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microeconomics

Questions and Answers of Microeconomics

The accompanying table shows the Herfindahl–Hirschman Index (HHI) for the restaurant, cereal, movie studio, and laundry detergent industries as well as the advertising expenditures of the top 10
Before the existence of food-delivery companies UberEats, Grubhub, DoorDash, and Postmates, many students who attended college in small towns faced a pizza dilemma.While up late studying, hungry
Have you ever wondered why there are so many mattress stores? There is no question that we value a good night’s rest and are willing to spend countless dollars on finding the perfect mattress.
To recline or not to recline? In early 2020, a passenger on an American Airlines flight was caught on video continuously punching the back of the seat in front of him, in which another passenger sat
The Global Carbon Project brings together the international science community to “establish a common and mutually agreed knowledge base to support policy debate and action to slow down and
In developing a vaccine for the COVID-19 virus, a pharmaceutical company incurs a very high fixed cost. The marginal cost of delivering the vaccine to patients, however, is negligible (consider it to
Americans have become passionate consumers of the Asian hot sauce Sriracha. Sriracha is produced by Huy Fong Foods in Irwindale, California. Each year the company processes over 100 million pounds of
In this question you are going to explore the trends in income inequality across countries. Go to the World Inequality Database, wid.world and select “Country Graphs.” Open up the data for
Using the World Inequality Database, wid.world, from the previous question select the data for the United States. In the upper left corner of the page is an option to “select a subregion” or
A recent feature in the New York Times, “How Working-Class Life Is Killing Americans, in Charts,” shows a substantial increase in the Deaths of Despair, deaths from drugs, alcohol, and suicide.
The accompanying table contains data on the U.S. economy for the years 1983 and 2019. The second column shows the poverty threshold. The third column shows the consumer price index (CPI), a measure
The accompanying table presents data from the U.S.Census Bureau on median and mean income of male workers for the years 1972 and 2018. The income figures are adjusted to eliminate the effect of
The accompanying table shows data on the total number of people in the United States and the number of all people who were uninsured, for selected years from 2005 to 2017.It also shows data on the
The American National Election Studies conducts periodic research on the opinions of U.S. voters. The accompanying table shows the percentage of people, in selected years from 1952 to 2016, who
The market for school teachers appears to be very competitive, but similar to nursing, many cities have only a few employers. Most regions have one or two school districts that employ the majority of
The OECD (Organization for Economic Cooperation and Development) presents average wage data across developed countries. The database also includes data on the gender wage gap and share of low- and
A recent study by economists at Northwestern University and UCLA researched the wage and employment effects of economic consolidation in the hospital industry across the United States. The authors
In 2019, national income in the United States was $18,155.2 billion. In the same year, 152 million workers were employed, at an average wage, including benefits, of$75,138 per worker per year.a. How
A New York Times article observed that the wage of farmworkers in Mexico was $11 an hour but the wage of immigrant Mexican farmworkers in California was $9 an hour.a. Assume that the output sells for
Insurance companies are using technology to learn more about their customer’s behavior. Explain how each of the following devices reduces the adverse selection problem.Which customers are most
Many star college athletes are faced with the difficult decision of going pro and earning millions or choosing to stay in school to complete their degree. What are the financial risks faced by the
According to the FBI’s Uniform Crime Reports, approximately 1 in 365 cars was stolen in the United States in 2018. Beth owns a car worth $20,000 and is considering purchasing an insurance policy to
LifeStrategy Conservative Growth and Small Cap Growth are two portfolios constructed and managed by the Vanguard Group of mutual funds, comprised of stocks of conservatively managed U.S. companies
In each of the following, what is the mistake that underlies the statement? Explain the mistake in terms of supply and demand and the factors that influence them.a. Consumers are illogical because
In 2018 the price of oil fell to a 14-year low. For drivers, the cost of driving fell significantly as gasoline prices plunged.For the airline industry, the cost of operation also fell significantly
Assume that due to a decrease in demand, the average domestic airline fare decreased from $375 in the third quarter of 2019 to $360 in the fourth quarter of the same year, a decrease of $15. The
During the summer of 2019 Hurricane Dorian, considered to be the most intense hurricane in history, languished off the coast of Florida before weakening and making landfall in North Carolina. While
In the early 1990s, the Chrysler Corporation released the best-selling SUV, the Jeep Grand Cherokee. At the time of release, the Grand Cherokee came in three different models, each model offering
For the last 85 years the U.S. government has used price supports to provide income assistance to American farmers. To implement these price supports, at times the government has used price floors,
At the present level of consumption, 4,000 movie tickets, and at the current price, $10 per ticket, the price elasticity of demand for movie tickets is 1. Using the midpoint method, calculate the
After Charlotte’s income increased from $12,000 to $18,000 a year, her purchases of movie downloads increased from 10 to 40 downloads a year. Calculate Charlotte’s income elasticity of demand for
You recently came across the following headlines:i. “Private schools cut tuition and fail to reach enrollment goals”ii. “University of California raises tuition on out-of-state students, still
You and your classmate were discussing some recent observations on your college campus. Using the concepts of elasticity, how would you explain each of these situations:i. Textbook prices at the
In the United States, 2018 was a bad year for growing wheat. And as wheat supply decreased, the price of wheat rose dramatically, leading to a lower quantity demanded (a movement along the demand
The U.S. government is considering reducing the amount of carbon dioxide that firms are allowed to produce by issuing a limited number of tradable allowances for carbon dioxide(CO ) emissions. In a
Access the Discovering Data exercise for Chapter 7 Problem 9 online to answer the following questions.a. Which source of government revenue is the largest?How have revenue sources changed over
In 2017, the United States imposed a tariff on steel imports from a number of countries. Steel is an input in a large number and variety of U.S. industries. Explain why political lobbying to
Evaluate the following statement: is it true, false, or uncertain? “The United States can produce more tomatoes and avocados compared to Mexico, therefore there is no need for the United States to
The Observatory of Economic Complexity (OEC) is a data visualization that models international trade data among countries. Go to the website at atlas.media.mit.edu to answer the following
Access the Discovering Data exercise for Chapter 8 Problem 13 online to answer the following questions.a. Rank the states in order of exports to China. Rank in order of most to fewest exports.b.
