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business
microeconomics principles

Questions and Answers of Microeconomics Principles

Figure 14P-1 presents the demand curve, marginal revenue, and marginal costs facing a monopolist producer.a. What is the profit-maximizing level of output?b. What price will the monopolist charge for
Figure 14P-3 presents the demand curve, marginal revenue, marginal costs, and average total costs facing a monopolist producer.a. Plot the profit-maximizing price and quantity on the graph.b. Under
Match the statement about goods sold in a market with the market type.a. There are imperfect substitutes for the goods.b. There are no substitutes for the goods.c. The goods may or may not be
Figure 15P-2 shows the monopolistically competitive market for smartphones.a. Plot the profit-maximizing price and quantity on the graph. Is this producer earning positive or negative profits in the
The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in Figure 15P-4. a. Plot the profit-maximizing price and
Table 15P-1 shows the monthly demand schedule for a good in a duopoly market. The two producers in this market each faces $5,000 of fixed costs per month. There are no marginal costs.a. What is the
For which of the following markets would there be a greater increase in total welfare if government were able to intervene and regulate prices: OPEC or the music industry? Explain your answer.
Suppose you run a business that specializes in producing graphic T-shirts, using labor as an input. Based on Table 16P-2, graph the labor supply and demand curves and identify the market equilibrium
Based on Table 16P-3, indicate what would happen in this labor market at various wage rates by selecting one of the three choices shown for each item.a. At $8/hour: excess labor supply; excess labor
Consider a labor market that traditionally discriminates against hiring women. Suppose a new law effectively prohibits this practice. What would you expect to happen to the wages of men in this
Figure 16P-6 shows a local labor market for mechanics. What are the quantity supplied and quantity demanded when the minimum wage is each of the following:a. $40,000?b. $20,000?c. $60,000Figure
The Coalition of Immokalee Workers (CIW) claims that the going wage for farm labor is exploitative. The CIW supports a minimum wage for farm workers. Explain how the minimum wage would affect a
Suppose Ghana discovers it has lost its comparative advantage in the production of maize. Which of the following could explain the loss of comparative advantage? Check all that apply. a.
Suppose the United States is initially an autarky. Figure 17P-3 shows the domestic market for paper. When the U.S. does not allow trade, the world price is $0.30. When the United States does allow
Suppose the United States wants to open its trade borders to the world market for coffee. What will determine whether the world price for coffee is affected?
The world wheat market is shown in Figure 17P-4.a. What is the initial world price? b. Suppose a large country like the United States has been an autarky but is now going to allow free trade.
Suppose that Japan is a net exporter of automobiles. If a large country like the United States moves from autarky to free trade in automobiles, how will the price of automobiles sold in Japan change?
The United States wheat market is shown in Figure 17P-5. Suppose the United States wants to protect its wheat industry by imposing a tariff of $1/bushel on foreign wheat, which currently sells at
The United States wheat market is shown in Figure 17P-5. a. When the world price is $4/bushel, will the United States import or export wheat? How many bushels?b. How many bushels of wheat should
Suppose a country where capital is scarce and most of the industry is labor-intensive with low-skilled labor moves from autarky to free trade. Which of the following do you expect to happen? Check
Figure 18P-3 shows supply and demand for first-aid training, based on private costs and benefits.a. Suppose that the external benefit from first-aid training is worth $6. Graph the social benefit
Figure 18P-4 shows supply and demand for planting trees, based on private costs and benefits. Trees sequester carbon, meaning that they help counteract pollutants that contribute to climate change.a.
Your neighbor never mows her lawn. You don’t have any legal right to force her to mow, but the mess in her front yard is making your neighborhood unsightly and reducing the value of your house. The
Felix and Oscar are roommates. Oscar is messy, and Felix is planning to move out unless they can come to an agreement. For the roommates to reach a private solution, does it matter whether Oscar
Johnston Forest in Rhode Island has a cave that houses thousands of fruit bats. Bat droppings are highly acidic and have ruined the paint on many cars. The flying radius of the Johnston Forest bats
Figure 18P-6 shows the daily market for water skiing permits on El Dorado Lake. Suppose each skier (each permit) causes $4 of damage to the lake.a. Draw the social benefit curve that accounts for the
Suppose certain fireworks are legal in a residential area on the Fourth of July. The fireworks have been approved for safety, but they do cause noise pollution so their use must be limited. Jenny and
Suppose an environmental impact study shows that the coral reef near Port Douglas, Australia, can sustain 20 scuba diving tours per week. Explain why a quota might have an advantage over a tax in
Identify whether each of the following goods is rival or nonrival.a. Cable TV.b. A pair of jeans.c. Street signs.d. Attending a baseball game.
