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intermediate microeconomics
Microeconomics Canada In The Global Environment 11th Edition Michael Parkin, Robin Bade - Solutions
Construct the market supply schedule of rides.
What is the marginal social cost of 45 rides a day?
Which owner has the largest producer surplus- when the price of a ride is $17.50? Explain.
At the Stratford Festival Theatre no reservations are accepted on the day of the performance; at matinees reservations are accepted; at opening night performances reservations are essential. Describe the method of allocating seats in these three performances. Why do you think the Stratford Festival
Explain why the allocation method used by each restaurant in Problem 1 is fair or not fair. 10.In the Worked Problem (p. 126), how can the 50 bottles available be allocated to beach-goers? Would the possible methods be fair or unfair?
a. What is the marginal social cost when the total number of rides is 30?b. What is the marginal cost for each supplier when the total number of rides is 30 and how many rides does each seller supply?
a. Construct the market supply schedule.b. What are the minimum prices that Xavier, Yasmin, and Zack are willing to accept to supply 20 rides? Why?
What is each traveller's consumer surplus when the price is $4 a kilometre? What is the market con- sumer surplus when the price is $4 a kilometre? Use the following data to work Problems 5 to 7. The table in the next column gives the supply sched- ules of the only sellers of hot air balloon rides:
a. What is the marginal social benefit when the total distance travelled is 60 kilometres?b. When the total distance travelled is 60 kilo- metres, how many kilometres does each travel and what is their marginal private benefit?
a. Construct the market demand schedule.b. What is the maximum price that each traveller is willing to pay to travel 20 kilometres? Why?
At Le Crocodile, a restaurant in Vancouver, res- ervations are essential. At Cibo, a restaurant in downtown Vancouver, reservations are recom- mended. At Vij's, a restaurant near the University of British Columbia, reservations are not accepted. Describe the method of allocating scarce table
What is deadweight loss? Calculate it if factories produce only 50 bottles of sunscreen.
Is the market for sunscreen efficient? Why?
At the market equilibrium, calculate: (a) consumer surplus and (b) producer surplus.
What are the obstacles to achieving an efficient allocation of resources in the market economy?
What is the relationship between marginal cost, minimum supply-price, and supply?
What is producer surplus? How is it measured?1 What is the relationship between marginal ben- efit, value, and demand?
What is the relationship between marginal cost, minimum supply-price, and supply?
What is the relationship between marginal ben- efit, value, and demand?
Explain the main ideas about fairness and evaluate claims that markets result in unfair outcomes
Explain the conditions under which markets are efficient and inefficient
Explain the connection between demand and marginal benefit and define consumer surplus; and explain the connection between supply and marginal cost and define producer surplus
Oil Prices Dive as Saudi Arabia Takes Aim at Russian Production Saudi Arabia has cut its price by 10 percent in retaliation for Russia's refusal to join the Organi- zation of the Petroleum Exporting Countries in a large production cut last month. Falling prices are a huge problem for Saudi Arabia
Disney Plus Is Finally Coming To Canada This Fall And It's Way Cheaper Than Netflix Step aside, Netflix, Disney Plus Canada is about to arrive. Canadians are sure to love Disney Plus not only for its programming variety, but also because it's cheap. Canadians will pay $8.99 a month to gain complete
After you have studied Economics in the News on pp. 102-103, answer the following questions.a. Why does the information in the news article enable us to estimate the short-run clasticity of supply and not the momentary or long-run elasticities?b. Would you expect the momentary elasticity of supply
Sask. Canola Producers Seek China Resolu- tion as Seeding Begins A new report from Statistics Canada says con- cerns over access to the Chinese market could lead to less canola being seeded by Saskatchewan this year. The per-bushel price for canola has gone down to around $9.50 from $10.50.
If a 5 percent fall in the price of chocolate sauce increases the quantity demanded of chocolate sauce by 10 percent and increases the quantity of ice cream demanded by 15 percent, calculate the:a. Price elasticity of demand for chocolate sauce.b. Describe the cross elasticity of demand for ice
Why Lipstick Isn't as Useful as an Economic Barometer as It Used to Be The "lipstick index" is a term coined by former Este Lauder chairman Leonard Lauder, who saw women use lipstick in place of costlier cos- metics following the bursting of the dot-com bubble. The lipstick index's reliability is
When Alex's income was $3,000, he bought 4 bagels and 12 donuts a month. Now his income is $5,000 and he buys 8 bagels and 6 donuts a month. Calculate Alex's income elas- ticity of demand for (a) bagels and (b) donuts.
