Questions and Answers of Introduction To Chemical Principles

In 2017, Apple told its suppliers to prepare for the sale of 100 million iPhones; however, in 2018 Apple updated its projections and informed suppliers that it expected iPhone demand to be lower.
During the period from 2007 to 2009, the number of new automobiles sold in the United States fell from 16 million to 10.4 million. How do you expect the decrease in demand for cars to affect the
The number of bank tellers declined from an average of 20 per branch in 1988 to 13 in 2004, as ATMs replaced human tellers. This meant that the cost of running each branch fell. Banks responded by
Nicole works as a research assistant. When her wage rate was $20 per hour, she worked 35 hours per week. When her wage rate rose to $30 per hour, she decided to work 40 hours per week. When her wage
Consider the labor market for workers building boats. For each of the following scenarios draw a graph showing the effect on the labor market for boat builders. How does the equilibrium wage and
Consider the annual earnings data for 2017 that are provided in Figure 1.Figure 1.It shows that the median earnings of a college graduate with a Bachelor’s degree is $53,900 per year compared to
Imagine you’re being interviewed for a job you’d like to have after you graduate. What would you tell your potential employer if she asks about what you like to do during your free time? Explain
Suppose you own and operate an independent gym. When you opened the business, you worked full time and hired a few trainers to work with you. Business was good so you decided to open a second gym in
Briefly explain the concept of compensating differentials. Provide two examples, one resulting in higher wages and one resulting in lower wages. Briefly explain your reasoning for each.
In 2018, the CEO of General Dynamics (an aerospace and defense company), Phebe Novakovic, received a total compensation of about $20.7 million. This was estimated to be approximately 240 times the
What does it mean for a firm to have monopsony power? Would the concept of monopsony power be relevant in the market for nurses? Why or why not?
For each of the following scenarios indicate whether it is an example of a compensating differential. a. High-rise construction jobs pay more than other types of construction jobs. b. Union workers
What benefits do unions provide to workers? It’s relatively common for unions to operate in labor markets in which there are a few employers who have some monopsony power. Why do you think this is
Some members of the Michigan legislature have proposed legislation that would require interior designers to get a license in order to work in the field. This would require a minimum amount of
When researchers estimate gender discrimination in the labor market, they take account of many observable factors that are thought to impact wages. For example, they may adjust wages because of
As of 2018, the federal minimum wage in the United States was $7.25 per hour. The Federal minimum wage is only binding in 21 states, because the other 29 states have state minimum wages that are
Companies that engage in workplace discrimination are likely to have lower profits when they compete against other firms that do not discriminate.” Evaluate this statement and briefly explain your
For each of the following, match the definition to the type of discrimination: prejudice, implicit bias, or statistical discrimination. a. Employers using a characteristic of a group to make
Briefly explain the concept of statistical discrimination and provide an example that is relevant for labor markets. Why might hiring managers practice statistical discrimination instead of making
What is the difference between general and specific skills? Why do businesses offer their employees more training that provides job-specific skills than training that provides general skills?
You have recently been hired as a manager at an Apple store. One of your first priorities is to increase worker productivity. Briefly explain why each of the following ideas may increase your
For each of the following, identify and describe both a possible negative externality and a possible positive externality.a. You build a chicken coop in your suburban backyard. b. You get sick and
The median earnings for a 25- to 34-year-old, full-time, year-round worker with only a high school education was $31,830 in 2016, while similar workers with a bachelor’s degree (but no further
In 2018, a wind farm developer was ordered by the Iowa state appeals court to dismantle its newly constructed wind turbines after adjacent residents filed a lawsuit complaining that they never
A local school administrator observes an increase in the number of flu outbreaks in the public schools over the last two years. She is concerned that this is putting other children at risk, so she
Provide an example of a positive and a negative externality not mentioned in the chapter for which social norms act like a corrective tax or subsidy.
The Nobel Prize–winning economist Oliver Hart once said, “If we know the marginal social cost [of pollution] emissions, a tax is better, but if we know the optimal quantity, cap and trade is
Provide an example of a public good and briefly describe how the good is both nonexcludable and nonrival. Will the market provide too much or too little of a public good? Why? Should the government
The graph below illustrates a market for cigarettes. Use it to answer the questions that follow. a. Based only on the graph, are there positive or negative externalities associated with cigarettes?
