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business
microeconomics principles

Questions and Answers of Microeconomics Principles

In Problem 15, under what conditions would GM stop producing the Chevy Volt and exit the market for electric cars. Explain your answer.Data From Problem 15GM will temporarily lay off 1,300 employees
Derive Pat’s supply curve.Pat’s Pizza Kitchen is a price taker and the table shows its costs of production.Output(pizzas per hour)Total cost (dollars per hour)010121230341454569
Explain what might be the source of the dis-economies of scale that ProPainters experiences.ProPainters hires students at $250 a week to paint houses. It leases equipment at $500 a week. The table
Explain why the gap between ProPainters’ total cost and total variable cost is the same no matter how many houses are painted.ProPainters hires students at $250 a week to paint houses. It leases
If Amy’s income increases to $24 a week and the prices of coffee and cake remain unchanged, describe the change in her budget line.Draw a graph of Marc’s budget line with the quantity of DVDs on
a. How many hours of golf and how many hours of tennis does she play to maximize her utility?b. Compared to part (a), if Cindy spent a dollar more on golf and a dollar less on tennis, by how much
What do people try to achieve when they make a decision under uncertainty?
What is money income? Describe the distribution of money income in the United States in 2012.
In which countries are incomes distributed most unequally and least unequally?
How many workers will Kaiser’s hire to maximize its profit and how many milk shakes a day will Kaiser’s produce?
How are the wage rate and employment determined in a competitive labor market?
What is the relationship between the value of marginal product of labor and the marginal product of labor?
What externalities arise from beautiful and ugly buildings and how do we deal with them?
What externalities arise from smoking tobacco products and how do we deal with them?
Describe three production activities that create external benefits.
Describe three consumption activities that create external costs.
How might governments achieve an efficient provision of education?
Describe the conditions under which a common resource is used efficiently.
Provide an example of each type of externality that is different from the ones described above.
What are the four types of externality?
What is the problem that Obamacare seeks to solve and how does the solution work?
What are the problem with Medicare and Medicaid?
How do Canada and the United Kingdom deliver healthcare and what is the problem left unresolved?
What is special about healthcare that makes it a good provided by the government?
Why are healthcare and education not public goods and why do governments play a large role in the markets for these services?
List the economic functions of governments.
Amid soaring oil prices the Commodity Futures Trading Commission (CFTC) is looking into manipulation of the oil market—withholding oil in an attempt to drive prices higher. The CFTC has found such
What are the two main antitrust laws and when were they enacted?
What are the common features of all games?
Why do firms in oligopoly face a temptation to collude?
Why are firms in oligopoly interdependent?
The HHI for automobiles is 2,350, for sporting goods it is 161, for batteries it is 2,883, and for jewelry it is 81. Which of these markets is an example of monopolistic competition?
The four-firm concentration ratio for audio equipment makers is 30 and for electric lamp makers it is 89. The HHI for audio equipment makers is 415 and for electric lamp makers is 2,850. Which of
Provide some examples of industries near your school that operate in monopolistic competition.
A California jury found Samsung guilty of violating the majority of the patents in question, including software features like double-tap zooming and scrolling. It recommended that Apple be awarded
The U.S. Postal Service has a monopoly on non-urgent First Class Mail. Pfizer Inc. makes LIPITOR, a prescription drug that lowers cholesterol. Cox Communications is the sole provider of cable
What is the relationship between price, marginal revenue, and marginal cost when a single-price monopoly is maximizing profit?
What is the relationship between marginal cost and marginal revenue when a single-price monopoly maximizes profit?
How does monopoly arise?
GM will temporarily lay off 1,300 employees as the company stops production of the electric car, Chevy Volt, for five weeks. GM had hoped to sell 10,000 Volts last year, but ended up selling just
Executive compensation, based on performance, can theoretically constrain pay, but companies are paying their top executives more and more. The median compensation of a CEO in 2013 was $13.9 million,
What are the two ways in which economic activity can be coordinated?
Under what conditions do the measures of concentration give a good indication of the degree of competition in a market?
What is a firm’s fundamental goal and what happens if the firm doesn’t pursue this goal?
Sara’s income is $12 a week. The price of popcorn rises from $3 to $6 a bag, and the price of a smoothie is unchanged at $3. Explain how Sara’s budget line changes with smoothies on the x-axis.
If the price of a normal good falls, what happens to the quantity demanded of that good?
When a consumer chooses the combination of goods and services to buy, what is she or he trying to achieve?
What does a household’s budget line show?
Add two columns to your table in Problem 6 and list Max’s marginal utility per dollar from windsurfing and from snorkeling.Hours per dayTotal utility from windsurfingTotal utility from
Make a table of the combinations of hours spent windsurfing and snorkeling that Max can afford.Hours per dayTotal utility from windsurfingTotal utility from
Which does Max enjoy more: his 6th hour of windsurfing or his 6th hour of snorkeling? Hours per dayTotal utility from windsurfingTotal utility from
Calculate Max’s marginal utility from snorkeling at each number of hours per day. Does Max’s marginal utility from snorkeling obey the principle of diminishing marginal utility? Hours per
Calculate Max’s marginal utility from windsurfing at each number of hours per day. Does Max’s marginal utility from windsurfing obey the principle of diminishing marginal utility?
a. What is the TPP?b. Who in the United States would benefit and who would lose from a successful TPP?c. Illustrate your answer to part (b) with an appropriate graphical analysis assuming that
Explain who in the United States gains from the quota on beef imports and who loses.
Suppose that in 2015 tomato growers in Florida lobby the U.S. government to impose an import quota on Mexican tomatoes. Explain who in the United States would gain and who would lose from such a