The accompanying diagram illustrates the U.S. domestic demand curve and domestic supply curve for beef.The world price of beef is PW. The United States currently imposes an import tariff on beef, so
Assume Saudi Arabia and the United States face the production possibilities for oil and cars shown in the accompanying table.a. What is the opportunity cost of producing a car in Saudi Arabia? In the
Marisol and Logan run a furniture-refinishing business from their home. Which of the following represent an explicit cost of the business and which represent an implicit cost?a. Supplies such as
Assume that Adam has a third alternative to consider: entering a two-year apprenticeship program for skilled machinists that would, upon completion, make him a licensed machinist.During the
Suppose you have three alternatives — A, B, and C — and you can undertake only one of them. In comparing A versus B, you find that B has an economic profit and A yields an economic loss. But in
For each of the “how much” decisions listed in Table 9-3, describe the nature of the marginal cost and of the marginal benefit.
Suppose that Alexa’s school charges a fixed fee of $70,000 for four years of schooling. If Alexa drops out before she finishes those four years, she still has to pay the $70,000. Alexa’s total
You have decided to go into the ice-cream business and have bought a used ice-cream truck for $8,000. Now you are reconsidering. What is your sunk cost in the following scenarios?a. The truck cannot
You have gone through two years of medical school but are suddenly wondering whether you would be happier as a musician. Which of the following statements are potentially valid arguments and which
Which of the types of irrational behavior are suggested by the following events?a. Although the housing market has fallen and Jenny wants to move, she refuses to sell her house for any amount less
How would you determine whether a decision you made was rational or irrational?
A study on student loan default rates by the Brookings Institute found an interesting correlation. Generally students that needed to borrow more money to attend a four-year institution were less
Discuss how each of the following statements represent framing bias:i. Financial advisors will provide guidance on retirement and savings options for a small fee. They often promote their investing
You and your roommate are in a dilemma. You are both taking economics and accounting and have an economics exam tomorrow afternoon. You’re worried that you won’t have enough study time and are
Paige delivers pizza using her own car, and she is paid according to the number of pizzas she delivers. The accompanying table shows Paige’s total benefit and total cost when she works a specific
In each of the following examples, explain whether the decision is rational or irrational. Describe the type of behavior exhibited.a. Madison likes to give her best friend Mikayla gift cards that
You and your roommate both enjoy Blue Bunny cookie dough ice cream. At the campus store you can buy a pint of ice cream for $3. In your last visit to the store, you noticed Blue Bunny ice cream was
Many colleges offer on-campus meal plans that allow students to purchase a set number of meals per week; the meals are nonrefundable. Most students purchase a meal plan that allows students to eat 20
The Japanese Ministry of Internal Affairs and Communications collects data on the prices of goods and services in the Ku-area of Tokyo, as well as data on the average Japanese household’s monthly
Explain how each of the following illustrates one of the four principles of individual choice.a. You are on your third trip to a restaurant’s all-you-can-eat dessert buffet and are feeling very
Explain how each of the following illustrates one of the four principles of interaction.a. At a college tutoring co-op, students can arrange to provide tutoring in subjects they are good in (like
In each of the following situations, identify which of the 11 principles is at work.a. You choose to purchase your textbooks online rather than pay a higher price for the same books through your
Tim Geithner, a former U.S. Treasury secretary, has said,“The recession that began in late 2007 was extraordinarily severe. But the actions we took at its height to stimulate the economy helped
Explain how the marginal rate of substitution changes as an allergy sufferer increases the consumption of Sudafed.Sudafed, used by allergy sufferers, contains as the active ingredient
a. If Jim changes the quantities that he buys, will he buy more or fewer muffins and more or less coffee?b. When the prices change, will there be an income effect, a substitution effect, or both at
Why do all three types of firms survive and in which sectors is each type most prominent?
