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microeconomics

Questions and Answers of Microeconomics

Contracting parties to the General Agreement on Tariffs and Trade (1947-94) could use quotas to limit imports of agricultural products from other countries. Under the Uruguay Round (1986-94), import
A government is considering a quota or a tariff, both of which will reduce imports by the same amount. Which does the government prefer, and why? Explain how your answer depends on the way that the
What are the effects in the soybean market of a \(\$ 5\)-per-bushel price support using a deficiency payment on the equilibrium price and quantity, consumer surplus, producer surplus, and deadweight
Economic sanctions are sometimes imposed on one country by another country (or a group of countries) to achieve an economic, political, or social objective. They may take a variety of forms,
What is the effect on the equilibrium, consumer surplus, producer surplus, and welfare if the government sets a price ceiling, \(\bar{p}\), below the unregulated competitive equilibrium price?
Suppose that the demand curve for wheat is \(Q=100-10 p\) and the supply curve is \(Q=10 p\). The government provides producers with a specific subsidy of \(s=1\) per unit.a. How do the equilibrium
Australia has over 500 national parks in which commercial activities are prohibited and human activity is strictly monitored. In the interests of visitor safety or environmental sustainability,
Firms and consumer groups often try to influence government to adopt a policy that favors them. Others who do not support lobbying arguing that, left alone, competitive markets maximize societal
Milk quotas in the European Union were abolished on April 1, 2015. They had been introduced in 1984 under the Common Agricultural Policy to manage excess supply. What are the effects of a limit on
How much would the price have to fall for consumers to be willing to buy 1 million more tons of coffee per month?
How does the quota, \(\bar{Q}\), set by the United States on foreign sugar imports affect the total American supply curve for sugar given the domestic supply curve, \(S^{d}\) in panel a of the graph,
What is the effect of a United States quota on sugar of \(\bar{Q}\) on the equilibrium in the U.S. sugar market?
Suppose everyone receives the same wage in a labor market. What happens to the equilibrium in this market if the government imposes a binding minimum wage, \(\underline{w}\) ?
Suppose that the demand function for lamb in Australia is Q = 63 - 11ρ + 7ρb + 3ρc + 2Υ, where Q is the quantity in million kilograms (kg) of lamb per year, ρ is the dollar price per kg (all
Using the demand function for lamb from Question 1.1, show how the quantity demanded at a given price changes as annual per capita income, Y, increases by AU$200.Data From Question 1.1:-Suppose that
Given the inverse demand function for lamb (Question 1.1) is ρ = 33.64 - 0.09Q, how much would the price have to rise for consumers to want to buy 2 million kg of lamb less per year?Data From
Suppose that the inverse demand function for movies is \(p=120-Q_{1}\) for college students and \(p=120-2 Q_{2}\) for other town residents. What is the town's total demand function
Duffy-Deno (2003) estimated the demand functions for broadband service are \(Q_{s}=15.6 p^{-0.563}\) for small firms and \(Q_{l}=16.0 p^{-0.296}\) for larger ones, where price is in cents per
Based on the estimates of Ghose and Han (2014), the demand function for mobile applications at Apple's App Store is \(Q_{A}=1.4 p^{-2}\) and the demand function at Google Play is \(1.4 p^{-3.7}\),
Suppose that the supply function for lamb in Australia is \(Q=149+8 p-9 p\), where \(Q\) is the quantity in millions of \(\mathrm{kg}\) of lamb per year, and \(p\) and \(p_{s}\) are the prices of
If the supply curve for fertilizer in Jordan is \(Q_{j}=-2+4 p\) and the supply curve for fertilizer in the rest of the world is \(Q_{\text {row }}=25+8 p\), what is the world supply curve?
How would a quota of \(\bar{Q}=6\) million tons set by Iran on foreign wheat imports affect the total Iranian supply curve given the domestic supply curve \(Q_{s}^{d}=5 p-15\) and the foreign supply
A large number of firms are capable of producing chocolate-covered cockroaches. The linear, upward-sloping supply curve starts on the price axis at \(\$ 6\) per box. A few hardy consumers are willing
Suppose the supply function for processing coffee beans from coffee cherries in Mexico is \(Q_{s}=3.15+0.1 p-0.5 p_{c}\) and the demand curve for coffee beans is \(Q_{d}=4.1-0.2 p\), where \(Q_{s}\)
Use a figure to explain the fisher's comment about the effect of a large catch on the market price in the cartoon about catching lobsters near the beginning of Section 2.4. What is the supply
The last major outbreak of mad cow disease in the United Kingdom occurred in the mid 1990s. It is estimated that up to 6 million cows were destroyed at that time in an attempt to control the disease.