For each of the following examples, identify whether a positive or negative externality is present and whether there will be too little or too much of the activity relative to the socially optimal
The graph below shows the market for house-painting services. Use it to answer the questions that follow.a. Painting the exterior of your house yields external benefits for your neighbors. Label the
People experiencing a medical emergency experience better outcomes if someone near them has first aid training and can immediately begin providing assistance. As a result, first aid training and
Each scenario below involves an externality. For each, identify the externality and explain whether it is “likely” or “not likely” that private bargaining will lead to a socially optimal
In order to curb CO2 emissions, the government creates a cap-and-trade system for freight companies that use semi-trailer trucks to move freight. Some freight companies have already spent lots of
Some economists argue that early child care generates an external benefit to society. Consider the following demand and supply graph for early childhood education.a. How does the market equilibrium
For each of the following, identify whether it is nonexcludable, nonrival, neither, or both and briefly explain your answer. Additionally, determine which would suffer from the free-rider
For centuries, Alaskans relied on salmon and other freshwater fish for protein, oil, and other nutrients. But when jetliners began flying tourists who love fishing from Seattle to Anchorage in the
Consider the labor market for grocery store cashiers. Who are the demanders in the market and who are the suppliers? The average hourly wage for cashiers is $10.93 per hour. Use a graph to illustrate
Judicial law clerks assist judges in court, conduct research for judges, and prepare legal documents. The table shows the quantity of labor supplied and the quantity of labor demanded in a market for
Ivan has inherited his grandmother’s 1963 Chevrolet Corvette, which he values at $45,000. He decides that he might be willing to sell it so he posts it on Craigslist for $55,000. Samantha is
Consider the following statement: “Economists always put things into monetary terms; as a result, economics can most appropriately be called the study of money.Is this true or false? Briefly
You are considering whether you should go out to dinner at a restaurant with your friend. The meal is expected to cost you $40, you typically leave a 20% tip, and an Uber will cost you $5 to get
It is a beautiful afternoon and you are considering taking a leisurely stroll through the park. There are several other activities you had considered doing instead. The value you would have received
Use the cost-benefit principle to evaluate the following: a. You are about to buy a calculator for $10, and the salesperson tells you that the model you want to buy is on sale for $5 at the
During the economic downturn of 2008–2009, the unemployment rate increased to nearly 10%. At the same time, the price of college tuition and the number of college enrollees increased. Using the
Suppose you have midterms in economics and astronomy tomorrow, and you only have four hours left to study. The accompanying table provides the combinations of time spent studying economics and
A friend once remarked that longer movies were a better deal than shorter movies because the ticket price was the same in both cases. Therefore, the longer movie provided more benefit for the same
In 2016, the top-selling pharmaceutical drug in the world was AbbVie’s Humira, which is used for the treatment of several common, chronic conditions. The majority of its profits are derived from
Your niece is deciding whether or not to open a lemonade stand. She expects to sell 20 cups of lemonade for $1 per cup. She already made a sign that cost her $10 and will have $15 worth of additional
Aliyah is preparing to expand her IT consulting company. The current market rate for IT professionals is $58,000 per year. Each employee she hires will also require a computer and equipment that
You are a preschool teacher working at a public school, but are considering quitting your job to start a day-care facility of your own. Describe four types of dependencies that will affect your
Neal is a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total benefits from drinking coffee is provided in the accompanying table. What is Neal’s marginal
Consider your decision to read this textbook on economics. Identify which of the four core principles of economics is most relevant for the following aspects of that decision. a. Reading this
For each of the following, indicate how you might apply the four core principles of economics. a. You are considering whether you should vote in the next election. b. You watch a beautiful sunset
GrubHub, a food delivery service, has recently expanded to your area. The accompanying table contains the number of deliveries per month that you demand at various delivery prices. Use this
You just took an Uber from home to campus for the first time and were willing to pay $13 for the trip. It was so much easier than driving yourself that you are willing to pay $21 for the same trip
Consider Ron’s demand for after school care for his children. The marginal benefit Ron receives for every hour of child care is provided in the accompanying table. Using the Rational Rule for
Do you use water for things that are beyond what is necessary to sustain life? What if the price of water in your home tripled? How would you respond? Are there activities that you would change or
Kathy is attending school in Philadelphia. Each year she returns home to visit her family and friends in New York City. Kathy’s annual demand curve for train tickets from Philadelphia to New York
A team of analysts at Amazon is researching the viability of producing a smart watch. How might they estimate potential demand for their smart watch? What kinds of factors would the analysts want to
The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna is provided in the accompanying table. On the same graph, plot each of their individual demand
For each of the following goods or services, indicate whether you think they are normal or inferior goods for most consumers. Briefly explain your reasoning.a. The newest iPhone b. 10-year-old used
When Sony released the PlayStation 4, it was reported that it was taking a loss of $60 on every console. However, Sony expected to make this up with sales of online play subscriptions (PS+) and
You own the only pharmacy in the small town of Jackson City, which has 40,000 residents. You would like to get a sense of what the local demand is for seasonal allergy medicine so you can determine
Find the flaw in reasoning in the following statement: “An increase in the cost of oil will cause the price of a plane ticket to increase. This increase in price will cause a decrease in demand for
For each of the following pairs of goods, identify if they are substitutes or complements and use a graph to illustrate how the change described impacts the markets for both goods or services.a.
