Microeconomics Canada In The Global Environment 11th Edition Michael Parkin, Robin Bade - Solutions

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2.14 More on expected value Because the expected value concept plays an important role in many economic theories, it may be useful to sum marise a few more properties of this statistical measure.Throughout this problem, x is assumed to be a continuous random variable with PDF f (x).a.(Jensen’s
2.13 taylor approximations Taylor’s theorem shows that any function can be approx imated in the vicinity of any convenient point by a series of terms involving the function and its derivatives. Here we look at some applications of the theorem for functions of one and two variables.a.Any
2.12 Proof of the envelope theorem in constrained optimisation problems Because we use the envelope theorem in constrained optim isation problems often in the text, proving this theorem in a simple case may help develop some intuition. Thus, sup pose we wish to maximise a function of two variables
2.11 the power function A function we will encounter often is the power function:y = xδ, where 0 ≤ δ ≤ 1 (at times we will also examine this func tion for cases where δ can be negative, too, in which case we will use the form y = xδ/δ to ensure that the derivatives have the proper
2.10 the Cobb–Douglas function The Cobb–Douglas function can be described:y = (x1)α(x2)β, where α and β are positive constants that are each less than 1.a.Show that this function is quasi-concave by applying Equation 2.114.b.c.Show that the Cobb–Douglas function is quasi concave by
2.9 Concave and quasi-concave functions Show that if f (x1, x2) is a concave function then it is also a quasi-concave function. Do this by compar ing Equation 2.114 (defining quasi-concavity) with Equation 2.98 (defining concavity). Is the converse of the statement true? Are quasi-concave functions
2.8 Suppose that a firm has a marginal cost function given by MC(q) = q + 1.a.What is this irm’s total cost function? Explain why total costs are known only up to a constant of integration, which represents ixed costs.b.c.d.If a irm is a price (p) taker it will produce that output for which p =
2.7 Determine the value of t if the goal is to maximise V for any given value of x.Is there a value of x that maximises the volume of water that can be stored?Suppose that a civil engineer is constrained to use only 1 000 000 square metres of steel sheet to construct a water reservoir. This
2.6 Use your answer to part (a) to describe how maximum height changes as the parameter g changes.Use the envelope theorem to answer part (b)directly.On the Earth gravity varies somewhat around the globe. If the irst of two locations had gravitational constant of 32 and the second has a gravity of
2.5 The height of a bullet that is fired straight up into the air with a certain force is a function of the time (t ) from which it is released given by f (t ) = −gt2 + 80t (where g is a con stant determined by gravity).a.How does the value of t at which the height of the bullet is at a maximum
2.4 The dual problem to the one described in Problem 2.3 is minimize x + y subject to xy = 0.25.various ways of differentiating integrals play an impor tant role in the theory of optimising behaviour.● Many economic problems are dynamic in that decisions at one date affect decisions and outcomes
2.3 Suppose that f (x, y) = xy. Find the maximum value for f if x and y are constrained to sum to 1. Solve this problem in two ways: by substitution and by using the Lagrange multiplier method.
2.2 Evaluate these partial derivatives at x = 1, y = 2.Write the total differential for U.Calculate dy/dx for dU = 0 — that is, what is the implied trade-off between x and y holding U constant?Show U = 22 when x = 1, y = 2.Suppose a firm’s total revenues depend on the amount produced (q)
2.1 Suppose U(x, y) = 6x2 + 4y2.a.Calculate �U/�x,�U/�y.b.c.d.e.
It Would Take a Typical Worker 169 Years to Amass a CEO's Salary A typical CEO at one of the biggest US com- panies earned $12.3 million last year. It would take two lifetimes for the typical employee to earn what their CEO did in one year. Lisa Su of Advanced Micro Devices, who carned $58.5
Here's Where Canadians Are Finding Well- Paying Jobs in the Trades Thousands of Canadians are finding jobs in the trades. Canada must attract 167,739 new apprentices over the next five years to keep pace with current demand. A well-paying job in the trades requires apprenticeship and certifi-
to draw Canada's Lorenz curve before the pandemic and to demic changed the Lorenz curve.c. Thinking about how taxes are used to lessen the degree of economic inequality in Canada, what might the government do to lessen the impact of the pandemic on low-income families?
