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survey of economics
Questions and Answers of
Survey Of Economics
Consider the scheduling model of Section 6.1.1 and suppose that there are two broadcasting stations facing 2η potential viewers whose ideal watching time is 5 p.m.; η viewers whose ideal time is 6
Consider the scheduling model of Section 6.1.1 with three broadcasting stations labeled A, B, and C, facing 3η potential viewers whose ideal watching time is 5 p.m.; η viewers whose ideal time is 6
Consider the broadcasted news scheduling model with three broadcasting stations labeled A, B, and C, facing 600 potential viewers whose ideal watching time is 5 p.m.; 100 viewers whose ideal time is
Consider the competition among three broadcasting stations on viewers by setting product types, Section 6.1.2. (a) Is there a condition under which the program-type choices pA, pB, pC = 1, 2, 2
Consider a monopoly cable-TV operator providing service to three consumers by transmitting three channels: CNN, BBC, and SHOP(ping). Table 6.5 shows the valuation (maximum willingness to pay) of
Which price maximizes the publisher’s profit when it sells to libraries only?
When selling to libraries only, how does the number of libraries affect the publisher’s profit level?
Under what conditions does the publisher earn a higher profit when it sells only to libraries compared with selling to individual consumers only?
Consider the calculations of captured and uncaptured surplus from copying analyzed in Section 7.1.4. Suppose that each consumer values a copy as 3/4 of the original, (3/4)2 a copy of a copy of the
Consider the library-pricing model analyzed in Section 7.2.3. Suppose that there are η = 1200 potential readers and λ = 50 libraries. The utility function of eachpotential reader is given by U def
What are the empirical regularities, if any, associated with switching costs?
What is the magnitude of switching costs necessary for making consumers locked in?
Is switching cost an important empirical phenomenon?
Consider the empirical estimation of switching costs in the market for bank deposits, but instead of using the 1997 data exhibited in Table 8.1 let us analyze the 1996 data exhibited in Table 8.3.
Consider a banking industry withautomatic teller machines (ATMs) analyzed in Section 8.2.2. Suppose that bank A has twice as many ATMs as bank B. Thus, if bank B has a ATMs, bank B has 2a ATMs. Also,
Consider the U.S. economy where checks are still widely used. Suppose that there exist only two payment media: currency notes (the legal tender) and checks. Each merchant accepting a check is
Consider the model of Section 9.1 and Definition 9.1 where we defined economies of network for the airline industry. Assume that η1 = η2 = η3 = η, that is, there is an equal number of passengers
Consider the partial deregulation model of Section 9.2. Suppose now that Assumption 9.1 is reversed so passengers on route 3 are able to disembark or embark aircraft in the hub city if they find it
Assume that the incumbent airline does not abandon route 3 completely, so that it serves route 3 passengers with a low value of time by transporting them via the hub in city B. State which airline
Consider the model of conformity and vanity of Section 10.2. Suppose now that there are 300 product A oriented consumers and only 100 product B oriented consumers. Let pA denote the price of product
In a small town called Lake Gift all the residents live around a lake as illustrated in Figure 10.7. For over 200 years, the town has the tradition 1 2 3 ✾ ✠ ✎ η η − 1 ■ ❥ ✒ >?>?
Which factors determine or influence the size and distribution of religious networks? More precisely, why do some religions have a large number of affiliates and some have only a small number of
Why are some religions open to converts and why do some impose restrictions to converts attempting to join in.
How does the number and distribution of believers affect the administrators of each religion.
Consider the language-acquisition model of Section 11.1.2, but suppose now that there are three languages: English, Spanish, and Hebrew. Initially, there are ηE native-Englishspeakers, ηS
Consider the democratic religions model analyzed in Section 11.2.2. Suppose now that in this environment there is an equal number of conformists and nonconformists. That is, ηc = ηn. Answer the
Consider the model of profit-making religions analyzed in Section 11.2.3. Suppose now that in a religion with n affiliated believers, a fraction of λ(n)=1 − 1 n2 , of the n believers are
Answer the previous question assuming that λ(n)=1/n2.
Consider the market for attorneys of Section 11.3. Suppose that each attorney can handle only one case (either as a prosecutor or as a defense attorney). In view of (11.18), assume that the demand
Consider the discussion in Section 11.5 of the different driving sides employed by various countries. Answer question (a) below if you come from a country where people drive on the right-hand side or
Do firms gain by producing compatible machines or incompatible machines?
Do consumers gain when firms sell compatible machines?
