Microeconomics 3rd Edition Dean S. Karlan, Jonathan J. Morduch - Solutions

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Identify economic trends that have hurt those with few skills and little education, and at the same time have helped those with more skills and good education.
The following graph shows the market for pollution rights.a. If there are no restrictions on pollution, what amount is discharged?b. What is the quantity supplied and the quantity demanded if the government restricts the amount of discharge to Q* but gives the permits away?c. Where is market
What’s the difference between the median household income and the mean household income?
Although the poverty rate among single mothers has decreased during the last four decades, the number of poor children from such families has more than doubled. Explain.
Which types of discrimination may cause an earnings gap between white and black workers? Consider discrimination in schooling, for example. How would researchers detect racial discrimination in employment and in housing?
What has happened to the percentage of the U.S. population on welfare since 1994? What best explains the change over time?
Firms hurt by lower-cost imports typically argue that restricting trade will save U.S. jobs. What’s wrong with this argument? Are there ever any reasons to support such trade restrictions?
Firms earn economic profit by offering a differentiated product. How does Zara differentiate its clothing?
The Big Mac Index computed by The Economist magazine has consistently found the U.S. dollar to be undervalued against some currencies and overvalued against others. This finding seems to be at odds with the purchasing power parity theory. Explain why this index may not offer a fool-proof test of
It is widely recognized that foreign aid that promotes productivity in developing economies is superior to merely shipping consumer goods like food and clothing to these countries. Yet the latter is the approach frequently taken. Why do you think this is the case?
Which resource suppliers did the worst and which the best as a result of the auto bailout? Why do you suppose one group was favored over another?
In what sense was this spill in the Gulf not an externality? Should the government require deepwater oil companies to spend whatever it takes to reduce the chance of future spills to zero?
List the ill effects that the Great Recession had on high-income households and, therefore, on the economy.
An article on bloomberg.com quoted the Wall Street Journal’s observation that Congress’s use of the sugar quota was an attempt to “save industries afflicted with an extreme form of prolongation of infancy.” The industries being referred to be the U.S. cane sugar and beet sugar industries.a.
An article in the Wall Street Journal notes, “After the Trump administration announced new tariffs on imported washing machines in January, Marc Bitzer, the chief executive of Whirlpool Corp., celebrated his win over South Korean competitors LG Electronics Inc. and Samsung Electronics Co.”a.
With his first paycheck, Hailey decides to buy a car. After spending hours researching the many specifications each car has—from gas mileage to horsepower—she decides to give up trying to find the perfect car based on these metrics and buys the best-looking one on the first lot he visits.
Barry sees a sweater that he likes in a store. The price is $25. Barry wouldn't usually purchase the sweater at this price, but then he notices a sign that says the sweater is marked down from $50 and decides to buy the sweater. Is Barry's decision an example of a commitment device, the endowment
Suppose you have plans to save 5 percent of your salary next year. Then your company goes bankrupt, your pay gets slashed by 20 percent, and you end up not saving at all. Is this an example of time inconsistency? Why or why not?
Is instituting a $100 fine for anyone caught littering a nudge? Why or why not?
Joan loves turning up her electric guitar amp all the way, but her next-door neighbor hates listening to her. How might Joan and her neighbor reach a private solution to their problem? Describe potential problems that might make it hard for a private solution to occur.
A soccer team is voting for a captain based on how many times the captain would have the team practice per week. Table 22P-2 below shows the number of team members in favor of various numbers of practices per week.a. If the team is choosing between three captains—Ainsley, Bailey, and Jenna—can
Which of the following industries do you expect to have high concentration ratios: automobile production, aircraft manufacture, computer and electronics production, pharmaceuticals, production of expensive jewelry?Compare your answers with the data in Table 2. Table 2 Concentration Ratios and
Consider two alternatives for Stromboli in 2018. In case (a), Its inhabitants eat 60 million pizzas and build 6,000 pizza ovens. In case (b), The population eats 15 million pizzas but builds 18,000 ovens. Which case will lead to a more generous production possibilities frontier for Stromboli in
Price decreases from $60 to $50. Demand is ______ and total revenue ______.
If the price of a haircut is $15, the number of haircuts provided is 125. If the price rises to $30 per haircut, barbers will work much longer hours, and the supply of haircuts will increase to 200. What is the price elasticity of supply for haircuts between $15 and $30?
Table 7P-1 shows the total utility that Han gets from ice cream, for each quantity he consumes. Fill in the third column showing the marginal utility he gets from each additional scoop. Scoops of ice cream 2 3 4 5 Total utility 12 19 23 25 25 Marginal utility of the last scoop eaten