Is our economy competitive? Is it becoming more competitive or less competitive?
Calculate Lee’s opportunity cost of production and his economic profit.Lee is a computer programmer who earned $35,000 in 2009. But on January 1, 2010, Lee opened a body board manufacturing
Lee’s accountant recorded the depreciation on his cottage during 2010 as $7,000. According to the accountant, what profit did Lee make?Lee is a computer programmer who earned $35,000 in 2009. But
In 2009, Toni taught music and earned $20,000.She also earned $4,000 by renting out her basement.On January 1, 2010, she quit teaching, stopped renting out her basement, and began to use it as the
Which of the following news items involves a short-run decision and which involves a long-run decision? Explain.January 31, 2008: Starbucks will open 75 more stores abroad than originally predicted,
Grain Prices Go the Way of the Oil Price Every morning millions of Americans confront the latest trend in commodities markets at their kitchen table. Rising prices for crops have begun to drive up
Explain what might be the source of the diseconomies of scale that ProPainters experiences.The table shows the production function of Bonnie’s Balloon Rides. Bonnie’s pays $500 a day for each
What is the elasticity of demand for Lin’s fortune cookies and how does it differ from the elasticity of the market demand for fortune cookies?Lin’s makes fortune cookies that are identical to
If in the long run, the market demand for paper remains the same as in Problem 8,a. What is the long-run equilibrium price of paper, the market output, and the economic profit or loss of each firm?b.
Explain and illustrate graphically how the diaper service market has been affected by the decrease in the North American birth rate and the development of disposable diapers.
Not only has scouring the Web for the best possible price become standard protocol before buying a big-ticket item, but more consumers are employing creative strategies for scoring hot deals.
In Problem 24, under what conditions will Delta Truss exit the market?Problem 24Delta Truss in Cadillac [Michigan] is shutting down and temporarily discontinuing truss production.Workers fear this
After you have studied Reading Between the Lines on pp. 292–293 answer the following questions.a. What are the features of the global market for corn that make it competitive?b. If the increase in
How does advertising influence demand?
In the long run, how does the number of firms producing running shoes change?Use the following figure, which shows the situation facing a producer of running shoes, to work Problems 5 to 10. Price
List three main reasons why governments exist.
How do taxes help us to cope with external costs? At what level must a pollution tax be set to be efficient?
How do emission charges and marketable pollution permits work?
Congress plans to make large polluters, such as oil refiners and automobile manufacturers, and makers of cement, aluminum, glass and paper, start tracking their emissions next year. The EPA’s
Half of the respondents polled in 10 cities said that traffic congestion increased their stress levels and cut their productivity. IBM has been devising ways for cities to cut traffic congestion,
A consortium of Hong Kong investors and Donald J. Trump are selling a stretch of riverfront land and three buildings on the Upper West Side for about $1.8 billion in the largest residential sale in
It’s hard to put a price on happiness, but if you’ve ever had to choose between a job you like and a better-paying one that you like less, you’d like to know what job satisfaction is worth.John
From 1970 to 2009 did the distribution of income become more equal or more unequal?How did the richest quintile’s share change? FIGURE 19.5 The U.S. Gini Ratio: 1970-2009 Gini ratio 0.48 0.46 0.44.
What are the main characteristics of people who earn large incomes and who earn small incomes?
Draw a scatter diagram of the inflation rate and the interest rate. Describe the relationship.Use the following spreadsheet to work Problems 1 to 3. The spreadsheet provides data on the U.S.
Draw a scatter diagram of the growth rate and the unemployment rate. Describe the relationship.Use the following spreadsheet to work Problems 1 to 3. The spreadsheet provides data on the U.S.
Draw a scatter diagram of the interest rate and the unemployment rate. Describe the relationship.Use the following spreadsheet to work Problems 1 to 3. The spreadsheet provides data on the U.S.
Draw a graph of the relationship between the revenue per theater on the y-axis and the number of theaters on the x-axis. Describe the relationship.Use the following news clip to work Problems 4 to
Calculate the slope of the relationship between 4,060 and 2,673 theaters.Use the following news clip to work Problems 4 to 6.Clash of the Titans Tops Box Office With Sales of $61.2 Million: Movie
Calculate the slope of the relationship between 2,155 and 4,060 theaters.Use the following news clip to work Problems 4 to 6.Clash of the Titans Tops Box Office With Sales of $61.2 Million: Movie
Explain why the United States does not produce tea and instead imports it from India.Americans are switching to loose-leaf tea for its health benefits. Tea could be grown in the United States, but
In what did the South have a comparative advantage?Before the Civil War, the South traded with the North and with England. The South sold cotton and bought manufactured goods and food. During the
Nevada has plenty of jobs for the over 50s and its elderly population is growing faster than that in other states.Explain how grannies have influenced:a. The demand in some Las Vegas markets.b. The
a. How would you expect the price of a used Toshiba player on eBay to change? Will the price change result from a change in demand, supply, or both, and in which directions?b. How would you expect

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