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introduction to chemical principles
Introduction To Chemical Principles 11th Edition H. Stephen Stoker - Solutions
In each of the following scenarios, explain the changes in either supply or demand that would result. If the initial equilibrium price were yet to change, indicate whether a surplus or a shortage would result. Given this, what do you expect will subsequently happen to the price of the good?a. In
For each of the following observations, determine whether supply, demand, or both shifted and how.a. Over the last decade, the price of hybrid electric vehicles decreased, while the number of hybrid vehicles sold increased. b. During winter, the number of daily air routes between Denver and Aspen,
In 2017, Hurricane Irma had a significant, negative impact on the orange harvest in Florida. The U.S. Department of Agriculture predicted that the quantity of oranges produced would be 21% lower than the previous year. If the price elasticity of demand for oranges is −1.5,
You are planning a summer vacation and are about to book a hotel room online for $149 a night. However, when you get to the reservation screen, you are informed that you will be charged an additional $30 a night in various taxes that you have to pay to the hotel. Between you and the hotel, who do
Provide a real-world example of a price ceiling. How could the price ceiling result in a shortage?
Consider the market for movie theater tickets shown in the accompanying graph. What is the equilibrium price and quantity? Illustrate graphically what happens to the supply curve if the government imposes a $2 per ticket tax on movie theaters. Identify the amount consumers now pay for a ticket and
The U.S. government provides subsidies for a variety of agricultural products.In the absence of a government involvement, what is the equilibrium price and quantity in the market for corn if the demand and supply for corn is as given in the accompanying graph. If the government offers a $2 per unit
Data on the market demand and market supply of rental apartments in a small college town is provided in the accompanying table.Suppose that in order to assist tenants, the local government imposed a price ceiling (rent control) on apartments at $1,200 per unit. Would this create a shortage or a
Provide a real-world example of a price floor. How could the price floor result in a surplus?
The accompanying graph depicts a market for labor.What is the equilibrium wage and equilibrium quantity of workers that will be hired in this particular labor market? Suppose the government imposes a minimum wage in this market at $4 per hour. What would happen in this market as a result of the new
Provide a real-world example of a quantity regulation. Under what circumstances will it impact market outcomes?
The United States produced a little more than nine million barrels of oil a day in 2017. If market supply and demand for oil is as given in the accompanying graph show what happens if the government imposes a maximum quota of 6 million barrels per day. What will happen to the price of oil in this
The Centers for Disease Control and Prevention (CDC) estimates that cigarette smoking causes more than 480,000 deaths each year in the United States. Cigarette smoking also carries a significant financial burden with an estimated $170 billion of direct medical expenses and another $156 billion
Identify each of the following statements as either a positive statement or a normative statement: a. Raising taxes on pollution emissions will result in some factories closing. b. The federal government should tax pollution to address climate change. c. An increase in the gasoline tax will
Think of an important policy issue and provide an example of both a positive economic statement and a normative economic statement related to that policy.
Sean is a community college student and has been saving his tips from his job waiting tables at a restaurant for months to see Hamilton. He is willing to pay $705 for a ticket. Anca has seen Hamilton five times already, but wants to see it again before heading to Europe for a month. She is willing
You are planning a move across town. Doing your research you find that the average rate of a moving company is $250 per hour for two movers (moving truck included). The marginal benefit you receive from each hour of the two movers’ time (and truck) is listed in the accompanying table. a. For how
If an outcome is economically efficient, does this mean that everybody involved benefits? Provide an example to briefly explain your reasoning.
If the daily demand curve for gasoline is as provided in the following graph, then how much consumer surplus would consumers receive if the market price for gasoline was $3.50 per gallon? What about for a price of $2.50 per gallon? Price ($ per gallon) $6.00 $3.50 $2.50 0 40 360 440 Quantity of
Think of something you’ve purchased in the last few days. How much consumer surplus did you get from the purchase? Use the Rational Rule for Buyers to explain why you purchased that quantity. How much producer surplus do you think the seller got and what is total economic surplus? Use the
Last year the average price for an airline ticket was $400, but the average price dropped to $350 this year due to a decrease in the demand for airplane travel. The accompanying table contains information on the supply of air travel. Draw the supply curve and use it to calculate producer surplus
There are dozens of laptop manufacturers around the world. Does the idea of efficient production mean that there should only be one laptop manufacturer making laptops at the lowest marginal cost?