From a social welfare view point, can a market failure occur where firms do not produce compatible machines even though compatibility is socially preferred to incompatibility?
Consider the duopoly computer industry problem with heterogeneous consumers analyzed in Section 2.2.3, but suppose that each computerproducing firm bears a positive production cost. More precisely,
Consider the duopoly computer industry problem with heterogeneous consumers analyzed in Section 2.2.3. Suppose that the computer brands are incompatible and that there are η A-oriented consumers and
Consider the duopoly computer industry with consumer preferences exhibiting network externalities. Suppose that the computer brands are initially incompatible and that there are 100 A-oriented
Consider a situation where network effects are very strong, so that Assumption 2.4 on page 28 is violated. More precisely, let there be 60 A-oriented consumers and 60 B-oriented consumers, where UA
You are given the following information about a market with two hardware brands labeled A and B: • The systems are incompatible. • There are 100 A-oriented consumers, and 100 B-oriented
Consider the components model of Section 2.3 but suppose now that there is a fourth consumer named BA whose “ideal” system is XBYA. Answer the following questions. (a) Calculate the UPE prices
Consider the model of software variety determination under a monopoly hardware firm analyzed in Section 3.2. Calculate the software variety when the monopoly sets its price at the level p = ω/4,
Consider the model of software variety determination under a monopoly hardware firm analyzed in Section 3.2. Suppose that the utility function (3.4) is now modified to capture a lower utility from
Consider a simplified version of the duopoly hardware industry of Section 3.3. Instead of assuming that machine-specific software variety is determined by the number of users of each software, we
Consider a market for a popular software DoorsTM . There are 100 support-oriented (type-O) consumers, and 200 support-independent (typeI) consumers, withutility functions given by U O def = 3q −
Consider a technology-adoption game played by two users (or firms) displayed in following table. User B NEW TECHNOLOGY OLD TECHNOLOGY User A NEW 3 3 1 0 OLD 0 1 2 2 (a) Which technology will be
Consider the technology revolutions model of Section 4.2, and in partic- ular the method of calculating the frequency of technology revolutions explained in Section 4.2.4. Suppose now that consumer
Consider a simplified version of the model of international standardization described in Section 4.3.2. Suppose that brand I oriented consumers reside only in country B, whereas n brand 2 oriented
Consider the discrete-demand model of the market for telecommunication of Section 5.1.1. Suppose that there are two types of consumers who wish to connect to a certain telecommunication service (for
Consider the discrete-demand model of the market for telecommunication of Section 5.1.5, withthree types of consumers, indexed by i, i = 1, 2, 3. There are η consumers of eachtype. Let q denote the
This question requires the use of calculus. Consider the model of the monopoly telecommunication service provider described in Section 5.2, but suppose that consumer types are indexed by x on the
Consider a simplified version of the “two-way” access pricing model studied in Section 5.3.2. Company D is a long-distance carrier which must access the local loop of a local carrier called
Consider the model of international settlement rates between the North and the South analyzed in Section 5.3.3. Suppose now that the phone industry in country N is fully competitive, hence the price
Answer the previous question assuming that the phone industry in country N remains a monopoly, whereas the phone industry in country S is competitive. Explain the difference between the two
Which of the following statements is true?a. A monopsony is the only employer of a factor of production.b. A monopsony will pay workers a higher wage and employ fewer workers than a competitive
How are the professional sports leagues like a cartel?
A monopolistically competitive firm will:a. Maximize profits by producing where MR = MC.b. Not likely earn an economic profit in the long run.c. Shut down if price is less than average variable
What kind of agreements may cartels work out to reduce competition among themselves?
A monopolistically competitive market is characterized by:a. Many small sellers selling a differentiated product.b. A single seller of a product that has few suitable substitutes.c. Very strong
How can cartels sow the seeds of their own destruction?
If a company charges different prices to different customers as a result of differences in costs associated with providing the product to these different customers, then is that price discrimination?
Why don’t monopolists charge the highest possible price market demand will bear?
How can a monopoly maintain its single-seller status?
What evidence suggests that some government regulation may reduce competition in practice?
Why does a monopolist produce less and charge a higher price compared to a competitive market?
One of the necessary conditions for price discrimination to occur is that:a. Buyers in different markets have different elasticities of demand.b. The demand curve is upward sloping.c. Buyers must
A monopoly:a. Faces the market demand curve that is downward sloping.b. Has a marginal revenue curve that slopes downward and lies below its demand curve.c. Will maximize profits by producing an
How long can a monopoly earn economic profits?