Consider the market demand curve for the Samsung Galaxy smartphone. For each of the following, assess whether it would cause a rightward shift in the demand curve, a leftward shift in the demand
As part of the marketing team at Delta airlines, you must develop a strategy to increase demand for flights between Kansas City and Detroit. You examine the data from previous flights and determine
According to a 2018 article in the Wall Street Journal, proposed tariffs on imported steel could cause the price to consumers of new cars to increase by as much as $300. Use a graph to illustrate the
Illustrate graphically how each of the following events will impact the demand for cups of coffee and explain why demand changes. a. Average hourly wages increase in the United States. b. The state
You have landed a job as an analyst working for a company that is selling a new environmentally friendly single cup coffee maker. Using the accompanying supply plan, draw your company’s individual
Most people don’t manage a business, however nearly everyone acts as a seller in some context. Give some examples of how you operate as a seller in your everyday life.
Workers act as sellers of their time in the labor market in return for some wage. Let’s discover your individual supply curve for labor. For each hourly wage rate provided in the accompanying
Tomas is the general manager for a local automated car wash. The market he operates is perfectly competitive: Every car wash in the area is charging $7 for a car wash, which is also the marginal cost
You’ve probably come across locations along the highway where there’s a Exxon-Mobil gas station on one side of the street and a Shell gas station on the other. The two gas stations are often
Edith is the owner and manager of a small coffee shop that employs three workers who use the shop’s one coffee machine to make and serve coffee to paying customers. Business has begun to pick up;
Determine which of the four core principles should be applied in the following decisions and explain how to apply them.a. Your boss has offered to pay you for up to five hours of overtime today.
Boeing is a producer of aircraft. Determine whether each of the following are fixed costs or variable costs for Boeing. Then, determine if they should be included in the marginal cost of producing an
Miker, a manufacturer of generic medications, is deciding how much to charge retailers for their generic acetaminophen. The marginal cost for each bottle is provided in the accompanying table. If the
What is wrong with the following statement? The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity.
Suppose there are four gas stations in your town. The quantity of gas that each one is willing to supply per week at various prices is provided in the accompanying table. Determine the quantity
Maria is an industrial engineer at a Nissan plant. Using the interdependence principle, explain why and how she should change production plans if one of her engine suppliers cut the price they charge
What impact does the decision to enroll in college have on your individual supply curve for labor while you are in college? Does it cause a shift in the supply curve or a movement along the supply
You have recently been hired by Delta Airlines to work in its strategy division. For each of the following, illustrate how Delta’s supply curve for airline flights will be affected by drawing a
When Dell adopted a “lean production” process—a management tool that reduces inefficiencies without reducing production—it became one of the world’s largest computer manufacturers. What
Briefly explain whether each of the following represents a shift in supply or a change in quantity supplied. Use a graph to illustrate your answer.a. An increase in the use of corn in the production
Provide some examples of markets in which you participated, or will participate in, today. How often were you a buyer/demander? How often were you the seller/supplier? How would a change in price
You are the coordinator of a nonprofit that distributes donated items to three local homeless shelters. What is the most efficient way to allocate your supplies to meet demand at different locations?
Provide some examples of markets that don’t use currency to pay for goods and services.
You purchased a ticket to the musical Hamilton through a verified reseller for $457.00. When your ticket arrives, you see the face value printed on it is $259.00. Based on this transaction, is the
Consider the following data from the market demand and supply for apartments.The average monthly rent for apartments is currently $1,200. At this price, how many apartments will be rented in this
Explain how looking for someone to marry is like a market. How is a marriage market similar to a labor market?
If the average price of gasoline is $3.25 per gallon in your town, and gasoline is a perfectly competitive market, explain what might happen and why in your town if the price of gas dropped to $0.50
When you arrive at the gas station, there is a line of cars wrapped around the block waiting for gas, so you go to the gas station down the road, only to find another line of cars! You get in line
Movie stars such as Salma Hayek, Samuel L. Jackson, Dwayne Johnson, and Jennifer Lawrence are paid millions of dollars per movie, which can take as much as six months of full-time work for an actor,
When British regulators were forced to suspend the license of a flu vaccine plant in Liverpool operated by the Chiron Corporation due to concerns over bacterial contamination, the number of flu
Higher average incomes increase the demand for preventative dental visits. Explain why this will lead the quantity supplied of dental visits to increase, but supply will not increase.
In each of the following examples, determine how supply or demand shift and how the equilibrium price and quantity change. a. Smartphones: Microchips used in smartphones have become more powerful
Suppose the supply of green tea increases; why is it that equilibrium price and equilibrium quantity move in opposite directions?
According to a 2016 article in the Wall Street Journal, “After years of relative equilibrium, the job market for nurses is heating up in many markets, driving up wages and sign-on bonuses for the

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