Questions and Answers of Economics Today The Micro View

Who ultimately funds the information-gathering and decision-making activities of city governments that big data techniques are helping to guide?
Why might we anticipate a bowed shape for the production possibilities curve relating space taken up by a bicycle lane along a street to parking spaces along the street?
As more aerospace firms set up in New Zealand to launch satellites and other payloads beyond the earth’s atmosphere, what is likely to happen to the opportunity cost of larger portions of the
Assume you are hired as part of the management team for a new aerospace company in New Zealand. It, too, wishes to launch satellites along paths very close to those of Rocket Labs. What would you
Why do you suppose that trying to assess the aggregate opportunity cost of all lands devoted to parking would require determining the opportunity costs of parking spaces by all of the owners of those
Assume that you are a homeowner with a parking space. You discover that you can lease the land for $1,000 per year to someone who covets that space. Alternatively, you can build a small basketball
Identify which of the following would generate a decrease in the market demand for e-book readers, which are a normal good. a. An increase in the price of downloadable apps utilized to enhance the
How might the law of demand help to explain why in one recent year, the number of prepared lunches sold by U.S. restaurants dropped by more than 400 million units from the previous year? How might
If a concert violinist perceives that instruments that look very old enhance the experience of ticket-buying crowds, will that violinist be willing to pay more for an older violin?
Why do you suppose that available evidence indicates that charitable organizations are more likely to offer “pay-what-you-want” pricing for items produced or obtained at relatively low cost per
What has happened to the position of China’s market demand curve for coal? Explain briefly.
Once the predicted position of the demand for tourism services has been determined, would an anticipated increase in the incomes of tourists generate a movement along that curve or a shift in the
In what direction has the supply curve in the global jewelry market shifted? Explain briefly.
Once the prices of vegetables stopped rising and reached new market clearing levels, what must have been true of the relationship between quantities demanded and supplied in the affected British
Did the decline in the quality-adjusted price of soup-and-sandwich lunches offered by Panera Bread and other soup-and-salad restaurant chains generate a rightward shift in the demand curve or a
As a future entrepreneur or manager, what lesson can you learn from the actions of this real-world manager?
Why might economists find it harder to determine that the demand for an item has changed because of altered tastes and preferences than because of changes in the prices of substitutes?
Are there alternatives to bottled water that you, as a consumer, can purchase in a supermarket?
In 2019, 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
Why can we anticipate that retailers’ use of more machine learning to monitor consumers’ visits to their websites and competitors’ price adjustments could make prices less “sticky” in the
If some firms were to exit the market for vinyl records, what would happen to the market clearing price and equilibrium quantity? Explain briefly.
Why do you think that a number of people in Gambia and Tanzania are willing to pay to use eWater’s dispensers instead of public pumps available at no charge?
A certain percentage of those studying this textbook will attempt to become actors. You know that you need experience to become successful. How could you react to Los Angeles’ higher minimum wage?
Why do you suppose economists have found that firms sometimes respond to minimum wage requirements to pay higher explicit dollar wages by reducing fringe benefits such as premiums for health
Who unambiguously would have been harmed if the city council’s plan had gone into effect?
Assume that you are the owner of a fast-food restaurant in a city that is going to increase its minimum wage to, say, $20 per hour. What would be some of the ways you could legally react to such a
At some point in our lives, virtually all of us will become consumers of health care services, including the use of prescribed pharmaceuticals. Faced with a shortage of a prescribed drug, what are

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