If Uber decreases public transit ridership, is the cross elasticity of demand for Uber rides with respect to the price of public transit rides posi- tive or negative? Explain your answer.
Are Uber rides and transit rides complements or substitutes? Explain your answer.
Average Movie Ticket Rises to $9.26 in the Sec- ond Quarter The average price of a movie ticket rose to $9.26 in the second quarter of 2019, up from $9.01 during the first three months of the year. Admis- sions dipped 2.5 percent. Source: The Hollywood Reporter, July 18, 2019.a. Use the information
Your price elasticity of demand for bananas is 4. If the price of bananas rises by 5 percent, what is:a. The percentage change in the quantity of bananas you buy?b. The change in your expenditure on bananas?
At $250 a chip, is the demand for chips elastic or inelastic? Use the total revenue test to answer this question.
At an average price of $350, is the demand for chips elastic, inelastic, or unit elastic? Use the total revenue test to answer this question.
to 14. The demand schedule for computer chips is: 12a. What happens to total revenue if the price falls from $400 to $350 a chip and from $350 to $300 a chip?b. At what price is total revenue at a maximum?
The figure shows the demand for coffee.Coffee (cups per day)a. Calculate the elasticity of demand when the price of coffee rises from $3 to $5 a cup.b. At what price is the elasticity of demand for coffee equal to 1? Use the following table to work Problems
With higher fuel costs, airlines raised their average fare from 75 to $1.25 per passenger kilometre and the number of passenger kilometres decreased from 2.5 million a day to 1.5 million a day.a. What is the price elasticity of demand for air travel over this price range?b. Describe the demand for
If a rise in the price of sushi from 98 to $1.02 a piece decreases the quantity of soy sauce demanded from 101 units to 99 units an hour and decreases the quantity of sushi demanded by 1 percent an hour, calculate the:a. Price elasticity of demand for sushi.b. Cross clasticity of demand for soy
If a 12 percent rise in the price of orange juice decreases the quantity of orange juice demanded by 22 percent and increases the quantity of apple juice demanded by 14 percent, calculate thea. Price elasticity of demand for orange juice.b. Cross clasticity of demand for apple juice with respect
When Judy's income increased from $130 to $170 a week, she increased her demand for concert tickets by 15 percent and decreased her demand for bus rides by 10 percent. Calculate Judy's income elasticity of demand for (a) con- cert tickets and (b) bus rides.
In 2015, an outbreak of Avian Flu (bird flu) decreased the quantity of eggs produced by 18 percent. A shortage of eggs was avoided by a rise in their wholesale price from $1.34 to $2.40 per dozen.a. If the demand for eggs didn't change, what is your estimate of the price elasticity of demand for
The figure shows the demand for pens.Calculate the elasticity of demand when the price rises from $4 to $6 a pen. Over what price range is the demand for pens elastic?
The demand schedule for hotel rooms is:a. What happens to total revenue when the price falls from $400 to $250 a room per night and from $250 to $200 a room per night?b. Is the demand for hotel rooms elastic, inelas- or unit clastic? tic,
If the quantity of dental services demanded increases by 10 percent when the price of dental services falls by 10 percent, is the demand for dental services inelastic, elastic, or unit elastic?
Rain spoils the strawberry crop, the price rises from $4 to $6 a box, and the quantity demanded decreases from 1,000 to 600 boxes a week.a. Calculate the price elasticity of demand over this price range.b. Describe the demand for strawberries.
Calculate the cross elasticity of demand for muf- fins with respect to the price of a smoothie.
Is the demand for smoothies elastic or inelastic?
Calculate the price elasticity of demand for smoothies.
Calculate the percentage change in the price of a smoothie and the percentage change in the quan- tity demanded of smoothies.
How does the time frame over which a sup- ply decision is made influence the elasticity of supply? Explain your answer.
Provide examples of goods or services whose elasticities of supply are (a) zero, (b) greater than zero but less than infinity, and (c) infinity.
What are the main influences on the elasticity of supply that make the supply of some goods elastic and the supply of other goods inelastic?
Why do we need a units-free measure of the responsiveness of the quantity supplied of a good or service to a change in its price?
What makes the demand for some goods clastic and the demand for other goods inelastic?
Why do we need a units-free measure of the responsiveness of the quantity demanded of a good or service to a change in its price?
