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Questions and Answers of
Microeconomics
Tesla has partnered with Panasonic to increase production of lithium-ion batteries and drivetrains for its mass-market Model 3 car in a massive factory in Nevada. The electric carmaker will spend
How would the wage rate and employment for the Escondida miners be determined in a competitive market?Workers at BHP Billiton’s Escondida mine in Chile, the world’s largest copper mine, have been
a. Explain how it is possible that the mine workers are being paid less than the wage that would be paid in a competitive labor market.b. Explain how the Escondida miners’ union might be able to
a. Assuming that Walmart has market power in a labor market, explain how the firm could use that market power in setting wages.b. Draw a graph to illustrate how Walmart might use labor market power
a. Explain how OUR Walmart would attempt to counteract Walmart’s wage offers in a bilateral monopoly.b. Explain how the wage rate would be determined if the market were a bilateral monopoly.Walmart
Based upon evidence presented in this article, does Walmart function as a monopsony in labor markets, or is the market for retail labor competitive?Explain.Walmart announced it will pay 500,000
If the market for retail labor is competitive, explain the effect of OUR Walmart on the wage rate and employment at Walmart. Draw a graph to illustrate your answer.Walmart announced it will pay
The Permian Basin, which straddles Texas and New Mexico, is hot. Oil companies spent more than $25 billion buying into it during the second half of 2016. The reason: Its geology is ideal for
If the online shopping trend continues, how do you think the market for salespeople will change in coming years?In 2016, 12.8 million Americans had management jobs that paid an average of $71,240 a
Explain why managers are paid more than retail salespeople.In 2016, 12.8 million Americans had management jobs that paid an average of $71,240 a year while 1.8 million Americans had retail sales jobs
CNN has calculated the White House’s gender gap from data provided in the White House’s annual report to Congress. CNN says the average salary of men working in the White House, at $104,000, is
What is money income? Describe the U.S. distribution of money income in 2012.
Explain why you would expect lower subsidies for healthcare to benefit the rich the most.
How would the changes in the news clip change the distribution of income across the quintiles and how would the Lorenz curve change?
Average tuition for a master’s degree ranges from $30,000 at public universities to $40,000 at private schools. But a graduate degree can be a good investment. PayScale’s numbers for the median
If Larry cannot buy auto theft insurance, what is his expected wealth and his expected utility?
In most organizations, pay information is private information. But sometimes a person stumbles on information about the amount a colleague is paid and might be able to use that information skillfully
Does anyone take the painting job? If so, who takes it and why? Does anyone take the job picking fruit? If so, who takes it and why?
If Chris cannot buy cold-summer insurance, what is her expected wealth and what is her expected utility?
Explain how “worrying about mere possibilities while ignoring probabilities” can result in people making decisions that not only fail to satisfy social interest, but also fail to satisfy
Are transit tickets, Uber rides, and gasoline substitutes?Explain your answer.Public transit ridership was down in 2016 in most U.S. cities. Uber rides increased and gas prices fell. In some cities,
How Much Does an American Wedding Cost?A survey by The Knot reports the national aver age cost of a wedding, excluding the honeymoon, was $35,329 in 2016, up from $32,641 in 2015 and $31,213 in 2014.
Two out of three Americans own a pet—almost half own a dog and a third a cat—and pet ownership is projected to grow. Households have spent more on pets every year through recessions and booms,
The table sets out the supply schedule of longdistance phone calls.Calculate the elasticity of supply whena. The price falls from 40¢ to 30¢ a minute.b. The average price is 20¢ a minute. Price
U.S. coal production in 2016 is 17 percent down on that of 2015. Almost all coal use in the United States is for electricity generation and the price of coal for power plants fell from $2.27 per
After you have studied Economics in the News, answer the following questions.a. Use the information in the news article to estimate the cross elasticity of demand for water with respect to the price
Comcast plans to compete with Netflix and CBS by offering an online video service featuring hit shows from its NBC Universal TV networksa. How will Comcast’s entry into the online video service
As the price of oil fell from $99 a barrel in September 2014 to $53 a barrel by September 2015, Saudi Arabia’s oil revenues fell by 23 percent, compared with its 2014 oil revenues of 444.5 billion
At Chez Panisse, a restaurant in Berkeley, reservations are essential. At Aladdin’s Cave, a restaurant near the University of California San Diego, reservations are recommended. At Eli Cannon’s,
Use the data on the U.S. wholesale market for roses in Problem 1 to work this problem.a. Explain who gains and who loses from free international trade in roses compared to a situation in which
Who gains and who loses from this tariff ?
Who gains and who loses from this quota?