Use a supply-and-demand diagram of a competitive market to illustrate the qualitative effects of the following possible shocks in the Italian market for red wine.a. A new research study shows that
Ethanol, a fuel, is made from corn. Ethanol production increased 8.5 times from 2000 to 2015 (www.ethanolrfa.org). Show the effect of this increased use of corn for producing ethanol on the price of
Using the information in Question 3.6, determine how the equilibrium price and quantity of coffee beans change if the price of coffee cherries falls by 25\%.Data From Section 3.6:-Suppose the supply
In 2015, the European Commission proposed giving individual member states the right to ban imports of genetically modified fruits and vegetables even if those products are still permitted at the
There has been a great deal of movement of physicians across borders within the European Union, and this migration has raised concerns about patient safety and quality of care. Some member states
Rent control laws are in place in states such as Maharashtra and Karnataka in India. Such price controls establish the price of rental accommodations and limit annual increases in rent up to a
The tsunamis that hit Japan in 2011 and India and Sri Lanka in 2004 were devastating, and their effects were felt for many years afterward. Natural disasters of this type as well as international
Suppose the Mexican government decides to control the price of coffee beans to support coffee bean producers in that country. It does so by imposing a binding price floor of 7.5 million pesos per
Brazil is one of the world's largest exporters of beef and China is a major purchaser of that beef (an estimated 30\% of China's beef imports in 2016 came from Brazil). However, in March 2017, China,
Question 7.1 asks you to illustrate why an import ban might cause the equilibrium quantity of beef in the domestic market to rise. Depending on how the supply and demand curves shift, could the
The estimated equation for the linear U.S. corn demand curve iswhere \(p\) is the price in dollars per bushel and \(Q\) is the quantity demanded in billion bushels per year. \({ }^{5}\) What is the
What would be the effect of Arctic National Wildlife Refuge production on the world price of oil given that \(=-0.25, \eta=0.25\) (Baumeister and Peersman, 2013), the pre-Arctic National Wildlife
Show mathematically the effects on the equilibrium price and quantity of corn from a specific tax of \(t=\$ 2.40\) collected from suppliers, as illustrated in panel a of Figure 3.6.Figure 3.6:- (a)
If the supply curve is perfectly elastic and the demand curve is downward sloping, what is the effect of a \(\$ 1\) specific tax collected from producers on equilibrium price and quantity, and what
If the short-run supply curve for fresh fruit is perfectly inelastic and the demand curve is a downward-sloping straight line, what is the effect of an ad valorem tax on equilibrium price and
Wong et al. (2013) estimated that the own-price elasticities of demand for lamb, beef, and chicken in Australia are \(-0.71,-0.41\), and -0.28 , respectively. Are the demands for these products
Use calculus to prove that the elasticity of demand is a constant everywhere along the demand curve whose demand function is \(Q=A p\).
The British Broadcasting Corporation (BBC) conducts an annual "Price of Football" study. The 2013 version suggested that an \(11 \%\) increase in the price of football tickets resulted in a drop of
Konovalova and Vidishcheva (2013) report substantial negative (less than -1 ) cross-price elasticities of demand for travel to the United Kingdom and France by both Spanish and Italian tourists. If
The coconut oil demand function (Buschena and Perloff, 1991) isthe price of palm oil in cents per pound, and \(Y\) is the income of consumers. Assume that \(p\) is initially \(45 \phi\) per pound,
Suppose a seller of textile cloth in Egypt wants to raise the price of its product from \(p_{1}=30\) pounds per meter to \(p_{2}=36\) pounds per meter. If it is presently selling \(Q_{1}=2,000\)
Henri Matisse was an innovative and famous French artist of the early 20th century, perhaps best known for his expressive use of color in paintings. Some of his paintings have sold for over \(\$ 20\)
The wine-making industries of the Niagara Peninsula in Ontario, Canada, produce award-winning wines that are attracting global attention. However, it takes at least three years for new vines to
While examining the impact of immigration into the United Kingdom on wages over the period 1992-2014, Nickell and Saleheen (2015) find that a \(10 \%\) rise in immigrants working in semi/unskilled
Australian government legislation defines fuel containing more than \(1 \%\) ethanol as an ethanolblended fuel, but it limits the amount of ethanol in petrol to \(10 \%\). Suppose the demand curve
To make home ownership in India more affordable, the government subsidizes interest rate payments on loans acquired by lower-income, first-time homebuyers. What effect does a per-unit subsidy for
Thermal power generation in Pakistan remains heavily subsidized by the government. These subsidies lower the price consumers pay to substantially less than the cost of producing electricity. What
Essentially none of the savings from removing the federal ad valorem tax were passed on to consumers for motion picture admissions and club dues (Brownlee and Perry, 1967; see Question 4.17). List
Can indifference curves be thick?
