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intermediate microeconomics
Microeconomics Canada In The Global Environment 11th Edition Michael Parkin, Robin Bade - Solutions
The HHI for automobiles is 2,350, for sporting goods it is 161, for batteries it is 2,883, and for jewellery it is 81. Which of these markets is an example of monopolistic competition?
Which of the following items are sold by firms in monopolistic competition? Explain your selection. Orange juice Canned soup Tablet computers Chewing gum Breakfast cereals Corn
Suppose that Roots' marginal cost of a jacket is a constant $100 and the total fixed cost at one of its stores is $2,000 a day. This store sells 20 jackets a day, which is its profit-maximizing number of jackets. Then the stores nearby start to advertise their jackets. The Roots store now spends
Is the market for running shoes efficient or incf- ficient in the long run? Explain your answer.
Does Flight have excess capacity in the long run? If it has excess capacity in the long run, why doesn't it decrease its plant size?
In the long run, how does Flight change its price and the quantity it produces? What happens to the market output of running shoes?
What quantity docs Flight produce, what price does it charge, and what is its economic profit?
a. Do you expect other firms to enter the Web sweatshirt business and compete with Sara?b. What happens to the demand for Sara's sweat- shirts in the long run? What happens to Sara's economic profit in the long run?
Calculate Sara's profit-maximizing output, price, and economic profit.
Calculate Prue's profit-maximizing quantity and price.
How does a firm in monopolistic competition decide how much to produce and at what price offer its product for sale? to
Explain how a firm in monopolistic competition determines its price and output in the short run and the long run
Define and identify monopolistic competition and other market structures
Intel Says It Sold Its Modem Business to Apple at a "Multi-Billion Dollar Loss" Because Qualcomm "Strangled Competition" Intel, Qualcomm's chief rival in modem chips, sold the components to Apple for the iPhone. But Apple signed a chip supply agreement with Qualcomm in May. Hours later, Intel said
After you have studied Economics in the News on pp. 298-299, answer the following questions.a. Operating as a single-price monopoly, does Cineplex achieve an efficient outcome?b. If the Canadian cinema market had been perfectly competitive, how different would the consumer surplus have been-larger,
Rupert Murdoch's News Corp Wants Austra- lia to Break Up Google Rupert Murdoch's News Corp says that Google uses its market power to the detriment of con- sumers, advertisers and news publishers. Last year, the Australian Competition and Consumer Commission recommended greater scrutiny and
How Much Does It Cost to Take Public Transit in Toronto? The price of a TTC day pass is $12.50. A weekly pass with unlimited travel is $43,75 for adults and $34.75 for seniors and students. Source: Tripsavvy, September 3, 2019a. Explain why the TTC's fare structure is an example of price
If the newspaper market in Problem 17 were perfectly competitive, what would be the quan- tity, price, consumer surplus, and producer sur plus? Mark each on the graph. 20. Samsung and Huawei Drop Lawsuits in Latest Smartphone Truce Huawei and Samsung have filed more than 40 lawsuits against each
Show on the graph in Problem 17 the consumer surplus from newspapers and the deadweight loss created by the monopoly. Explain why this market might encourage rent seeking
The figure illustrates the situation facing the publisher of the only newspaper containing local news in an isolated community.a. On the graph, mark the profit-maximizing quantity and price and the publisher's total revenue per dayb. At the price charged, is the demand for this newspaper elastic or
If, instead of taxing Hot Air's profit, the govern ment imposes a sales tax on balloon rides of $30 a ride, what are the new profit-maximizing quan- tity, price, and economic profit?
If the government imposes a tax on Hot Air's profit, how do its output and price change?
In which of the seven cases might monopoly arise?
Regulated to be efficient?
Regulated to make zero economic profit?
An unregulated profit-maximizing firm?