Explain the effects of an import quota on domestic production, consumption, and price.
Explain the effects of a tariff on domestic production, the quantity bought, and the price.
How is the gain from exports distributed between consumers and domestic producers?
How is the gain from imports distributed between consumers and domestic producers?
a. When a state raises its minimum wage above the federal minimum, what would you expect to happen to unemployment in that state? Illustrate your answer with a graph.b. The news article reports that
If the government subsidizes growers at $4 a pound, who gains and who loses from the subsidy? What is the deadweight loss? Could the subsidy be regarded as being fair?
If the government subsidizes growers at $4 a pound, what is the quantity produced, the quantity demanded, and the subsidy paid to growers? FIGURE 6.6 12 10 8 4 1 3 4 Quantity (billions of pounds
If the college put a price ceiling on meals at $4 a meal, what is the quantity bought, the shortage of meals, and the maximum price that someone is willing to pay for the last meal available?
The table sets out the demand and supply schedules for college meals.a. What are the equilibrium meal price and equilibrium quantity of meals? b. If the college put a price ceiling on meals at
Calculate the equilibrium wage rate, the hours worked, and the quantity of unemployment. Quantity Quantity supplied (hours per month) Wage rate (dollars per hour) demanded 2,500 5 1,500 2,000 2,000
If there’s one thing that can set home heating costs soaring, it’s a long, frigid blast from one of the coldest winters in 20 years and people are going to use 10 to 12 per cent more natural gas
What is each owner’s minimum supply-price of 10 rides a day? Price Quantity supplied (rides per week) (dollars Rick Sam Tom per ride) 10.00 12.50 15.00 10 5 15 17.50 10 10 20.00 20 15
Under the deal, Netflix will buy Internet service from Comcast, rather than connect directly for free with some smaller ISPs like Cablevision as it does now. a. How will Netflix’s decision to
a. Looking at Fig. 1 on p. 99, explain what must have happened in 2014 to the supply of coffee.b. Given the information in Fig. 1 and the estimated elasticity of demand for coffee, by what percentage
Given the prices of the two holidays, is the income elasticity of demand for exotic holidays positive or negative? Are exotic holidays a normal good or an inferior good? Are local holidays a normal
a. What would happen to the price of bananas if TR4 spread to Central America?b. What are some of the substitutes for bananas and what would happen to demand, supply, price, and quantity in the
With the new way to tap maple trees, farmers could produce 10 times as much maple syrup per acre.Will the new method change the supply of maple syrup or the quantity supplied of maple syrup, other
When a timber mill makes logs from trees it also produces sawdust, which is used to make plywood.a. Explain how a rise in the price of sawdust influences the supply of logs.b. Explain how a rise in
In 2013, the price of corn fell and some corn farmers will switch from growing corn in 2014 to growing soybeans.a. Does this fact illustrate the law of demand or the law of supply? Explain your
As the average income in China continues to increase, explain how the following would change:a. The demand for beefb. The demand for rice
Which of the following goods are likely substitutes and which are likely complements? (You may use an item in more than once.): coal, oil, natural gas, wheat, corn, pasta, pizza, sausage,
In April 2014, the money price of a carton of milk was $2.01 and the money price of gallon of gasoline was $3.63. Calculate the relative price of a gallon of gasoline in terms of milk.
a. How has “fracking” changed U.S. production possibilities? b. How have advances in technologies for producing other goods and services changed the U.S. production possibilities?c. If
How do we graph a relationship among more than two variables?
Which of the following statements is positive, which is normative, and which can be tested?a. The United States should cut its imports.b. China is the largest trading partner of the United States.c.
The health insurance reform signed into law by President Obama in 2010 included the following two provisions: i. Insurance companies must offer health insurance to everyone who applies and
Explain why majority rule respects the preferences of the median voter rather than the average voter.
What unusual property of voting did Condorcet notice?
Five consumers have the following marginal utility of apples and pears:The price of an apple is $1, and the price of a pear is $2. Which, if any, of these consumers are optimizing over their choice
Carlos consumes only cheese and crackers.a. Could cheese and crackers both be inferior goods for Carlos? Explain.b. Suppose that cheese is a normal good for Carlos while crackers are an inferior
The poverty rate would be substantially lower if the market value of in-kind transfers were added to family income. The largest in-kind transfer is Medicaid, the government health program for the
Table 3 shows that the percentage of children in families with income below the poverty line far exceeds the percentage of the elderly in such families. How might the allocation of government money
What has happened to the income share of the richest fifth of the U.S. population over the past 40 years?
Does the richest fifth of the U.S. population earn closer to three, six, or twelve times the income of the poorest fifth?
How might education raise a worker’s wage without raising the worker’s productivity?
In what sense is education a type of capital?
Classify the following markets as perfectly competitive, monopolistic, or monopolistically competitive, and explain your answers.a. Wooden no. 2 pencilsb. Copperc. Local electricity serviced. Peanut
What gives the government the power to regulate mergers between firms? Give a good reason and a bad reason (from the perspective of society’s welfare) that two firms might want to merge.
An industry currently has 100 firms, each of which has fixed cost of $16 and average variable cost as follows:Quantity Average Variable Cost1....................
What is the marginal tax rate on a lump-sum tax?How is this related to the efficiency of the tax?
Over the past century, has the government’s tax revenue grown more or less slowly than the rest of the economy?
There are three industrial firms in Happy Valley.The government wants to reduce pollution to 60 units, so it gives each firm 20 tradable pollution permits.a. Who sells permits and how many do they
Suppose that your demand schedule for pizza is as follows:a. Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases from $8 to $10 if (i) your income is
Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities.a. Selena pays a

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