The Micro Economy Today 11th Edition Bradley R Schiller - Solutions

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When you eat out and have $25 to spend, what information do you need to maximize your utility?
If all consumers had identical demand curves, could producers price discriminate? LO5-3
Can you think of any product that violates the law of diminishing marginal utility?
If the marginal utility of pizza never diminished, how many pizzas would you eat?
Why do we feel so good about our purchases?
Between 2000 and 2013, by what percent did federal spending increase(i) in nominal terms?(ii) in real (inflation-adjusted terms)?(b) What percent of nominal total output (GDP) came from federal purchases in(i) 2000?(ii) 2013?
According to the News on page 82, what percentage of income is spent on lottery tickets by(a) A poor family with income of $16,000 per year?(b) An affluent family with income of $35,000 per year?
Assume the market demand for cigarettes is Price per pack $10 $9 $8 $7 $6 $5 $4 $3 Quantity demanded 2 4 6 8 10 12 14 16(million packs per year)(a) If cigarettes are priced at $6 a pack, how many packs will smokers buy?(b) If secondhand smoke creates $2 of harm per pack, what is the optimal rate of
Suppose the following data represent the market demand for college education:Tuition (per year) $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 Enrollment demanded 8 7 6 5 4 3 2 1(in millions per year)(a) If tuition is set at $3,000, how many students will enroll?Now suppose that society
If a new home can be constructed for $150,000, what is the opportunity cost of federal defense spending, measured in terms of private housing? (Assume a defense budget of $700 billion.)
(a) Assuming an 8 percent sales tax is levied on all consumption, complete the following table:Sales Percentage of Income Consumption Tax Income Paid in Taxes$10,000 $11,000 20,000 20,000 40,000 36,000 80,000 60,000(b) Is the sales tax (A) progressive or (B) regressive?
If the average adult produces $20,000 of output per year, how much global output is lost as a result of adult deaths from secondhand smoke, according to the News on page 75? $
In the previous problem’s market equilibrium, what is(a) The market value of the good?(b) The social value of the good?LO4-1 89 PROBLEMS FOR CHAPTER 4 (cont’d) Name:
Assume that the product depicted below generates external costs in consumption of $3 per unit.(a) What is the market price (market value) of the product?(b) Draw the social demand curve.(c) What is the socially optimal output?(d) By how much does the market overproduce this good?LO4-1 LO4-1 LO4-1
Use Figure 4.3 (p. 75) to illustrate on the accompanying production possibilities curve the optimal mix of output (X).Does the optimal mix include (A) more or(B) fewer “other goods”?
In Figure 4.2 (p. 74), by how much is the market(a) Overproducing private goods?(b) Underproducing public goods?
How does XM Satellite deter nonsubscribers from listening to its transmissions? Does this make radio programming a private good or a public good? LO4-1
What is the specific market failure justification for government spending on (a) public universities, (b) health care, (c) trash pickup, (d) highways, (e) police, and( f ) solar energy? Would a purely private economy produce any of these services? LO4-1
Should the firefighters have saved the house in the News on page 73? What was the justification for their belated intervention? LO4-1
If Israel’s “Iron Dome” (World View, p. 72) is so effective, why doesn’t a private company produce it and sell its services directly to consumers? LO4-1
Use the following data to draw supply and demand curves on the accompanying graph.Price $ 8 7 6 5 4 3 2 1 Quantity demanded 2 3 4 5 6 7 8 9 Quantity supplied 10 9 8 7 6 5 4 3(a) What is the equilibrium price?(b) If a minimum price (price floor) of $6 is set,(i) What kind of disequilibrium situation
In Figure 3.8, when a price ceiling of zero is imposed on the organ market, by how much does(a) The quantity of organs demanded increase?(b) The demand increase?(c) The quantity of organs supplied decrease?(d) The supply decrease?
The goal of the price cut described in the News on page 51, was to (select one—enter letter)(A) Increase supply. (C) Increase demand.(B) Increase quantity supplied. (D) Increase quantity demanded.LO3-1 LO3-3 LO3-3 LO3-3 LO3-2 LO3-4 LO3-5 LO3-1 Oil Market QUANTITY (barrels per day)PRICE (per
According to Figure 3.8,(a) How many organs are supplied at a zero price?(b) How many people die in the government-regulated economy?(c) How many people die in the market-driven economy?
Illustrate what’s happening to oil prices in the World View on page 63.(a) Which curve shifted?(b) Which direction did that curve shift(left or right)?(c) Did price (A) increase or (B) decrease?
As a result of the BP oil spill (News, p. 58), which of the following changed in the shrimp market(answer yes or no):(a) Demand?(b) Supply?(c) Price?