After you have studied Ensias in the News on pp. 440-441, answer the following questions.a. What are the labour market data that show the COVID-19 pandemic to have increased economic inequality in Canada?b. Use the data in Table
Explain what the information provided in the news dip implies about the effects of income redistribution policies on the income gap between the richest and poorest Canadians 19. How would you expect the information in the news clip, other things remaining the same, to influence Canada's income
Describe the effects of increasing the amount of income redistribution in Canada so that the lowest quintile receives 15 percent of total income and the highest quintile receives 30 per- cent of total income. Use the following news clip to work Problems 18 and 19. Redistribution and Innovation
The Wage Gap Is Shrinking In 2018, women earned $0.87 for every dollar men earned and the wage gap was 13.3 percent, down from 18.8 percent in 1998. Source: cbc.ca, October 7, 20191a. Explain why women carn less than men and why the gender wage gap has shrunk.b. Draw a graph to show why
Lebounds of hours per day Some other workers in the same industry are not discriminated against. The value of marginal product of these workers is twice that of the workers who are discriminated against and these workers are willing to supply 2,000 hours per day less than those discrinimated
What are some reasons for the differences in the distribution of income in Australia and in Brazil and South Africa?
Is the Gini ratio for Australia larger or smaller than that for Brazil and South Africa? Explain your answer.
to 13. The table shows shares of income in Australia. Income share [percentage of total) Households Lowest Second 13 Third 18 Fourth 24 Highest 38 11. Draw the Lorenz curve for the income distribu- tion in Australia and in Brazil and South Africa (use the data in Fig 18,7 on p. 430). Is income
a. Which plan will increase economic inequality? Explain why.b. Which plan will reduce economic inequality? Explain why.c. Which plan will have no effect on economic inequality? Explain why.Use the following table to work Problems 10 The table shows the distribution of market income in Canada in
Which plan has a proportional tax? Which has a regressive tax? Which has a progressive tax?
Draw the US. Lorenz curve and compare it with Canada's Lorenz curve in Fig 18.3 on p. 425. In which country is income less equally distributed?
and 5. The table shows the US. and LK, income shares. UK. income (percentage of total) Households U.S. income Lowest 3 Second hest 0 Labour hands of hours per day) The value of marginal product of high-skilled workers is $16 an hour greater than that of low- skilled workers at each quantity of
The table shows after-tax income shares in Canada in 1986. Households After-tax income (quin) (percent of total) Lowest 5.5 Second 11.4 Thind 17.6 Fourth 24.7 40.8 6. The graph shows the market for low-skilled labour Wage rates per hour) 20 16 12 Highest Draw a Lorenz curve for Canada in 1986 and
What is after-tax income? Describe the distribu- tion of after-tax income in Canada in 2018
If the government of South Africa redistributed income so that its distribution matched that of Norway, which quintiles would see their incomes increase and which would decrease?
Is income in Norway distributed more equally or less equally than in South Africa? Explain.
Make a table to show the cumulative percentage of income against the cumulative percentage of households in Norway and find five points on the Lorenz curve for Norway.
What is one of the major welfare challenges today and how is it being tackled in Canada?
What is the big tradeoff? Why does it arise?
Describe the scale of redistribution in Canada.
How do governments in Canada redistribute income?
How can incomes become more unequally distributed within countries and lerr unequally distributed across countries?
Which income distribution is more unequal and why: the income distribution in Canada or in the entire world?
How long does a low-income spell usually last?
What is the low-income cut-off and how does low-income incidence vary across families?
What are the main characteristics of people who earn high incomes and who carn low incomes?