Chinese exports of pharmaceutical products and health supplements worldwide jumped 3 percent to $56 billion last year. Chinese pharma exports to the U.S. rose 4 percent. Questions are being asked in
Biofuels to combat global warming and cut carbon emissions are diverting corn from food to fuel, and a World Resources Institute report says meeting a 20 percent bioenergy target in 2050 would need
Draw a graph of the market for corn in the poor developing country in Problem 15 (b) to show the changes in consumer surplus and producer surplus.Problem 15 (b)Biofuels to combat global warming and
a. Explain how the U.S. import ban on haggis affected haggis producers and consumers in Scotland.b. Draw a graph of the market for haggis in Scotland to illustrate your answer to part (a).Identify
a. Explain how lifting the U.S. import ban on haggis affects producers and consumers of haggis in the United States.b. Draw a graph to illustrate your answer to (a)and identify the changes in U.S.
Donald Trump says he’ll bring home jobs lost to China and Mexico. It is possible but costly.American consumers would face higher prices and those on low incomes would suffer most because they spend
After you have studied Economics in the News on pp. 172–173, answer the following questions.a. What was the value of U.S. imports from Mexico in 2015 and why would the value of imports fall if a 20
In 2011, Argentina wanted to protect manufacturing workers, so it imposed a 35 percent tariff on imported smartphones, computers, and tablets. Blackberry moved jobs to Argentina, but Apple and others
What conflict might exist between utility-maximization and eating “all you can handle”? What feature of the marginal utility from ballpark food enables the Pirates to make this offer?
Svalbardi, a water sourced from Norwegian icebergs that are up to 4,000 years old, sells for $99 a bottle. From extreme luxury to the ordinary, the market for bottled water is growing quickly as
They say money can’t buy happiness. Of course, they’re wrong. Research by economist David Clingingsmith at the Weatherhead School of Management shows that household income is positively related
a. Will Pam be able to buy and want to buy 30 cookies and 5 granola bars next week?b. Which situation does Pam prefer: cookies at $1 and granola bars at $2 or cookies at 50¢and granola bars at $5?
a. If Pam changes how she spends her weekly income, will she buy more or fewer cookies and more or fewer granola bars?b. When the prices change next week, will there be an income effect, a
Calculate Marc’s real income in terms of root beer. Calculate his real income in terms of DVDs.
Calculate Amy’s real income in terms of cake.Calculate the relative price of cake in terms of coffee.
Calculate the equation for Marc’s budget line (with the quantity of root beer on the left side).
a. According to the news clip, is vintage clothing a normal good or an inferior good? If the price of vintage clothing falls and income remains the same, explain how the quantity of vintage clothing
Executive compensation, in salary, stock, and other compensation, increased 8.5 percent in 2016 to a median of $11.5 million. It’s the biggest CEO pay increase in three years.What is the economic
A Personal Care Study conducted by TABS Analytics shows that Walmart has a 19.4 percent share of the $40 billion personal care market, while grocery stores Kroger and Publix have a 16.6 percent
FedEx contracts independent truck operators to pick up and deliver its packages and pays them on the volume of packages carried. Why doesn’t FedEx buy more trucks and hire more drivers?What
In 2016, Toni taught music and earned $20,000.She also earned $4,000 by renting out her basement.On January 1, 2017, she quit teaching, stopped renting out her basement, and began to use it as the
Giving customers what they want, Starburst candy will produce limited edition bags of “All Pink”a. Does the news clip imply that Starburst’s goal is customer satisfaction and not profit
The values of premium second-hand watches have been rising and a Luxury Investment Index says they are expected to appreciate 68 percent over 10 years. But investing in watches is risky.Their prices
A recent study showed that an autonomous robot can perform soft-tissue surgery, and do so better than a human surgeon.a. Assume that performing a surgery with a surgical robot requires fewer surgeons
Market shares of chocolate makers areCalculate the Herfindahl-Hirschman Index.What is the structure of the chocolate industry? Firm Truffles, Inc. Magic, Inc. Mayfair, Inc. All Natural, Inc. Gold,
After you have studied Economics in the News on pp. 244–245, answer the following questions.a. What products do Facebook and Google sell?b. In what markets do Facebook and Google compete?c. How do
An experiment that awarded teachers higher pay if their students’ test results were higher suggests that the bonuses didn’t simply lead teachers to teach to the test, but provided their students
Macy’s Is Closing Another 100 Stores Macy’s will close 15 percent of its department stores and employees at closed stores may be offered jobs in nearby stores. Premiere Macy’s locations could
Draw the total product curve.Use the following table to work Problems 2 to 6.The table sets out Sue’s Surfboards’ total product schedule. Labor (workers per week) 12 3 4567 Output (surfboards per
Calculate the marginal product of labor and draw the marginal product curve.
Calculate total cost, total variable cost, and total fixed cost of each output in the table. Plot these points and sketch the short-run total cost curves.
Calculate average total cost, average fixed cost, average variable cost, and marginal cost of each output in the table. Plot these points and sketch the short-run average and marginal cost curves.
Illustrate the connection between Sue’s AP, MP, AVC, and MC curves in graphs like those in Fig. 11.7. FIGURE 11.7 Average and Marginal Product Curves and Cost Curves Average product and marginal
Sue’s Surfboards rents a factory. If the rent rises by $200 a week and other things remain the same, how do Sue’s Surfboards’ short-run average cost curves and marginal cost curve change?