La Bella Pizza can produce a pizza for a marginal cost of $2. Its price of a pizza is $15.a. Could La Bella Pizza make a larger economic profit by offering a second pizza for $5? Use a graph to illustrate your answer.b. How might La Bella Pizza make even more economic profit? Would it then be more
a. Use a graph to illustrate the producer surplus generated from Minnie's Mineral Springs' water production and consumption.b. Is Minnie's an efficient producer of water? Explain your answer.c. Suppose that new wells were discovered nearby to Minnie's and Minnie's faced com- petition from new
Calculate Minnie's profit-maximizing output and price and economic profit.
At what price is Minnie's total revenue maxi- mized and over what price range is the demand. for water elastic? Why will Minnie not produce a quantity at which the market demand is inelastic?
Calculate Minnie's marginal revenue schedule and draw a graph of the market demand curve and Minnie's marginal revenue curve. Explain why Minnie's marginal revenue is less than the price.
Canada Post has a monopoly on residential mail delivery, Union Gas is the only supplier of gas to households in Northern Ontario, and the CN Tower's Edge Walk is the sole provider of 360 degree views of Toronto Are any of these firms protected by a barrier to entry? Do any of these firms produce a
If Tanya's Tattoos can perfectly price discrimi nate, what is its profit-maximizing quantity? What are its economic profit and producer surplus?
If Tanya's Tattoos is a single-price monopoly, what is Tanya's profit-maximizing quantity? What price does Tanya's charge? What are its economic profit and producer surplus?
Compare the performance and efficiency of single- price monopoly and competition
Explain how monopoly arises
After you have studied Enamics in the News on pp. 272-273, answer the following questions. What are the features of the market for hand sanitizer that make it competitive?b. Why is it likely that the hand sanitizer mar- ket was in long-run equilibrium before the COVID-19 pandemic started?e. Does
In a perfectly competitive market, each firm maximizes its profit by choosing only the quan- tity to produce and, regardless of whether the firm makes an economic profit or incurs an economic loss, the short-run equilibrium is efficient. Is the statement true? Explain why or why not. Economics in
Grocery Stores Turn to Robots During the Coronavirus Local grocers and big chains are deploying robots to clean floors, stock shelves, and deliver grocer ies to shoppers during the coronavirus. Walmart will have self-driving robots, robots that scan shelf inventory, and robots that scan boxes as
GM Rejects Effort to Save Factory in Can- ada, Cutting 2,500 Jobs GM announced on Nov. 26 that it planned to close its assembly plant in Oshawa by the end of 2019, eliminating about 2,500 jobs. The Oshawa plant makes the Chevrolet Impala and Cadillac XTS, some of the traditional cars GM is elimi-
In Problem 15, under what conditions would Westjet exit the market for international flights? Explain your answer.
In Problem 14, do firms enter or exit the market for smoothies in the long run? What is the market price and the equilibrium quantity in the long run?
Corn Prices Fall Back to 2016 Levels as COVID-19 Lockdowns Cut Ethanol Demand Corn prices could drop to their lowest levels in more than a decade as weakness in demand for gasoline pushes the cost of ethanol toward record lows. Most gasoline has 10% ethanol con tent, and ethanol is commonly made
WestJet to Lay Off 3,000 More Employees as Demand for Service Craters Calgary-based WestJet says a further 3,000 of its workers will be laid off in May as demand for flights craters amidst the COVID-19 pandemic. WestJet has also suspended transborder and international flights until June 4. Source:
The market for smoothies is perfectly competi tive. The table in the next column sets out the market demand schedule.s. What is the market price of a smoothie?b. What is the market quantity of smoothies?c. How many smoothies does each firm sell?d. What is the economic profit made or economic loss
The figure shows the costs of Seaclusion, one of many shops located along the beach. In perfect competition in long-run equilibrium, can consumer surplus or producer surplus be increased? Explain your answer.Quantity beach balls per day! If the market price of a beach ball is $10, calculate
Why does a gas station have so little control over the price of the gasoline it sells? The Firm's Output Decision
Describe the elasticity of demand for gas in your town.