Given the following data on gasoline supply and demand,(a) What is the equilibrium price?(b) How large a market shortage would exist if government set a price ceiling of $1 per gallon?Price per gallon $5.00 $4.00 $3.00 $2.00 $1.00 $5.00 $4.00 $3.00 $2.00 $1.00 Quantity demanded (gallons per day)
According to the News on page 61(a) What was the initial price of a ticket to the NCAA finals?(b) At that price was there (A) an equilibrium, (B) a shortage, or (C) a surplus?
The World View on page 63 explains why gasoline prices rose in 2014. What will bring prices down? LO3-4
What would happen in the apple market if the government set a minimum price of $5.00 per apple? What might motivate such a policy? LO3-5
Why are scalpers able to resell tickets to the Final Four basketball games at such high prices (News, p. 61)? LO3-2
What would have happened to shrimp prices and consumption if the government had prohibited price increases after the BP oil spill (see News, p. 58)? LO3-5
With respect to the demand for college enrollment, which of the following would cause (1) a movement along the demand curve or (2) a shift of the demand curve? LO3-4a. An increase in incomes.b. Lower tuition.c. More student loans.d. An increase in textbook prices.
How did Samsung’s unveiling of the Galaxy S5 affect the demand for the S4 (News, p. 51)? What determinant(s)of demand changed? How did Walmart’s price cut compensate? LO3-1
In our story of Tom, the student confronted with a web design assignment, we emphasized the great urgency of his desire for web tutoring. Many people would say that Tom had an “absolute need” for web help and therefore was ready to “pay anything” to get it. If this were true, what shape
Using data from the endpapers, illustrate on the graph below(a) The federal government’s share of the total output.(b) The state/local government’s share of the total output.
Using data from Table 2.1 (p. 34), illustrate on the following graphs real GDP and population growth since 2000 (in the manner of Figure 2.1) for the nations indicated.LO2-4 LO2-1
What is the implied tax rate (i.e., tax 4 average income) on the highest quintile? %9. If 150 million workers produced America’s GDP in 2013 (World View, p. 31), how much output did the average worker produce? $LO2-1 LO2-1 LO2-4 LO2-3 LO2-1 LO2-3 LO2-2 LO2-4 LO2-3 44 PROBLEMS FOR CHAPTER 2
Using the data in Figure 2.3,(a) Compute the average income of U.S. households. $(b) If all incomes were equalized by government taxes and transfer payments, how much would the average household in each income quintile gain (via transfers) or lose (via taxes)?(i) Highest fifth $(ii) Second fifth
U.S. real gross domestic product increased from $10 trillion in 2000 to $15 trillion in 2010.During that same decade the share of manufactured goods (e.g., cars, appliances) fell from 16 percent to 12 percent. What was the dollar value of manufactured output(a) In 2000? $(b) In 2010? $(c) By how
What was U.S. per capita GDP in 2013 (World View, p. 32)? $
If Haiti’s per capita GDP of roughly $1,150 were to DOUBLE every decade (an annual growth rate of 7.2 percent), what would Haiti’s per capita GDP be in 50 years? $
According to Table 2.1 (p. 34), how fast does total output (GDP) have to grow in order to raise per capita GDP in(a) China?(b) Ethiopia?
In 1950, America’s GDP per capita was approximately $15,000 (in today’s dollars). How much higher in percentage terms is(a) America’s GDP per capita in 2013? %(b) America’s 1950 GDP per capita compared to(i) Cuba’s in 2013? %(ii) China’s in 2013? %
In 2013 the world’s total output (real GDP) was roughly $73 trillion. What percent of this total was produced(a) By the three largest economies (World View, p. 31)? %(b) By the three smallest economies in that World View? %(c) How much larger is the U.S. economy than the Ethiopian economy?(times
Suppose there’s a relationship of the following sort between study time and grades:(a) (b) (c) (d) (e)Study time (hours per week) 0 2 6 12 20 Grade point average 0 1.0 2.0 3.0 4.0 If you have only 20 hours per week to use for either study time or fun time,(a) Draw the (linear) production
According to the World View on page 15, which nation has(a) The highest level of faith in the market system?(b) The lowest level of faith in the market system?10. If a person literally had “nothing else to do,”(a) What would be the opportunity cost of doing this homework?(b) What is the
According to Figure 1.4 (reproduced below),(a) At which point(s) is this society producing some of each type of output but still producing inefficiently?(b) At which point(s) is this society producing the most output possible with the available resources and technology?(c) At which point(s) is the
What is the opportunity cost (in civilian output) of a defense buildup that raises military spending from 4.0 to 4.3 percent of an $18 trillion economy?
How many people could have been fed for an entire year at the World Bank standard of $2 per day with that money?
(a) What is the cost of the North Korean 2009 missile launch, according to South Korea (p. 10)?
According to Figure 1.2 (p. 9), how much food production is sacrificed when North Korea moves from point P to point N?