Use the opportunity cost principle to describe what you gain from specializing in your chosen (or to be chosen) profession.
As the manager at a local florist, you supervise two employees, Anita and Jerome. There are two tasks that need to be completed: floral arrangements and flower delivery. It takes Anita 30 minutes to finish one floral arrangement and it takes her 40 minutes to make one delivery. It takes Jerome 10
Imagine that it takes an average Australian miner 10 hours to mine a metric ton of coal and 20 hours to mine a metric ton of manganese. It takes the average South African miner 4 hours to mine a metric ton of coal and 12 hours to mine metric ton of manganese.a. Create a table to show how productive
Use the ideas of comparative advantage and specialization to explain why, over the last several decades, the number of manufacturing jobs have decreased in the United States and increased in other countries such as Mexico.
In 2017, Ecuador’s biggest export was crude (unprocessed) petroleum, 63% of which it exported to the United States, and Ecuador’s biggest import was refined (processed) petroleum, of which 70% was imported from the United States. What does this tell you about the countries’ comparative
You manage a farm equipment supply store in Iowa. Explain how you could use the price of soybean futures as a signal, an incentive, and as a source of information to help make better business decisions. For example, what does the future price of soybeans tell you about whether you should increase
Over a six-month period in 2007, the price of corn increased by almost 70% as a result of increased demand for ethanol biofuel. a. What signal does the dramatic price increase give buyers and farmers? b. How does the price change impact buyers’ and farmers’ incentives? c. How do you think
Go to an online predictions market (searching online should find you a number of them quickly) and make a prediction based on the prices you find. What information does the price tell you? How confident are you in this prediction and why?
Between 2016 and 2017, Nintendo produced 2.3 million NES Classic Edition mini consoles that sold out almost immediately as they arrived at stores. The retail price of the mini console was $59.99. However, if you were to check eBay at the time, you would see that people were buying the units for
Provide an example of a knowledge problem that has impacted a company or an organization. Describe how setting up an internal market would help better allocate resources to solve the knowledge problem.
Large airlines sometimes engage in fuel hedging as a way to avoid wild changes in jet fuel prices. To fuel hedge, an airline purchases a futures contract from an oil company that states they will purchase a set quantity of jet fuel at a specific price in the future regardless of what the actual
You are a director at a game studio. The CEO emailed you asking for the most accurate chances of the game making its release date. How could you use a predictions market to answer the CEO’s question?
You’re working as a paid intern on a small team of four software developers: Each member of the team faces different deadlines and requires your support at different times. You only have 40 hours per work week to offer. How could the company set up an internal market to ensure that your time is
Meagan, a contractor, is hired to install cabinets in a new home and has to decide whether to build the cabinets herself or purchase them from a local cabinet shop. What role does comparative advantage play in her decision? Will your answer change if she has to purchase the cabinets from a foreign
For each of the following goods that are imported into the United States, identify which of the three sources of comparative advantage (abundant inputs, specialized skills, or mass production) accounts for that country’s comparative advantage. a. The United States imported $39.8 billion worth of
In 2016, the United States was importing approximately 8 million barrels of crude oil per day at an average price of $43 per barrel. The domestic demand and supply of crude oil in the United States is given by the graph below.Use the letters and values in the graph to fill in the following table.
Why do you think Colombia’s key exports include coffee, flowers, bananas, and tropical fruits?
The majority of fresh fruit consumed in the United States is imported, much of it coming from Mexico, Chile, Guatemala, and Costa Rica. The proportion of fruit that is imported increased from 23% in 1975 to 53% in 2016. Much of this increase can be attributed to a reduction in transportation costs
For each of the following, explain how it can be a source of comparative advantage and provide an example. a. Abundant inputs b. Specialized skills c. Mass production
Draw a domestic demand and domestic supply curve for apples in the United States using data given in the table below.a. Identify the equilibrium price and quantity without trade. b. If the price at which apples are traded in the world market is $0.15 per apple higher than the domestic price, what
The North American Free Trade Agreement (NAFTA), signed in 1994, reduced trade barriers between the United States, Canada, and Mexico. NAFTA’s supporters argued that by reducing trade barriers, consumer prices would be lower, and that increased trade would create more jobs in the United States.