Describe the market for gasoline in your town. What determines the price of gasoline and the marginal revenue from gasoline?
If the market demand for paper remains the same as in Problem 6, calculate the market price, market output, and the economic profit or loss of each firm. Competition and Efficiency (Study Plan 11.6)
The market for paper is perfectly competitive and 1,000 firms produce paper. The table sets out the market demand schedule for paper.The table in the next column sets out the costs of cach producer of paper. Calculate the market price, the market output, the quantity produced by each firm, and the
Derive Pat's supply curve.
Calculate Pat's profit-maximizing output and eco- nomic profit if the market price is (i) $14 a pizza, (1) $12 a pizza, and (iii) $10 a pizza.
What is the firm's shutdown point?
In perfect competition, when market demand decreases, explain how the price of the good and the output and profit of each firm change in the short run.
a. On Bonnie's LRAC curve, what is the average cost of producing 15 rides and 18 rides a day?b. Explain how Bonnie's uses its long-run aver- age cost curve to decide how many balloons to rent Economics in the News
a. On Jackie's LRIC curve, what is the average cost of producing 40, 75, and 85 rides a week?b. What is Jackie's minimum efficient scale?c. Does Jackie's production function feature economies of scale or diseconomies of scale?
Use graphs to show the connections between Suc's AP MP AVC, and MC curves.
Calculate average total cost, average fixed cost, average variable cost, and marginal cost of each output in the table and plot these cost curves.
Explain how it is possible for a firm to experience simultaneously an increasing arenge product but a diminishing marginal product.
Over what output range does Sue's Surfboards:a. Enjoy the benefits of increased specialization and the division of labour?b. Experience diminishing marginal product of labour?
Calculate the marginal product of labour and draw the marginal product curve.
IKEA Closing All of Its 'Pick-Up-Point' Stores in Ontario As IKEA shuts all its pick-up-point stores across Ontario, about 150 employees will lose their jobs, but IKEA will try to find new jobs for each and every employee in its remaining Canada locations. Source: che.ca, January 13, 2020 Which of
Joe, who has no skills, no job experience, and no alternative job, runs a shoeshine stand. Other shoeshine operators earn $10,000 a year. Joe pays rent of $2,000 a year, and his total revenue is $15,000 a year. Joe spent $1,000 on equipment and used his credit card to buy it. The interest on a
Does the law of diminishing returns apply to capital as well as labour? Explain why or why not.
Why do accountants and economists calculate a firm's costs and profit in different ways?
Explain and derive a firm's long-run average cost curve
Explain and derive a firm's short-run cost curves
Explain and illustrate a firm's short-run product curves
If Amy's income increases to $24 a week and the prices of coffee and cake remain unchanged, describe the change in her budget line. 19. If the price of cake doubles while the price of cof- fee remains at $4 a cup and Amy's income remains at $20, describe the change in her budget line.
a. According to the news clip, is second-hand clothing a normal good or an inferior good? If the price of second-hand clothing fulls and income remains the same, explain how the quantity of second-hand clothing bought changes.b. Describe the substitution effect and the income effect that occur.
Calculate Sara's real income in terms of smoothies. Calculate her real income in terms of popcom. What is the relative price of smoothies in terms of pop- com? What is the opportunity cost of a smoothie?
Is Wendy better off this week than last week? Explain.
Does Wendy buy 10 sugary drinks and 4 smooth- ies this week? Explain.
What was Wendy's drinks budget last week and what is it this week?
What does a household's budget line show?