2. (a) Compute the opportunity cost in forgone tanks for each additional truck produced:Truck output 0 1 2 3 4 5 Tank output 5 4.5 3.8 3.0 2.0 0 Opportunity cost 0.8(b) As truck output increases, are opportunity costs (A) increasing, (B) decreasing, or(C) remaining constant?
1. According to Table 1.1 (or Figure 1.1), what is the opportunity cost of the first truck produced?
10. Why might more reliance on markets rather than government be desirable? When and how might it be undesirable?LO1-4
9. What is the connection between North Korea’s missile program and its hunger problem? (World View, p. 10)LO1-1
8. How many resources should we allocate to space exploration?How will we make this decision? LO1-4
7. Why do people around the world have so much faith in free markets (World View, p. 15)? LO1-4
6. Who would go to college in a completely private (market)college system? How does government intervention change this FOR WHOM outcome? LO1-3
5. What are the opportunity costs of developing wind farms to generate “clean” electricity? Should we make the investment? LO1-1
4. How might a nation’s production possibilities be affected by the following? LO1-2a. New solar technology.b. An increase in immigration.c. An increase in military spending.d. An increase in college attendance.
3. What’s the real cost of the food in the “free lunch” cartoon on page 6? LO1-1
2. How much time could you spend on homework in a day?How much do you spend? How do you decide? LO1-1
1. What opportunity costs did you incur in reading this chapter? If you read another chapter today, would your opportunity cost (per chapter) increase? Explain. LO1-1
How much interest accrued each day on the cash payoff of the MegaMillions jackpot? (See Table 31.1.)
Compute the market price of the GM bonds described in Table 31.5 if the yield falls to 20 percent.
According to the data in Table 31.3,(a) How much profit per share did Google earn in 2008? $(b) How much of that profit did it pay out in dividends? $
What is the price of Google stock now? What has caused the change in price since its 2004 IPO at $85 a share?(See News, p 683.) LO3
What considerations might have created the difference between the coupon rate and current yield on GM bonds(Table 31.5)? LO2
If the price of strawberries doubled, how many pickers would be hired at $4 an hour, according to Table 29.1?
(a) Figure 29.8, how many workers are unemployed at the equilibrium wage?(b) How many workers are unemployed at the minimum wage?
According to the News on page 647, what percent of jobs would be lost if the minimum wage were increased to $9.50?
According to the News on page 633, what was the situation in the 2009 NYC labor market?A: labor surplus B: labor shortage C: equilibrium
By what percent did(a) The federal minimum wage increase between July 1990 and July 2008? (See Table 29.2.)(b) Average compensation per hour increase between 1990 and 2008? (See the tables at end of the text.)
(a) How many runs did Manny bat in per game? (See News, p. 643).(b) If his salary were based on RBIs alone, how much would each RBI be worth in a 160-game season?
Why didn’t President Obama set pay limits on baseball players who play in publicly funded stadiums (News, p. 643)? Why did he single out bank executives (News, p. 650? LO2
How do people decide how much time to spend working?
What market failure does Bill Gates (World View, p. 436)cite as the motivation for global philanthropy? LO3
If economic growth reduced poverty but widened inequalities, would it still be desirable? LO3
How do nations expect nationalization of basic industries to foster economic growth? LO3
Why do economists put so much emphasis on entrepreneurship? How can poor nations encourage it? LO3
How might Bolivia match China’s investment rate?(See Table 22.5.) LO2
Would you invest in Cambodia or Kenya on the basis of the information in Figure 22.7? LO3
Can poor nations develop without substantial increases in agricultural productivity? (See Figure 22.4.)How? LO3
How does microfi nance alter prospects for economic growth? The distribution of political power? LO3
Could a nation reorder Rostow’s fi ve stages of development and still grow? Explain. LO3
Identify “inequality traps” that might inhibit economic growth. LO3
How do unequal rights for women affect economic growth? LO3
Are property rights a perquisite for economic growth?Explain. LO3
How do more children per family either restrain or expand income-earning potential? LO3
Why are incomes so much more unequal in poor nations than in developed ones? (See World View, p. 434.) LO1
If a poor nation must choose between building an airport, some schools, or a steel plant, which one should it choose? Why? LO3
Why should Americans care about extreme poverty in Haiti, Ethiopia, or Bangladesh? LO2
How global poverty can be reduced.
Who will gain and who will lose if China revalues the yuan? LO3
Is a stronger dollar good or bad for America?Explain. LO3
In the World View on page 418, who is Farshad Shahabadi referring to as “everyone else”? LO1
Under what conditions would a country welcome a balance-of-payments deficit? When would it not want a deficit? LO3
How would rapid inflation in Canada alter our demand for travel to Canada and for Canadian imports? Does it make any difference whether the exchange rate between Canadian and U.S. dollars is fixed or flexible? LO2
How do changes in the foreign value of the U.S. dollar affect foreign enrollments at U.S. colleges? LO3

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