Sangjay is a professional photographer. His camera is broken, and he needs a new one within the next hour, or he will miss an important deadline. Keiko is a high-school student who doesn’t have a camera but wants to get one to take pictures at her prom next month. Who do you think would have a
Maheet has $40 to spend at an amusement park. The roller coaster costs $10 per ride. Given the information about Maheet’s utility in Table 7Q-2, explain why he chooses to ride only three times. Roller-coaster rides 1 2 3 4 Total utility 20 35 45 40
Simon spends $300 a month on voice lessons and dance lessons. He just learned that starting next month his favorite dance instructor is moving out of town and the monthly rent for his apartment is increasing. How will each of these events affect Simon’s budget constraint for voice and dance
Every year, Antoni hosts a holiday party for his friends. His party budget is $200. Antoni spends his budget on food platters that cost $25 each and on entertainment, which costs $50 per hour.a. Graph Antoni’s budget constraint for food and entertainment.b. To reward his loyal business, the
Sierrah spends her monthly entertainment budget on books and movies. Sierrah’s initial utility-maximizing combination of books and movies is five movies and two books a month. Assume the price of books falls. Sierrah’s new utility-maximizing combination of books and movies is five movies and
Davin spends his money on baseball games and concert tickets. Baseball tickets cost $15, and concert tickets cost $25. His entertainment budget is $150.a. Draw Davin's budget constraint, putting baseball tickets on the x-axis.b. Davin decides to attend three concerts and five baseball games. Plot
Laurel's utility is influenced by reciprocity. She is likely to respond to a surprisingly generous birthday gift from her best friend in what way?a. Not giving her friend a birthday gift at all.b. Giving her friend the birthday gift she had originally planned to give.c. Giving her friend a more
You just spent $40 on a new movie for your collection. You would have preferred the director’s cut but discovered when you got home that you bought the theatrical version. The store you bought the movie from has an “all sales final” policy, but you could resell the movie online for $25. The
Suppose you’re bowling with friends. You’ve already played one game and are trying to decide whether to play another. Each game costs $7 per person, plus a one-time rental fee of $5 for the bowling shoes. It would take another hour to play the next game, which would make you late to work.
Isaiah received a gift certificate that covers three salsa dance lessons. After the first lesson, Isaiah decided that he doesn’t like salsa, yet he still plans to go the next lesson because it doesn’t cost him anything. Evaluate Isaiah’s logic.
During a holiday party at work, you pay $5 to buy a raffle ticket for a 128-gigabyte iPad. You win the drawing. Based on a little research online, you discover that the going rate for a hardly used 128-gigabyte iPad is $300.a. What was the opportunity cost of acquiring the iPad?b. What is the
You are saving for a trip to Europe. You have an existing savings account that earns 2 percent interest and has a current balance of $4,200. You don’t want to use your current savings for the vacation, so you decide to borrow the $1,500 you need for travel expenses. You will repay the loan in
Suppose you have accumulated a credit card balance of $800, at an annual interest rate of 10 percent. You are also planning to open a new savings account that accumulates interest at an annual rate of 1 percent. You just got your paycheck and have $300 that you can use either to pay down your debt
You like your job, but your boss gives lousy bonuses. You were recently offered a new job with better rewards, and your friend wants to know if you intend to take it. You say, “It depends on whether the bonus this year is generous. Let’s wait and see. We’ll find out next week.” Explain why
In a town with exactly 1,000 residents,60 percent of the residents make healthy choices, and 40 percent of the residents consistently make unhealthy choices. The health insurance company in town cannot tell, in advance, who is healthy and who is unhealthy. A healthy person has an average of $600 in
Zach wants to signal his devotion to Emily. He has $75 and is considering a bracelet for Emily or a tattoo for himself of her name. Which is the more effective signal?
Your bank offers 4 percent annual interest on savings deposits. If you deposit $580 today, how much interest will you have earned at the end of one year?
You have $325, which a friend would like to borrow. If you don’t lend it to your friend, you could invest it in an opportunity that would pay out $376 at the end of the year. What annual interest rate should your friend offer you to make you indifferent between these two options?
Cameron has a choice between $100 today and $150 in three months. Zari has a choice between $100 today and $125 in three months. Cameron chooses $100 today. Zari chooses $125 in three months. Explain why Zari is the one who delays payment even though Cameron stands to earn more by waiting.
Suppose you run up a debt of $400 on a credit card that charges an annual rate of 12 percent, compounded annually. How much will you owe at the end of two years? Assume no additional charges or payments are made.
Julia had two options when buying car insurance. The expected value of her wealth would be higher with Option A, but Julia chose Option B. From the list below, what can we assume about these policies and Julia’s willingness to take on risk? Check all that apply.a. Option B was riskier.b. Option A
Matek pays $1,200 for an insurance policy with an expected value of $1,000. Explain why this is a rational choice for Matek.

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Microeconomics 3rd Edition Dean S. Karlan, Jonathan J. Morduch - Solutions

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