Define, calculate, and explain the factors that influence the elasticity of supply
Define, calculate, and explain the factors that influence the income elasticity of demand and the cross elasticity of demand
Define, calculate, and explain the factors that influence the price elasticity of demand
employees, but the work slowly dried up as the price of mass-produced leather jackets dropped and at the same time, labour costs increased. Source: Vancouver Sun, December 29, 2016 Explain the effects in the dry-cleaning market ofa. Rising labour costs.b. A drop in the price of mass-produced
Last Suede, Leather Dry Cleaner Closing In the 1980s and 1990s, East Vancouver's Ace of Suedes had
Vietnam's Coffee Growers Face Profit Squeeze from Bumper Crop Faced with falling coffee prices, Vietnam's coffee producers are diversifying into more profitable crops such as pepper and avovados. Source: Financial Times, August 21, 2018a. Explain how the world market for coffee changes as
Craft Beer Boom Brews a Resurgence in Quebec Hops Virtually extinct in Quebec for decades, hop culture is returning to local farms spurred by the increasing popularity of local craft beers. After a global shortage of hops in 2010, Quebec growers got back into hops. Source: cbc.ca, July 24, 2018
If the virus in Problem 22 hits just as the new dip in Problem 21 comes to the market, how do the equilibrium price and quantity of chips change?
In Problem 20, if a virus destroys potato crops and the quantity of potato chips produced decreases by 40 million bags a week at each price, how does the supply of chips change?
In Problem 20, a new dip increases the quantity of potato chips that people want to buy by 30 million bags per week at each price.a. Does the demand for chips change? Does the supply of chips change? Describe the change.b. How does the market equilibrium change?
The demand and supply schedules for potato chips are: Price Quantity demanded Quantity supplied (cents per bag) (millions of bags per week) 50 160 130 60 150 140 70 140 150 8 130 160 90 120 170 100 110 180a. Draw a graph of the potato chip market and mark in the equilibrium price and
Improved Technology Saves Maple Syrup Producers Time Improved technology could keep maple sugar- ers from working late at night. The new machine removes more water and leaves a concentrated sap that takes half the time to boil into syrup. Source: Canadian Press, February 26, 2017 Will the new
Classify the following pairs of goods and ser- vices as substitutes in production, complements in production, or neither.a. Bottled water and health club membershipsb. French fries and baked potatoesc. Leather boots and leather shoesd. Hybrids and SUVse. Diet Coke and regular Coke
Think about the demand for the three game consoles: Xbox Series X, PlayStation 5, and Nintendo Switch. Explain the effect of each of the following events on the demand for Xbox Series X games and the quantity demanded of Xbox Series X games, other things remaining the same. The events are:a. The
The money price of a textbook is $120 and the money price of the Nintendo Switch game Super Mario Party is $80.a. What is the opportunity cost of a textbook in terms of the Nintendo Switch game?b. What is the relative price of the Nintendo Switch game in terms of textbooks?
Dismal Weather Destroys 45% of Sugar Beet Harvest in Southern Alberta Alberta's sugar beet harvest has been called off, leaving 45 per cent of the crop in the ground and making this the worst harvest in decades. Severe snow and frost severely damaged the beet crop beyond saving, Source: cbc.ca,
In Problem 7, a fire destroys some factories that produce gum and the quantity of gum supplied decreases by 40 million packs a week at each price.a. Explain what happens in the market for gum and draw a graph to illustrate the changes.b. Suppose that at the same time as the fire, the teenage
In 2016, the price of corn fell and some corn farmers switched from growing corn in 2017 to growing soybeans.a. Does this fact illustrate the law of demand or the law of supply? Explain your answer.b. Why would a corn farmer grow soybeans?
What is the market equilibrium? 4. Rose sellers know that Mother's Day is next week- end and they expect the price to be higher, so they withhold 60 roses from the market this 1 In April 2020, the money price of a litre of milk was $1.45 and the money price of a litre of gaso- line was $0.90.
If the price of a rose is $9, describe the situa- tion in the rose market. Explain how the price adjusts.
If the price of a rose is $6, describe the situation in the rose market. Explain how the price adjusts.
Any two of the events in questions 1 and 2 occur together? (Draw the diagrams!)
Is it because the demand for cocoa changed or the supply changed, and in which direction?
What does the data table tell us? Why did the price of cocoa increase?
