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macroeconomics
Exploring Macroeconomics 7th Edition Robert L. Sexton - Solutions
What is producer surplus?
What is producer surplus?
Which of the following are true statements?a. The difference between how much a consumer is willing and able to pay and how much a consumer has to pay for a unit of a good is called consumer surplus.b. An increase in supply will lead to a lower price and an increase in consumer surplus; a decrease
From 1970 to 2013, national defense spending as a fraction of GDP __________________.
The government share of GDP changed __________________ between 1975 and 2013, but its composition has changed __________________.
What is a value-added tax?
What is the benefits-received principle?
What is the ability-to-pay principle?
Indicate which of the following activities create a positive externality, a negative externality, or no externality at all.a. During a live theater performance, an audience member’s cell phone rings loudly.b. You are given a flu shot.c. You purchase and drink a soda during a break from class.d. A
When large numbers of individuals are affected by an external cost, the transaction costs of using voluntary negotiation to internalize it is likely to be ___________________.
Compared to compliance standards, pollution taxes lead to abatement by firms who can do so at the ___________________ cost.
What is moral hazard?
An ideal pollution taxa. does not affect the quantity of the good produced.b. forces a firm to internalize the externality.c. causes a polluting firm to increase production to the socially efficient level of output.d. leads to a reduction in price to the consumer of the polluting firm’s output.
What is a pollution tax?
What is producer surplus?
Why is it so difficult to define a market?
What is a market?
If binding price controls are imposed by the government at levels that are either above or below the equilibrium price, is the quantity of goods bought (and sold) less than the equilibrium quantity?
As the price of oil rises, many may switch to burning natural gas to save money. Can buyers of natural gas expect any surprises?
Hypothetically, suppose a new study reveals that sugar can have “huge” negative health consequences, causing a large decrease in demand. In addition, a slight reduction in the sugar yield occurs because of bad weather in sugarproducing areas. What do you think will happen to the price and
Suppose the demand for gasoline increases because of world economic growth and higher incomes. At the same time, supply decreases because of hostilities in the Middle East and refinery problems. What can we predict would happen to the price and quantity of gasoline?
Suppose the demand for air travel decreases because of air safety concerns. At the same time, the price of jet fuel increases. What do you think will happen to the price and quantity of air travel?
During the second half of the 20th century, demand for chicken increased because of rising income and the purported health benefits. However, as the demand for chicken increased, the price fell. Why? (Hint: Remember it is supply and demand.)
How is it possible that the price of a college education has increased significantly over the past 37 years, yet many more students are attending college? Does this relationship defy the law of demand?
In ski resorts such as Aspen and Sun Valley, hotel prices are higher in February (in-season when more skiers want to ski) than in May (off-season when fewer skiers want to ski). If the May hotel prices were charged in February, what problem would arise? What if we charged February’s price in May?
How do changes in taste affect the demand curve?
How does the number of buyers affect the demand curve?
What are normal and inferior goods?
What are substitutes and complements?
What are the determinants of demand?
What is the difference between a change in demand and a change in quantity demanded?
What is a market demand curve?
What is an individual demand curve?
What is the law of demand?
What is a market supply curve?
What is an individual supply curve?
What is the law of supply?
How do taxes affect the supply curve?
How does technology affect the supply curve?
How does the number of suppliers affect the supply curve?
What are the determinants of supply?
What is the difference between a change in supply and a change in quantity supplied?
What is a surplus?
What is a shortage?
What is the equilibrium quantity?
What is the equilibrium price?
Does the price elasticity of demand vary along a linear demand curve?
What is the relationship between total revenue and the price elasticity of demand?
What is total revenue?
What is the income elasticity of demand?
What is the cross-price elasticity of demand?
How does the relative elasticity of supply and demand determine the tax burden?
How does time affect the supply elasticity?
What is the price elasticity of supply?
In the last half-century, farm prices experienced a steady decline—roughly 2 percent per year. Why?
If both supply curves and demand curves are more elastic in the long run than in the short run, how does the incidence of a tax change from the short run to the long run as a result? What happens to the revenue raised from a given tax over time, ceteris paribus?
Why is an increase in price more likely to decrease the total revenue of a seller in the long run than in the short run?
Using the midpoint formula for calculating the elasticity of supply, if the price of a good rose from $95 to $105, what would be the elasticity of supply if the quantity supplied changed from:a. 38 to 42?b. 78 to 82?c. 54 to 66?
Indicate whether a pair of products are substitutes, complements, or neither based on the following estimates for the cross-price elasticity of demand:a. 0.5.b. 20.5.
Mayor George Henry has a problem. He doesn’t want to anger voters by taxing them because he wants to be reelected, but the town of Gapville needs more revenue for its schools. He has a choice between taxing tickets to professional basketball games or taxing food. If the demand for food is
If taxi fares in a city rise, what will happen to the total revenue received by taxi operators? If the fares charged for subway rides, a substitute for taxi rides, do not change, what will happen to the total revenue earned by the subway as a result?
Isabella always spends $50 on red roses each month and simply adjusts the quantity she purchases as the price changes.What can you say about Isabella’s elasticity of demand for roses?
A movie production company faces a linear demand curve for its film, and it seeks to maximize total revenue from the film’s distribution. At what level should the price be set? Where is demand elastic, inelastic, or unit elastic? Explain.