Consider the following government-provided goods. Which of these goods necessarily require funding via general taxation (as opposed to direct user fees)?a. Street lights.b. A park.c. A fireworks
Suppose that the government decides to start regulating use of its forests, charging anyone who wants to log. Which of the following ways of calculating the price to charge for each acre will lead to
Determine whether each of the following policy interventions is designed to increase supply or decrease demand for a public good or common resource.a. A city government increases the frequency of
Public-opinion polls in a small city have revealed that citizens want more resources spent on public safety, an annual fireworks display, and more community swimming pools. Which of these three
For each of the following examples, state which of these approaches is being taken to manage a common resource or supply a public good: social norms, quota, tradable allowance, government provision,
There is a road between the suburbs and downtown. The road becomes congested at rush hour. As long as fewer than 100 people use the road at rush hour, the trip takes 30 minutes. When the 101st person
Figure 20P-1 shows a hypothetical market for gasoline.a. Suppose an excise tax of $1.50 per gallon is levied on gasoline suppliers. Draw the after-tax supply curve. What price will consumers pay?
In each of the following examples, determine whether the price effect or the quantity effect dominates when the tax is applied.a. The government raises taxes on iPods from $10 per iPod to $20 per
Explain why it might be difficult for low income individuals to receive a college education and why the government may need to subsidize student loans for a college education.
Some people argue that unpaid internships should be illegal. In what ways is an unpaid internship part of a poverty trap?
Table 21P-3 shows the incomes of 10 households in two different years, 2020 and 2030. Each household makes a choice in 2020 about how many years of education they will acquire. Suppose each year of
Look at the various measures of poverty in 2013 for several countries in Table 21P-4. (The data are provided by the World Bank.)a. Rank the countries from the country with the highest inequality to
Suppose that political candidates in an election are trying to develop their policy positions regarding how high to set the top marginal tax rate. The numbers break down as shown in Table 22P-3. If
Explain why political candidates in the United States often have unusual and also persistent combinations of policy preferences. (For example, a candidate that is against abortion is usually also
Suppose that a country currently does not allow its political leaders to be in office for more than one term. The country is considering moving from a policy of no reelection to allowing one
Is instituting a $200 fine for anyone caught littering a nudge? Why or why not?
Suppose two parents present their 16-year-old with a list of the cars that they will allow him to buy. If the parents decide to add another vehicle to the list, is that affecting the choice
With his first paycheck, Steve decides to buy a car. After spending hours researching the many specifications each car has—from gas mileage to horsepower—he decides to give up trying to find the
Suppose you need to estimate the cost of your textbooks for the upcoming semester. What would be a good "anchor" to use in your estimate?
Jaelyn sees a sweater that she likes in a store. The price is $22. Jaelyn wouldn't usually purchase the sweater at this price, but then she notices a sign that says the sweater is marked down from
Many online subscription services have “automatic renewal” policies, in which they will automatically bill you for another year’s subscription when your current one runs out. Why is this
Suppose you’re trying to get your friends to go to dinner with you. Which of the following statements is more likely to convince your friends to go out to dinner?Statement 1: “The dinner would
If an indifference curve is a vertical line, does the amount of the good on the y-axis influence the consumer's utility?
Use these two supply and demand equations to answer the following questions.a. What is the equilibrium price? What is the equilibrium quantity?b. Draw a graph of supply and demand and illustrate the
Two friends are discussing their plans for the month. One works at a movie theater and gets 10 free movie tickets; the other works at a concert venue and gets 10 free concert tickets. What can we
Use the demand schedule in Table BP-1 to derive a demand equation.
Use the graph in Figure DP-1 to answer the following questions.Figure DP-1:a. What is the amount of consumer surplus?b. What is the amount of producer surplus?c. What is the amount of total surplus?
Use the information about price and quantity in Table AP-3 to create a graph, with Price on the y-axis and Quantity on the x-axis. Label the resulting curve “Supply”. What is the slope of that
Use the demand curve in Figure BP-1 to derive a demand equation.Figure BP-1: Price ($) 90 45 i Demand 25 10 Quantity
Calculate the percentage change in each of the following examples:a. 8 to 12.b. 18 to 14.c. 130 to 120.d. 95 to 105.
Suppose you invest $500 at an annually compounded interest rate of 3 percent.a. How much will you have in 10 years?b. How much will you have in 20 years?c. How much will you have in 50 years?
If you invest $250 at an annually compounded interest rate of 10 percent, how much will you have in 3 years?
Use the curve labeled €œDemand€ in Figure AP-1 to create a table (schedule) that shows Price in one column and Quantity in another. What is the slope of the curve labeled
Your good friend tells you that althought she has a large amount of M&Ms and just a few Skittles, she would still be willing to give you the rest of her Skittles, just to get one last M&M.
Suppose you borrow $50 from a payday lender, who charges a monthly interest rate of 5 percent, compounded monthly.a. If you pay back the loan in one month, how much will you owe?b. If you pay back
Use the demand curve in CP-1 to answer the following questions. Use the mid-point method in your calculations.a. What is the price elasticity of demand for a price change from $0 to $20?b. What is
For each pair of goods listed below, state whether the indifference curves would be linear or L-shaped.• Ten dollar bills and pairs of five dollar bills.• Coffee and tea.• Bagels and
Use the curve labeled “Demand” in Figure AP-2 to create a table (schedule) that shows Price in one column and Quantity in another. What is the slope of the curve labeled “Demand”?