Keshia is opening a new bookkeeping service. She is considering buying or leasing some new laptop computers. The purchase price of a lap top is $1,500 and after three years it is worthless. The annual lease rate is $550 per laptop. The value of marginal product of one laptop is $700 a year. The
New technology has allowed oil to be pumped. from much deeper offshore oil fields than before. For example, 28 deep-ocean rigs operate in the deep waters of the Gulf of Mexicoa. What effect do you think deep-ocean sources have had on the world oil price?b. Who will benefit from drilling for oil in
After you have studied Enomic in the News on pp. 414-415, answer the following questions.a. How is the demand for self-employed drivers determined?b. How is the demand for regular wage- employed taxi drivers determinedc. Which of the influences on the demand for self-employed drivers changed to
U.S.-Based Devon Energy to Sell Oilsands Assets and Leave Canada Devon Energy's decision isn't unexpected con- sidering the falling price of oil. Other foreign companies have also left the oilsands recently Source: cbc.ca, February 20, 2019a. Explain why the demand for land in the oil- sands is
If the market for tea estate workers is competi tive, explain the effect of a union on the wage rate and employment. Draw a graph to illustrate your answer. Capital and Natural Resource Markets
Based upon evidence presented in this news clipy do tea plantations function as a monopsony in labour markets, or is the market for tea estate workers competitive? Explain.
a. Explain how a tea estate workers' union would attempt to counteract the tea plantation's wage offer in a bilateral monopoly.b. Explain how the wage rate would be determined if the market were a bilateral ,
a. Assuming that a tea plantation has market power in a labour market, explain how the tea plantation could use that market power in set- ting wages.b. Draw a graph to illustrate how a tea plantation might use labour market power to set wages.
a. Draw a diagram to illustrate your answer to question 17.b. Explain how the union might be able to raise the wage rate. Use the following news clip to work Problems 1922 A Bitter Brew: For Sri Lanka's Tea Estate Work- ers, Fair Wage Is Still Elusive Sri Lanka's tea estate workers want a daily
Explain reasons for the wage rate differential between what the employer is offering and what the union members want.
If the market wage rate rises, but the price of a milkshake remains at $4, what happens to the value of marginal product of labour? Does Kaiser's employ more workers or fewer workers? Labour Markets 16. Stittsville Plant Turns Attention to COVID-19 Test Kits L-D Tool & Die is helping to meet the
If the price of a milkshake rises, explain how: 2. The marginal product and the value of mar ginal product of labour changeb. Kaiser's demand for labour changes. Will Kaiser hire more workers or fewer workers?
Construct Kaiser's demand for labour curve. Explain how many workers per day Kaiser's hires
Calculate the value of marginal product of labour and draw the value of marginal product of labour curve.
Venus is opening a tennis school. She plans to hire a marketing graduate to promote and man- age the school at $20 an hour. Venus is also considering buying or leasing a new tennis ball machine. The purchase price of the machine is $1,000 and after three years it is worthless. The annual cost of
Ontario Farmland Rental Rates In 2018, cash rent per tillable acre in the prov ince ranged from $50 in Renfrew county to $300 in Huron, Oxford, and Perth counties. Source: farms.com, June 4, 2019a. What determines the rental value of an acre of farmland? In your answer include a discus- sion of the
What actions could Canada's healthcare unions take to make the wage increase permanent? Capital and Natural Resource Markets (Study Plan 17.4)
Were healthcare workers underpaid prior to the COVID-19 pandemic?
Why do unionized healthcare workers earn a higher wage rate than nonunionized healthcare workers?
At Wanda's fish store, packers' wages increase to $11.25 an hour, but the price of fish remains at 50 kilogram.a. What happens to the value of marginal prod- uct of labour?b. What happens to Wanda's demand for labour curve?c. How many students does Wanda's employ? Labour Markets (Study Plan 17.3)
How does Wanda's demand for labour change? What happens to the number of students that Wanda's employs
How does the students' marginal product change? How does the value of marginal product of labour change?
a. Find Wanda's demand for labour curve.b. How many students does Wanda's employ? Use the following additional data to work Problems 4 and 5. The market price of fish falls to 33.33e a kilogram, but the packers' wage rate remains at $8.75 an hour.
Calculate the value of marginal product of labour and draw the value of marginal product curve.
Quantity of fish packed (kilogramm per hour) The fish market is competitive and the price of fish is 50 kilogram. The market for packers is competitive and their marker wage rate is $8.75 an hour.
to f Wanda's is a fish store that hires students to pack the fish. Students can pack the following amounts of fish: Number of students
Tim is opening a new online store. He plans to hire two workers at $10 an hour. Tim is also con- sidening buying of leasing some new computers. The purchase price of a computer is $900 and after three years it is worthless. The annual cost of leasing a computer is $450.a. In which factor markets
What is the effect of a minimum wage law in a monopsony labour market?