The Cowtown Hotel is the only first-class hotel in Fort Worth, Texas. The hotel owners hired economics advisors for advice about improving the hotel’s profitability. They suggested the hotel could increase this year’s revenue by raising prices. The owners asked, “Won’t raising prices reduce
Assume the following weekly demand schedule for Sunshine Yogurt in Cloverdale.a. When Sunshine Yogurt lowers its price from $4 to $3, what happens to its total revenue?b. Between a price of $4 and a price of $3, is the demand for Sunshine Yogurt in Cloverdale elastic or inelastic?c. Between a price
If the midpoint on a straight-line demand curve is at a price of $7, what can we say about the elasticity of demand for a price change from $12 to $10? What about from $6 to $4?
Evaluate the following statement: “Along a downward-sloping linear demand curve, the slope and therefore the elasticity of demand are both ‘constant.’”
If the elasticity of demand for hamburgers equals 21.5 and the quantity demanded equals 40,000, predict what will happen to the quantity demanded of hamburgers when the price increases by 10 percent. If the price falls by 5 percent, what will happen?
Why is a more narrowly defined good (pizza) likely to have a greater elasticity of demand than a more broadly defined good (food)?
Explain why using the midpoint formula for calculating the elasticity of demand gives the same result whether price increases or decreases, but using the initial price and quantity instead of the average does not.
Using the midpoint formula for calculating the elasticity of demand, if the price of a good fell from $42 to $38, what would be the elasticity of demand if the quantity demanded changed from:a. 19 to 21?b. 27 to 33?c. 195 to 205?
For each of the following pairs, identify which one is likely to exhibit more elastic demand.a. Shampoo; Paul Mitchell Shampoob. Air travel prompted by an illness in the family; vacation air travelc. Paper clips; an apartment rentald. Prescription heart medication; generic aspirin
The San Francisco Giants want to boost revenues from ticket sales next season. You are hired as an economic consultant and asked to advise the Giants whether to raise or lower ticket prices next year. If the elasticity of demand for Giants game tickets is estimated to be 21.6, what would you
How might your elasticity of demand for copying and binding services vary if your work presentation is next week versus in 2 hours?
In each of the following cases, indicate which good you think has a relatively more price elastic demand and identify the most likely reason, in terms of the determinants of the elasticity of demand (more substitutes, greater share of budget, or more time to adjust).a. Cars or Chevroletsb. Salt or
If demand is relatively _____________________ elastic than supply in the relevant region, the largest portion of a tax is paid by the producer.
The relative _____________________ determines the distribution of the tax burden for a good.
Time is usually critical in supply elasticities because it is _____________________ costly for sellers to bring forth and release products in a shorter period of time.
When supply is inelastic, a 1 percent change in the price of a good will induce a _____________________ 1 percent change in the quantity supplied.
Goods with a supply elasticity that is greater than 1 are called relatively _____________________ in supply.
The price elasticity of supply is defined as the percentage change in the _____________________ divided by the percentage change in _____________________.
The price elasticity of supply measures the sensitivity of the quantity _____________________ to changes in the price of the good.
The income elasticity of demand is defined as the percentage change in the _____________________ by the percentage change in _____________________.
The cross-price elasticity of demand is defined as the percentage change in the _____________________ of good A divided by the percentage change in _____________________ of good B.
When the price falls on the _____________________ half of a straight-line demand curve, demand is relatively _____________________. When the price falls on the lower half of a straight-line demand curve, demand is relatively _____________________.
When demand is price inelastic, total revenues will _____________________ as the price declines because the percentage increase in the _____________________ is less than the percentage reduction in price.
When demand is price elastic, total revenues will _____________________ as the price declines because the percentage increase in the _____________________ is greater than the percentage reduction in price.
The more time that people have to adapt to a new price change, the _____________________ the elasticity of demand. The more time that passes, the more time consumers have to find or develop suitable _____________________ and to plan and implement changes in their patterns of consumption.
The smaller the proportion of income spent on a good, the _____________________ its elasticity of demand.
The elasticity of demand for a Ford automobile would likely be _____________________ elastic than the demand for automobiles because there are more and better substitutes for a certain type of car than for a car itself.
For the most part, the price elasticity of demand depends on the availability of _____________________, the _____________________ spent on the good, and the amount of _____________________ people have to adapt to a price change.
A demand curve or a portion of a demand curve can be relatively _____________________, _____________________, or relatively _____________________.
If the price elasticity of demand is inelastic, it means the quantity demanded changes by a relatively _____________________ amount than the price change.
If the price elasticity of demand is elastic, it means the quantity demanded changes by a relatively _____________________ amount than the price change.
The price elasticity of demand is defined as the percentage change in _____________________ divided by the percentage change in _____________________.
The price elasticity of demand measures the responsiveness of quantity _____________________ to a change in price.
How do the relative elasticities of supply and demand determine who bears the greater burden of a tax?
Why does supply tend to be more elastic in the long run than in the short run?
What does it mean to say the elasticity of supply for one good is greater than that for another?
Which of the following statements is true?a. The price elasticity of supply measures the relative change in the quantity supplied that results from a change in price.b. When supply is relatively elastic, a 10 percent change in price will result in a greater than 10 percent change in quantity
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