During the 2016 presidential campaign, Bernie Sanders, a Democratic candidate, and Donald Trump, a Republican candidate, both denounced NAFTA as having a negative impact on jobs in the United States. In particular, they cited the impact on manufacturing jobs. In what ways might free-trade
The United States imports a lot of cars, despite having its own auto industry. Each of the following statements are arguments some people could make for restricting imports of cars into the United States. For each statement, identify the threat to the U.S. industry that the argument is trying to
The United States is the fifth largest sugar consumer and the fifth largest sugar producer in the world. The U.S. sugar industry has enjoyed trade protection since 1789 when Congress enacted the first tariff against foreign-produced sugar. The world price for sugar was around $0.12 per pound at
For each of the following cases for limiting international trade, briefly explain the rationale for limiting trade and provide a possible counterargument. Which arguments do you find most compelling? a. National security requires we produce strategically important goods ourselves. b. Protection
The United States has historically imposed import tariffs on tobacco. Let’s take a look at how these tariffs impact the market for tobacco. The domestic supply and domestic demand for tobacco are illustrated by the graph below.a. Use the letters and values in the graph to fill in the following
In January 2018 President Donald Trump imposed tariffs of 20%–50% on imported home washing machines. This prompted Whirlpool, which produces residential washing machines in the United States, to announce plans to hire 200 additional workers. Explain how the tariffs on imported washing machines
Kemala is a factory worker in Indonesia, where she earns the equivalent of roughly US$1 per hour producing T-shirts to export to the United States. Some people argue that this wage is exploitative and unfair and others argue that she is a great example of the benefits of free trade. Explain the
Consider the market for tilapia. Ripple Rock Fish Farms, a small family fish farm in Ohio, and The Fishin’ Company, a large corporate supplier, are both producers of tilapia.The marginal cost curves for both firms are shown in the accompanying graph.If the market price is $2.25 pound of tilapia,
You are thinking of purchasing a new shirt for $5 that has a “Made in Indonesia” tag on it. You’re shopping with a friend who mentions how terrible working conditions are for textile workers in Indonesia and says, “If they’d only charge $10 for their shirts, then all the sweatshop workers
Use the Rational Rule for Markets to explain why the equilibrium quantity in a market maximizes the market’s total economic surplus.
Why do markets sometimes fail to generate efficient outcomes?
Now, consider two people in the market for tilapia, Reagan and Cheryl. The marginal benefit curves for both individuals are shown in the accompanying graph.If the market price is $2.25 per pound of tilapia. How many pounds would Reagan purchase? How many pounds would Cheryl? How many total pounds
Can you think of any examples of markets that fail? Explain why that market failure does not mean that government control will necessarily lead to a better outcome.
Fei, Morgan, and Lakesha are all in the market for new Levi’s jeans. The marginal benefit for each pair of jeans per year for each of them is provided in the following table:If the price of a pair of Levi’s jeans is $32, how many pairs of jeans will each person purchase? How much consumer
Consider the national market for in-home child care in the accompanying graph.a. At 10 million hours, what is the size of total economic surplus in this market? Label the area representing total economic surplus on the graph. b. At 8 million hours, what is the size of total economic surplus in
A study done by University of Minnesota economist, Joel Waldfogel, estimated the difference in the actual monetary value of gifts received and how much the recipient would have been willing to pay to buy them on their own. The results suggested that the average receiver’s valuation was
How has the emergence of ride-sharing apps like Lyft and Uber created gains from trade that didn’t exist before?
Explain the gains from trade that arise for both buyers and sellers in the following transactions:a. Neighbors Jordan and Chelsea are both working parents. They are able to hire a single babysitter to care for both of their toddlers for 75% of what they would collectively have to pay two separate
Think of your current roommate(s) or people you have lived with in the past, and provide an example of a household task that you have an absolute advantage completing and a household task you have a comparative advantage completing. Would it be better for your household if you specialized in the
You and your friend Olivia are both volunteers at a cat rescue. The shelter supervisor asks the two of you to clean out kennels and haul bags of cat food from the donation area to storage. You know from your last time volunteering that you can clean out 10 kennels in an hour or move 5 bags of cat
Explain how you can apply the three-step recipe of identifying comparative advantages to completing a group project.
You’re working on a team-based homework assignment with a partner, Deidre, that consists of an essay and graphing questions. You can write an essay answer in 15 minutes while Deidre takes 20 minutes to write an essay of similar quality. You can answer a graphing question in 30 minutes and it also
Use comparative advantage to explain why you don’t produce everything you consume. For example, why do you buy a T-shirt from Target instead of making it yourself? Or why do you buy groceries instead of growing your own food?
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