Water rationing is common during droughts. In recent years, water quotas have been imposed in areas of California, Texas, Oklahoma, Florida, the U.S. Great Plains, and the U.S. Midwest, as well as in
Is Lisa better off if her income doubles or if the prices of both the goods she buys fall by half?
The concentration of the active ingredient, sodium hypochlorite, in Clorox is twice that of the generic brand. Consequently, Chris views one cup of Clorox to be a perfect substitute for two cups of
The Lorenz curve for Bangladesh looks like this:How much income do individuals in the top income quintile in Bangladesh receive? Cumulative percentage of income 58.7% 37.4 21.3 8.9 20 40 60 80 100%
What would the Lorenz curve for lawyers represent?
Why are we concerned with the distribution of income between whites and blacks, but not between redheads and blondes?
The accompanying table shows income distribution data for three countries:a. Using this information, draw a Lorenz curve for each country.b. Which country has the most equal distribution of income?c.
Should poverty be defined absolutely or relatively?Why?
How does social mobility in the United States compare to that in Britain? Why do you think this is so?
Would the Lorenz curve for the world be more or less bowed out compared to the Lorenz curve for the United States?
How has the median income of women compared to men changed since 1980? What do you think is the cause?
Is the class system in the United States more like a pyramid, diamond, or pentagon? Why is this so?
Why did Bertrand de Juvenal argue for a high level of income inequality?
In what instance would John Rawls support greater income inequality?
In Taxland, the first $10,000 earned per year is exempt from taxation. Between $10,000.01 and $30,000, the tax rate is 25 percent. Between $30,000.01 and $50,000, it’s 30 percent. Above $50,000,
Some economists have proposed making the tax rate progressivity depend on the wage rate rather than the income level. Thus, an individual who works twice as long as another but who receives a lower
In a recent study the top 20 percent of Americans had 49.7 percent of the income before taxes and transfers and 48.3 percent after taxes and transfers. The same figures for the bottom 20 percent were
In 2017 the poverty level for a family of four was $25,283.a. If one-third of the total income of lower-income households is typically used for food, estimate the amount of money per day per person
Say you earn $200, and the government takes $75 from you in taxes to give to someone else.a. How would you feel about that?b. What would that transfer likely do to your incentive to work?c. What
Antipoverty programs in the United States since the mid-1990s have focused on welfare-to-work programs that compel welfare recipients to take paid jobs. Some economists argue that these programs
Some economists argue that a class distinction should be made between managerial decision makers and other workers. Do you agree? Why or why not?
If a garbage collector earns more than an English teacher, does that mean something is wrong with the economy?Why or why not?
List four conditions you believe should hold before you would argue that two individuals should get the same amount of income.a. How would you apply the conditions to your views on welfare?b. How
Is it ever appropriate for society to:Let someone starve?Let someone be homeless?Forbid someone to eat chocolate?
The dissident Russian writer A. Amalrik has written:The Russian people . . . have . . . one idea that appears positive: the idea of justice. . . . In practice, “justice”involves the desire that
If you receive a paycheck, what percentage of it is withheld for taxes? What incentive effect does that have on your decision to work?
“There are lies, damned lies, and statistics. Then, there are annual poverty figures.” Both liberal and conservative economists believe U.S. poverty statistics are suspect.Here are some
In “Why Higher Real Wages May Reduce Altruism for the Poor,” Ball State economist John B. Horowitz considers whether redistribution of income is a public good or a public bad.a. How might income
There are many more poor people in the United States than there are rich people. If the poor wanted to, they could exercise their power to redistribute as much money as they please to themselves.
When drawing a Lorenz curve, what do you put on the two axes?
Is the U.S. definition of poverty an absolute or a relative definition?
How does the income distribution in the United States compare with that in other countries?
How have distributional fights about income changed over time?
Is it self-evident that greater equality of income would make the society a better place to live? Why?
You are dividing a pie among five individuals. What would be a fair distribution of that pie?
When determining the effects of programs that redistribute income, can one reasonably assume that other things will remain constant?
True or false? A progressive tax is preferable to a proportional tax. Why?
True or false? The U.S. Social Security system is only a retirement system.
Why are property rights important in the determination of whether any particular income distribution is fair?
Explain how marginal utility differs from total utility.
According to the principle of diminishing marginal utility, how does marginal utility change as more of a good is consumed? As less of a good is consumed?
Complete the following table of Scout’s utility from drinking cans of soda and answer the questions below.a. At what point does marginal utility begin to fall?b. Will Scout consume the seventh can
What key psychological assumptions do economists make in their theory of individual choice?
The following table gives the price and total utility of three goods: A, B, and C.As closely as possible, determine how much of the three goods you would buy with $20. Explain why you chose what you
The following table gives the marginal utility of John’s consumption of three goods: A, B, and C.a. Good A costs $2 per unit, good B costs $1, and good C costs $3. How many units of each should a

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