Use the supply schedule in Table BP-2 to derive a supply equation.
Use the demand schedule in Table CP-1 to answer the following questions. Use the mid-point method in your calculations.a. What is the price elasticity of demand for a price change from $4 to $8?b.
Suppose that a budget constraint intersects an indifference curve at two separate points. Can either of these consumption bundles be optimal? Explain why or why not.
Use the information about price and quantity in Table AP-1 to create a graph, with Price on the y-axis and Quantity on the x-axis. Label the resulting curve “Demand”. What is the slope of that
Graph the equation P = 2Q + 3. Is this the supply curve or demand curve?
Use the demand schedule in Table CP-2 to answer the following questions. Use the mid-point method when calculating elasticity.a. What is the price elasticity of demand for a price change from $2 to
Dan consumes two goods: peanut butter and jelly sandwiches, which are an inferior good, and chicken salad sandwiches, which are a normal good. He gets a raise at work. Will the ratio of peanut butter
Use the information about price and quantity in Table AP-2 to create a graph, with Price on the y-axis and Quantity on the x-axis. Label the resulting curve “Demand”. What is the slope of that
Graph the equation P = -8Q + 10. Is this the supply curve or demand curve?
Haley divides her entertainment budget between movie tickets and concert tickets. Two of her indifference curves are shown in Figure EQ-1. When movie tickets are $12 and concert tickets are $20, she
Use the curve labeled “Supply” in figure Ap-3 to create a table (schedule) that shows Price in one column and Quantity in another. What is the slope of the curve labeled “Supply”?
Rearrange the equation Q = 5 – 0.25P and sketch the graph. Is this a supply curve or a demand curve?
Your baby cousin Hubert loves lollipops and bouncy balls. Look at the indifference curves in Figure EP-1 that represent his preferences among various bundles of the two goods. Assuming the
Use the curve labeled “Supply” in figure Ap-4 to create a table (schedule) that shows Price in one column and Quantity in another. What is the slope of the curve labeled “Supply”?
Rearrange the equation Q = 0.2P and sketch the graph. Is this a supply curve or a demand curve?
Table EP-1 shows some possible consumption bundles for a person who consumes MP3s and lattes.a. Which bundles fall on the lowest indifference curve?b. Which bundles fall on the highest indifference
The entrance fee at your local amusement park is $20 for the day. The entrance fee includes all rides except roller coasters. Roller coasters cost an extra $2 per ride.a. Write an equation that
Determine whether the preferences described below would be represented by an indifference curve that is L-shaped, bows inwards, or is a straight line.a. Edgar will eat carrots only if he has hummus
Use the information about price and quantity in Table AP-4 to create a graph, with Price on the y-axis and Quantity on the x-axis. Label the resulting curve “Supply”. What is the slope of that
Use the following two equations:(1) P = 12 – 2Q(2) P = 3 +Qa. Find the equilibrium price and quantity.b. Graph the demand and supply equations. Illustrate the equilibrium point.
Jonah is completely indifferent between eating the brand name version of his favorite cereal and eating the generic version. His preferences would best be represented by which indifference curve on
What is the direction of slope indicated by the following examples?a. As price of rice increases, consumers want less of it.b. As the temperature increases, the amount of people who use the town pool
With reference to Table BP-3:a. Use the information from the table to create the demand and supply equations.b. Use your demand and supply equations to solve for equilibrium.c. Graph supply and
A consumer is stocking up on sodas and sports drinks at the dollar store. As you might expect as a dollar store, each bottles of each drink costs $1. He has a $10 bill to spend. Based on Table EP-2
Rank the following equations by the steepness of their slope from lowest to highest.a. y = -3x + 9b. y = 4x + 2c. y = -0.5x + 4
A consumer is buying steaks for $4 each potatoes for $1 per pound. She has $40. Plot her budget constraint on Figure EP-3 and find her optimal consumption bundle.
Under utility maximization, is it possible that after an increase in income, a consumer would remain on the same indifference curve? What about after a decrease in the price of one of the goods?
True or false? The income effect is represented by the shift in consumption of a good as a bundle moves along the old indifference curve before moving to another indifference curve tangent to the new
Tyler likes to divide his entertainment between attending basketball games and attending football games. Two of his indifference curves are shown in Figure EP-4. When football games are $25 and
Gabriella divides her food budget between fancy dinners and casual dinners. Two of her indifference curves are shown in Figure EP-5. When casual dinners are $12 and fancy dinners are $25, she chooses
Which player is likely to have higher bargaining power: a large, established company shopping around for a new parts supplier, or a start-up company trying to sell its parts? Explain your answer.
In which of the following government policies is moral hazard not a concern?a. Government provides disaster relief for homeowners who lose their homes in a flood.b. Government provides unemployment
Consider the effect of reputation and say whether you are likely to be treated better in scenario a or scenario b.a. You tell an auto mechanic that you have just moved to town.b. You tell an auto

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