create deadweight losses. But they may be costly in other ways, too. Suppose the government imposes a price ceiling of $1 per loaf on
John enjoys ordering out for pizza and renting movies online. He makes $30 each week at a part-time job. If movies cost $2 per rental, and pizza costs $7.50 per slice, graph John's budget constraint.
André gets utility from playing laser tag and reading books. Each week, André spends his entire $100 paycheck on both goods. One hour of laser tag costs $20; a book costs $10. a. Graph
For Maahir, shampoo and conditioner are perfect complements. He likes to use 1 squirt of shampoo and 1 squirt of conditioner each time he washes his hair. a. Draw a set of indifference curves for
Suppose that there are only two goods, books and coffee. Justine gets utility from both books and coffee, but her indifference curves between them are concave rather than convex to the origin. a.
Chrissy spends her income on fishing lures (L) and guitar picks (G). Lures are priced at $2, while a package of guitar picks cost $1. Assume that Chrissy has $30 to spend and her utility function can
A popular cellular telephone provider offers its customers the following pay-as-you-go data plan: The first 4 gigabytes of data cost $10 each; each gigabyte of data after that costs $20. a. Suppose
Cherise considers movies and concerts to be perfect substitutes. When Cherise maximizes her utility, what will optimal bundle of movies and concerts probably look like? Explain your reasoning by
Economist Joel Waldfogel may be America's biggest Grinch. He bemoans what he calls the "deadweight loss of Christmas" created when people give gifts (such as ugly sweaters) the recipients would
Draw two indifference curves for each of the following pairs of goods. Put the quantity of the first good on the horizontal axis and the quantity of the second good on the vertical axis. a. Paul
Suppose John's utility function is 4XY, where X is consumption of beer and Y is consumption of pizza. For this utility function, the marginal utility of X is given by MUx = 4Y; the marginal utility
Show, using indifference curves and budget constraints, that a. All goods can be normal, but b. Not all goods can be inferior.
During the Irish potato famine of the mid-1800s, potato blight caused a massive reduction in the supply of potatoes. The price of potatoes soared to historically unprecedented levels. Use this
Three students have different demands for doughnuts. André's demand is given by Q = 5 - P; Carlene's demand is given by Q = 6 - 2P; Cooper's demand is given by Q = 4 - 0.5P. a. Derive the
Joelle consumes food and clothing. For incomes near her current income, her income expansion path is negatively sloped. Assume that food is measured along the horizontal axis and clothing is measured
Kim's utility function is given by U = XY. For this utility function, MUx = Y and MUy = X. a. If good X costs $6 and good Y costs $3, what share of Kim's utility-maximizing bundle is made up of good
Complete the table below:
Jerusha, a woodworker, builds coffee tables using both labor (L) and tools (capital, or K). Her production function for coffee tables is a Cobb-Douglas production function: Q = 4 K5 L5. a. Can
Abel, Baker, and Charlie all run competing bakeries, where each makes loaves of bread. a. At Abel's bakery, the marginal product of labor is 15 and the average product of labor is 12. Would Abel's
Jing is considering starting a new business selling organic groceries. It would cost her $350,000 a year to rent store space and buy the groceries from a wholesaler, and she would have to quit her
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