A monopoly will price its product:a. Where total revenue is maximized.b. Where total costs are minimized.c. At that point on the market demand curve corresponding to an output level in which
Can a monopoly lose money?
A monopolized market is characterized by:a. A sole seller of a product for which there are few suitable substitutes.b. Very strong barriers to entry.c. A single firm facing the market demand
If a competitive industry expands and higher wages must be paid to attract more workers, then what will the long-run supply curve for this industry look like?
Which of the following is true of a perfectly competitive market?a. If economic profits are earned, then the price will fall over time.b. In long-run equilibrium, P = MR = SRMC = SRATC = LRAC.c. A
If a competitive industry is currently losing money, what can be expected to happen to the number of sellers, the price of the product, the volume of output and losses in this industry over time?
If a competitive firm is losing money, then:a. It should always shut down.b. It should shut down if losses are greater than total fixed costs.c. It should shut down if total fixed costs are
If a firm is producing where MR = MC, and at that output level TR = $4,500, TC = $5,000, and TVC = $4,000 per week, is the firm making or losing money? How much? Should the firm shut down?
The profit maximizing, or loss minimizing quantity of output for any firm to produce exists at that output level at which:a. Total revenue is maximized.b. Total cost is minimized.c. Marginal cost
If a firm has TFC = $2,000 per day, and is currently losing $1,500 per day, should the firm shut down?
Which of the following is true of a perfectly competitive firm?a. The firm is a price maker.b. If the firm wishes to maximize profits, it will produce an output level in which total revenue equals
Perfectly competitive markets are characterized by:a. A small number of very large producers.b. Very strong barriers to entry and exit.c. Firms selling a homogeneous product.d. All of the above.
If a profit-maximizing firm is producing an output level at which marginal revenue exceeds marginal cost, should it produce more, less or the same? Explain.
If a firm has $20,000 in total fixed costs, is producing 100 units, has average total cost equal to $240, then what is its average variable cost of production?
Why do marginal costs of production rise?
Is the “best” quantity of workers to hire where the marginal productivity of the last worker employed the greatest (which implies an output level in which the marginal cost of producing
Many people search out and purchase “bargains” at garage and yard sales. What are some implicit costs associated with this type of shopping?
If a firm enlarges its factory size and realizes higher average (per unit) costs of production, then:a. It has experienced economies of scale.b. It has experienced diseconomies of scale.c. It has
Some companies advertise: “We deal in high volume and pass our savings on to you in the form of lower prices.” How could this be?
Which of the following statements is false?a. TC = TFC + TVC.b. AVC = ATC − AFC.c. AFC = TFC/Q.d. MC equals the change in ATC divided by the change in Q.e. ATC = TC/Q.
Which of the following statements is true?a. The law of diminishing returns states that beyond some point, the marginal product of a variable resource continues to rise.b. The marginal product is
If a firm wished to minimize its cost of production, then what output level should it produce?
Which of the following statements is true?a. Economic profit equals accounting profit minus implicit costs.b. The short run is any period of time in which there is at least one fixed input.c. A
In each of the following situations, indicate who bears the biggest burden of a tax. Is the tax incidence greater for buyers or sellers?a. Given supply, demand is quite inelastic?b. Given supply,
If the price of a good increases by 10% and the quantity supplied increases by 30%, what is the elasticity of supply? What does that mean? In other words, does this product have an elastic, unitary
In each of the following situations, indicate whether the two products are substitutes or complements:a. Ec > 0.b. The price of one good increases by 12% and the quantity demanded for the other good
If the income elasticity of demand is greater than zero, does this indicate the product is normal or inferior? Why?
What would an elastic income elasticity of demand for a product mean?
If a firm wants to maximize its revenues, then what price should it charge?
If a firm wishes to increase its revenues, and the product it is selling has an inelastic demand, then should the firm increase or decrease its price?
Which of the following statements is true?a. If the income elasticity of demand is less than zero, the good is an inferior good.b. Only if the demand curve is vertical will sellers raise the
Why are convenience stores able to charge higher prices than grocery stores for some items?
If the price elasticity of demand coefficient equals 2, then:a. A 7% decrease in the price will result in a 14% decrease in the quantity demanded.b. A price decrease will increase total
If the price elasticity of demand is elastic, then:a. Ed < 1.b. Consumers are relatively not very responsive to a price increase.c. An increase in the price will increase total revenue.d.
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