What is a monopsony and why is a monopony able to pay a lower wage rate than a firm in a competitive labour market?
How do labour unions influence wage rates?
How are the wage rate and employment deter- mined in a competitive labour market?
What determines the amount of labour that households plan to supply?
What are the influences on the demand for labour?
How is the firm's demand for labour derived from the value of marginal product of labour?
What is the relationship between the value of marginal product of labour and the marginal product of labour?
What is the value of marginal product of labour?
Explain how capital and land rental rates and natural resource prices are determined
Explain how wage rates and employment are determined and how labour unions influence labour markets
Explain how the value of marginal product deter- mines the demand for a factor of production
Describe the anatomy of factor markets
After you have studied Economics in the News on pp. 388-389, answer the following questions.a. What are some of the benefits of research efforts aimed at finding a COVID-19 vaccine?b. What are some of the costs of research efforts aimed at finding a COVID-19 vaccine?c. What determines the efficient
Audit Finds Canada's Fisheries in Decline, Says Response Lacks Urgency An annual audit of Canada's fisheries shows a decline in the number of healthy fish stocks and warns they will continue to suffer without gov- crnment action. Source: globalnews.ca, November 13, 2019a. Explain the tragedy of the
If the village council sets a quots on the total amount of water such that the spring is used effi- ciently, what would be the quota and the market value of the water taken per day?
What is the efficient quantity of water taken and the marginal social cost at the efficient quantity?
What is the quantity of water taken and what is the private cost of the water taken?
If hikers were required to pay a fee to use the Overlander Trail in Jasper National Park,a. Would the use of this common resource be more efficient?b. Would it be even more efficient if the most pop- ular spots along the trail had the highest prices?e. Why do you think we don't see more market
Toronto to Vote on 25 km Cycling Network Expansion Expanding bikeways will help increase mobility options for people as the City starts to reopen and the need for travel increases. Source: cbc.ca, May 28, 2020 How is the efficient quantity of bike lanes deter- mined and how do bike lanes make
Explain how congestion pricing would enable the road infrastructure to be efficiently main- tained. Use a graph to illustrate your analysis.
and 17. How Road Tolls Could Help Ease Canada's Big City Housing Crunch Builders follow roads, and provincial governments rely on fuel taxes to build and maintain the provincial road infrastructure. With improvements in fuel coonomy, there is a shortfall in fuel-tax revenue. Some economists are
Explain why a measles vaccination is not a pub- lic good, but why an efficient outcome can be achieved by making it compulsory and paid for by government. Use the following news clip to work Problems
Explain why a person who has not opted out on medical or religious grounds and refuses to be vaccinated is called a "free rider."
What is the principle of diminishing marginal benefit? Does Sam's, Nick's, or the society's mar-1 ginal benefit diminish faster? Use the following news clip to work Problems 14 and 15, High Rate of Vaccination Refusal at 12 Toronto Alternative Schools Creates Measles Risk A dozen Toronto
a. Is the town's street lighting a private good, a public good, or a common resource?b. Suppose that Sam and Nick are the only resi- dents of the town. Draw a graph to show the marginal social benefit of the town's street lighting
Classify each of the following items as a public good, a private good, a club good, or a common resource and explain your classification. A car licence Tuna in the Pacific Ocean Airline service within Canada A cinema A local storm-water system Public Goods Use the following table to work Problems
Classify each of the following items as exclud- able, nonexcludable, rival, or nonnival and explain your classification. Firefighting service A Starbucks coffee A view of Niagara Falls Jasper National Park A Google search
If the government issues ITQs to individual fishers that limit the total catch to the efficient quantity, what is the market price of an ITQ?
a. With a quota of 40 tonnes a month for the tuna fishing industry, what is the equilibrium price of tuna and the quantity of tuna that fishers catch?b. Is the equilibrium an overfishing equilibrium?

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Microeconomics Canada In The Global Environment 11th Edition Michael Parkin, Robin Bade - Solutions

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