Graph the ATC curves for Plant 1 and Plant 2.Explain why these ATC curves differ.
Graph the ATC curves for Plant 3 and Plant 4.Explain why these ATC curves differ.
a. On Jackie’s LRAC curve, what is the average cost of producing 40, 75, and 85 rides a week?b. What is Jackie’s minimum efficient scale?c. Does Jackie’s production function feature economies
Staples closed 48 of its North American stores in 2016 and will close another 70 in 2017. The firm has expanded its e-commerce, and has focused on buying small business-to-business service providers
What is the range and median level of economists’ pay?
Calculate the slope of the relationship in Problem 4 between 3,846 and 4,071 theaters.Use the following news clip to work Problems. Kong Tops the Box Office Movie Kong: Skull Island Logan Get Out The
a. Construct the market supply schedule.b. What are the minimum prices that Xavier, Yasmin, and Zack are willing to accept to supply 20 rides? Why? Price (dollars per ride) 100 90 80 70 60 50 40
a. What is the marginal social cost when the total number of rides is 30?b. What is the marginal cost for each supplier when the total number of rides is 30 and how many rides does each of the
When the price is $70 a ride, what is each seller’s producer surplus? What is the market producer surplus?
Which owner has the largest producer surplus when the price of a ride is $17.50? Explain.
What is the marginal social cost of 45 rides a day?Use the following table to work Problems 12 to 15. The table gives the supply schedules for jet-ski rides by the only suppliers: Rick, Sam, and Tom.
Construct the market supply schedule of jet-ski rides.
When John Wicks opened his natural gas bill for January he was very happy. It was $147, not the usual $300 for the coldest month. Natural gas provider CenterPoint Energy said higher temperatures had
a. Draw a graph of the market for streaming music with a price of $10 a month. On your graph, show consumer surplus and producer surplus.b. With a price of $10 a month, is the market efficient or
If the $5 price described in the news clip were adopted, how would consumer surplus, producer surplus, and the deadweight loss change?The price of streaming services has been $10 a month or zero.
a. If the $5 price described in the news clip were adopted, would the market be efficient or inefficient? Explain.b. Is the $5 price described in the news clip a competitive market price? Explain.The
After Hurricane Matthew, more than 2,000 Florida consumers complained of price gouging to the State Attorney General. Two examples: a hotel room normally $65 a night cost $150, and a $1 bottle of
What is the effect of the changes in the minimum wage on the quantity of labor employed in Bulgaria and in Greece?Bulgaria has the lowest minimum wage in the European Union (E.U.), but its level has
a. What are the equilibrium meal price and equilibrium quantity of meals?b. If the college put a price ceiling on meals at $7 a meal, what is the price students pay for a meal? How many meals do they
The minimum wage for teenagers is $8 an hour.a. How many hours are unemployed?b. If the demand for teenage labor increases by 500 hours a month, what is the wage rate and how many hours are
Most residents of Ventura County, California, pay $3.10 per 100 cubic feet of water. Agricultural water users pay $1.79 per 100 cubic feet. Water officials propose to increase these prices to $4.24
After you have studied Economics in the News on pp. 148–149, answer the following questions.a. If Illinois raises its minimum wage to $15 an hour, what do you expect will happen to the state’s
In the market for corn, explain why the corn price has fallen and explain how an increased subsidy influences the price and quantity of corn.In 2016, 25 percent of an estimated $55 billion farm
Explain how a subsidy paid to soybean farmers affects the consumer surplus and the producer surplus from soybean. Does the subsidy make the soybean market more efficient or less efficient?Explain.In
Explain the effect of the change in the minimum wage on the workers’ surplus, the firms’ surplus, and the efficiency of the market for low-skilled workers in Bulgaria and in Greece.Bulgaria has
Kansas Governor Sam Brownback proposes to raise tobacco taxes from 10 to 20 percent and liquor taxes from 8 to 16 percent. “I hope it doesn’t happen,” said Patti Hoffman of Patti’s Wine and
A C.D. Howe Institute study says the legalized sale of marijuana could bring tax revenues of $675 million in 2018. But if governments get too greedy, consumers will go to the black market as they do
a. Without international trade, what would be the price of a container of roses and how many containers of roses a year would be bought and sold in the United States?b. At the price in your answer to
Draw a graph to illustrate the U.S. wholesale market for roses. Show the equilibrium in that market with no international trade and the equilibrium with free trade. Mark the quantity of roses
If U.S. wholesalers buy roses at the lowest possible price, how many do they buy from U.S. growers and how many do they import?
There is given an increasing and twice differentiable utility function of a form:1. Calculate a value and give economic interpretation of: (a) a marginal utility of i-th good, (b) a growth rate of
There are given utility functions u: R R R
Determine if a given utility function of a form:is (weakly) increasing or (weakly) decreasing. u: R R
There are given:or strict convexity). Write conclusions about the number of optimal consumption bundles. a budget set D(p, I) = {x = R|p1x + P2X2 1} C X = R, a supply set B = {(x, x) = R | x b, x2
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