List all the influences on selling plans, and for cach influence, say whether it changes supply.
Use the demand and supply model to make predictions about changes in prices and quantities
Disney Hopes Wall Street Bets on New Global Streaming Service Walt Disney Co. unveiled details of a family- friendly streaming service on Thursday with TV shows and movies from some of the world's most popular entertainment franchises. Disney says its new streaming service, Disney Plus, will cost
After you have studied Economics in the News on pp. 50-51, answer the following questions.a. How does the deal between B.C. and the Fort Nelson First Nation change the Fort Nelson economy's PPF in 2021?b. How would a technological advance in geo- thermal energy production change the Fort Nelson
On a graph of the circular flows in the market economy, indicate the real and money flows in which the following items belonga. You buy an iPad from the Apple Store.b. Apple Inc. pays the designers of the iPad.c. Apple Inc. decides to expand and rents an adjacent buildingd. You buy a new e-book
Sketch SpaceX's PPF for trips to the Inter- national Space Station and other goods and ser- vices and show its planned production in 2021.
What is the opportunity cost of creating the technology for trips to the International Space Station?
Capital accumulation and technological change bring economic growth: Production that was unattainable yesterday becomes attainable today; production that is unattainable today will become attainable tomorrow. Why doesn't eco- nomic growth bring an end to scarcity? Use the following data to work
Tony and Patty produce skis and snowboards. The tables show their production possibilities. Each week, Tony produces 5 snowboards and 40 skis; Patty produces 10 snowboards and 5 skis. Tony's Production Possibilities Snowboards Skis (units per week) (units per week) 10 285050 and 0 and 10 and and
a. Draw a graph of Kim's PPF and Liam's PPF and show the point at which each produces when each spends 30 minutes of each hour producing pies and 30 minutes producing cakes.b. On your graph, show what Kim produces and what Liam produces when they specialize.c. When they specialize and trade, what
a. Calculate Kim's opportunity cost of producing a pie and Liam's opportunity cost of produc- ing a pie.b. If each spends 30 minutes of each hour pro- ducing pies and 30 minutes producing cakes, how many pies and cakes does each produce?c. Who has a comparative advantage in produc- ing (1) pics and
Make a graph with the percentage of malaria cases eliminated on the x-axis and the marginal cost and marginal benefit of driving down malaria cases on the y-axis. On your graph: Draw curves to show the marginal cost and the marginal benefit of malaria eradication. (ii) Identify the quantity of
and 17. Defeat Malaria in a Generation-Here's How The world could be free of malaria within a generation, a major report says. Malaria eradication within a generation is ambitious, achievable, and necessary. The report estimates around $4.3bn is spent on malaria every year. But it would need a
Hudson's Bay Closing Brick-and-Mortar Stores As more people choose online shopping, the Bay has been closing brick-and-mortar stores. Source: National Post, September 13, 2019a. Draw the PPF curves for brick-and mortar retailers and online retailers before and after the Internet became available.b.
The table describes the preferences in Yucatan. Sunscreen Willingness to pay (kilograms of food per litre) (litres per day) 25 75 125 2a. What is the marginal benefit of sunscreen and how is it measured?b. Using the table in Problem 11, what does Yucatan produce to achieve allocative efficiency?
In Problem 11, what is the marginal cost of 1 kilogram of food in Yucatan when the quantity produced is 150 kilograms per day? What is spe- cial about the marginal cost of food in Yucatan?
a. Draw a graph of Yucatan's PPF and explain how your graph illustrates a tradeoff.b. If Yucatan produces 150 kilograms of food per month, how much sunscreen must it pro- duce if it achieves production efficiency?c. What is Yucatan's opportunity cost of produc- ing 1 kilogram of food and (ii) 1
For 50 years, Cuba has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated.a. Why would you expect Cuba's production pos- sibilities (per person) to be smaller than those of Canada?b. What are the social institutions that Cuba might
A farm grows wheat and produces pork. The mar- ginal cost of producing each of these products increases as more of it is produced.a. Make a graph that illustrates the farm's PPF.b. The farm adopts a new technology that allows it to use fewer resources to fatten pigs. On your graph, sketch the
Suppose that Tessa buys a new machine that enables her to make 20 jackets an hour. (She can still make only 80 caps per hour.)a. Who now has a comparative advantage in pro- ducing jackets?b. Can Sue and Tessa still gain from trade?c. Would Sue and Tessa still be willing to trade 1 jacket for 15
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