Use indifference curves to map preferences and explain the principle of diminishing marginal rate of substitution
Describe a household's budget line and show how it changes when prices or income change
Money Can Actually Buy Some Happiness. But How Much? Social scientists have been looking into the money-happiness relationship for a long time. Shigehiro Oishi, a professor at the University of Virginia says that income and happiness correla- tions are stronger among the poor than among the rich. A
These Running Shoes Just Became the Most Expensive Trainers in the World On July 23, a pair of one of the rarest and most coveted running shoes became the most expen- sive trainers ever sold. The final sale price? A whopping $437,500. What made these shoes so valuable was their history: There were
After you have studied Economics in the News (pp. 198-199), answer the following questions. If Rogers, Bell, and Telus lower their prices by 25 percenta. How will Jason's marginal utility per dollar from data services change before he responds to the price change?b. How will his marginal utility
What conflict might exist between a person's valuation of his or her own life and the rest of society's valuation of that person's life?
Ben spends $50 a year on 2 bunches of flowers and $50 a year on 10,000 litres of tap water. Ben is maximizing utility and his marginal utility from water is 0.5 unit per litre.a. Are flowers or water more valuable to Ben?b. Explain how Ben's expenditure on flowers and water illustrates the paradox
Explain how Cindy's demand for golf changed when the price of an hour of tennis increased from $5 to $10 in Problem 20. What is Cindy's cross clasticity of demand for golf with respect to the price of tennis? Are tennis and golf sub- stitutes or complements for Cindy?
Use the information in Problem 20 to draw Cindy's demand curve for tennis. Over the price range of $5 to $10 an hour of tennis, is Cindy's demand for tennis clastic or inclastic?
a. How many hours of golf and how many hours of tennis does Cindy play to maximize her utility?b. Compared to part (a), if Cindy spent a dollar more on golf and a dollar less on tennis, by how much would her total utility change?c. Compared to part (a), if Cindy spent a dollar less on golf and a
Tim buys 2 pizzas and sees1 movie a week when he has $16 to spend, the price of a movie ticket is $8, and a pizza is $4. Draw Tim's budget line. If the price of a movie ticket falls to $4, describe how Tim's consump tion possibilities change.
What conflict might exist between utility maxi- mization and consuming "unlimited popcom, peanuts, and soda"? What feature of the mar- ginal utility from ballpark food enables the Pirates to make this offer?
If Max's income rises from $35 to $55 a day, how does his demand for windsurfing change? Is windsurfing a normal good? Explain.
How does Max's demand for snorkelling equip ment change when the price of windsurfing equipment falls? What is Max's cross elasticity of demand for snorkelling with respect to the price of windsurfing? Are windsurfing and snorkelling substitutes or complements for Max?
Draw Max's demand curve for rented windsurf- ing equipment. Over the price range $5 to $10 an hour, is Max's demand elastic or inelastic?
If the price of renting windsurfing equipment is cut to $5 an hour, how many hours a day does Max spend on each activity?
a. To maximize his utility, how many hours a day does Max spend on each activity?b. If Max spent a dollar more on windsurfing and a dollar less on snorkelling than in part (a), how would his total utility change?e. If Max spent a dollar less on windsurfing and a dollar more on snorkelling than in
Which does Max enjoy more: his 6th hour of windsurfing or his 6th hour of snorkelling? Utility-Maximizing Choice (Study Plan 8.2) Use the data in Problem to work Problems .
Calculate Max's marginal utility from snorkelling at each number of hours per day. Does Max's marginal utility from snorkelling obey the prin- ciple of diminishing marginal utility?
Total utility from windsurfing Total utility from snorkelling
How do Jerry's consumption possibilities change if, other things remaining the same, () the price of berries falls and (ii) Jerry's income increases? Use the following data to work Problems . Max has $35 a day to spend on windsurfing and snor- kelling and he can spend as much time as he likes doing
Describe some new ways of explaining consumer choices
Explain the marginal utility theory of consumer choice
Got Trade? Dairy Farmers Stand to Gain From the USMCA Under NAFTA, US. dairy farmers were left behind because Canada restricted how much US. milk it imports. Under the USMCA, US. dairy farmers will be able to sell three times as much to Canadian markets as they could before. Canada has agreed to
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