Question 19 1 pts According to the Phillips Curve, the actual rate of unemployment will be equal to the natural rate of unemployment if the actual rate of inflation exceeds the expected rate of inflation. the actual rate of inflation equals the expected rate of inflation. the actual rate of inflation is less than the expected rate of inflation. Question 20 1 pts A rise in the price of energy will lead to a leftward shift of the AS curve, higher output, and higher prices. a rightward shift of the AD curve, lower output, and higher prices. a leftward shift of the AS curve, lower output, and higher prices.
Arizona News Central–EPA’s new clean-water rules hit Arizona, Southwest hardest WASHINGTON –January 24, 2020– Clean-water rules unveiled Thursday by the Trump Administration remove the vast majority of Arizona’s waterways from federal oversight, a change environmentalists call bad news in a region where water is super precious and the population is growing. The newest action sparked months of controversy after the Trump Administration officially proposed the change last February. An EPA science advisory board criticized the action that this newest attack on the environment will spoil much of the state’s remaining water supply. 2A. Below construct a market for Arizona water labeling supply and demand with subscript “1” and that the supply of water is fixed. 2B. Write a phrase from the article that speaks to two factors changing the market for water in Arizona. 2C. Return to the market above and make changes to the market consistent with information in the article. Label all new curves and new equilibrium price and quantity with subscript “2”. 2D. Give an economic justification for changes made to the market. (Note: An economic justification is a reason for moving a curve in a market.)
PAGE 3 3A. Write the formula for price elasticity of demand using the mid-point formula. 3B. Assume the elasticity of demand for a product between two points on the demand curve is equal to 0.25. If the price increase by 10 percent, will quantity demanded increase or decrease? ___________________ 3C. By what percent will quantity demanded increase or decrease? ___________________ 3D. Below, depict a demand curve that reflects the above elasticity assuming both axes have the same unit measure.
Welfare and Efficiency – End of Chapter Problem Hours of movers’ time Marginal benefit ($) 850 2 620 a. You are moving across town. Doing your research, you find that the average rate of a moving company is $250 per hour for a moving crew (moving truck included). The marginal benefit you receive from each hour of the movers’ time (and truck) is listed in the accompanying table. نیا 500 4 250 5 150 Based on this information, you should hire movers for 6 100 7 0 4 hours $1,220 and you will receive in 8 0 consumer surplus. b. Now suppose that instead of paying per hour, a moving company offers a flat rate of $1,200 for movers plus a truck for an eight hour day. If you hired this moving company and used them for the entire eight hours, how much consumer surplus would you gain? consumer surplus: $ Quantity Fei Lakesha Morgan $40 $85 Welfare and Efficiency – End of Chapter Problem Fei, Morgan, and Lakesha are all in the market for new Levi’s jeans. The marginal benefit for each pair of jeans for each of them is provided in the accompanying table. $90 2 $60 $32 $75 3 $32 $24 $55 4 $20 $16 $32 5 $15 $8 $25 a. If the price of a pair of Levi’s jeans costs $32, Fei will b. The consumer surplus from the last pair of jeans purchased is purchase three pairs , Morgan will purchase largest for Lakesha. two pairs , and Lakesha will purchase largest for Fei. four pairs largest for Morgan. the same for Fei, Morgan, and Lakesha. c. How much total consumer surplus will each of them receive at a price of $32? Fei’s total consumer surplus is $ Morgan’s total consumer surplus is $ Lakesha’s total consumer surplus is $ d. How much consumer surplus do they receive collectively? Collective consumer surplus is $
4A. Assume that in the market for credit cards there is some elasticity of supply and demand and that the equilibrium money price is 29%. Construct a market for credit cards showing the actual market price. Label initial supply and demand with subscript “1”. Analyze the likely effect in the market for credit cards if state governments across the country impose a cap on credit card interest rate at 19%. 4B. Depict the market for soda depicting supply, demand, equilibrium price and quantity with subscript 1 and assuming that both demand and supply have some elasticity. Assume soda and pizza are complement goods. Analyze the likely effect in the market for soda labor if the price of pizza decreases.
2. Why is it that the consumer can maximize total net utility only if the purchase quantity brings marginal utility as close as possible to equality with price? 3. Use the law of diminishing marginal utility to explain why Domino’s and Pizza Hut allow the purchase of a second pizza for only $5 when one pays full price (around $10) for the first pizza. Why not simply charge $7 a pizza instead? Explain why the long-run average cost is typically U-shaped. Explain the connection between the shape of long-run average cost curve and returns to scale. “Assuming the long-run average cost curve is U-shaped, a firm will always seek to operate at the lowest point on the long-run average cost curve.” True or false? Explain your answer. Why is the total profit curve shaped like a hill? Is it a good thing to go to a point where marginal profit is zero? Explain. What is the value of marginal profit at the profit-maximizing output? Expert Answer
Name: Jessica Villasenor Date: June 14, 2020 Class: Principles of Microeconomics Professor: Priti Verma Assignment #4 1. Explain each of the following statements using supply-and-demand diagrams. a. “When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country.” b. “When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets.” c. “When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls.” 3. Consider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity of minivans. a. People decide to have more children. b. A strike by steelworkers raises steel prices. c. Engineers develop new automated machinery for the production of minivans. d. The price of sports utility vehicles rises. e. A stock market crash lowers people’s wealth.
5. Over the past 40 years, technological advances have reduced the cost of computer chips. How do you think this has affected the market for computers? For computer software? For typewriters? 8. The market for pizza has the following demand and supply schedules: Price Quality Demand Quantity Supplied $4 135 Pizzas 26 Pizzas 5 104 53 6 81 81 7 63 98 8 53 110 9 39 121
a. Graph the demand and supply curves. What are the equilibrium price and quantity in this market?
b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?
c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?
11. Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows: Price Quality Demand Quantity Supplied $4 10,000 Tickets 8,000 Tickets 8 8,000 8,000 12 6,000 8,000 16 4,000 8,000 20 2,000 8,000
a. Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true?
b. What are the equilibrium price and quantity of tickets?
c. Your college plans to increase total enrollment next year by 5,000 students. The additional students will have the following demand schedule: Price Quantity Demand $4 4,000 Tickets 8 3,000 12 2,000 16 1,000 20 0 Now add the old demand schedule and the demand schedule for the new students to calculate the new demand schedule for the entire college. What will be the new equilibrium price and quantity?
Hoa is about to begin her junior year of college, majoring in software engineering with a further specialization in software architecture. Ideally, she’d like to work for a small, innovative start-up, but she also wants to be as employable as possible in a fluctuating job market. She knows the importance of having skills that are transportable across different industries. As she plans her academic trajectory over the next two years, she should focus on developing skills that will make her more competitive in a specific job market, for example the video game industry. select classes that will broaden her skill set as much as possible, so that she can be competitive for different types of jobs, including those outside the tech industry. focus on developing expertise in one skill set while increasing her general knowledge of the requirements for a specific industry, focus on learning a broad range of skills at the top level while continuing to develop expertise in one specific area of software design become a specialist in as many subject areas as possible–for example, by developing deep expertise in several coding languages. Question 15 (1.6667 points) To be is to achieve organizational goals. efficient effective innovative sustainable strategic Question 24 (1.67 points) In comparison to organizational culture, organizational climate is more deeply held. O is based on values rather than attitudes. does not have a discernible pattern. can be measured more readily. is less easy to manage. Question 4 (1.6667 points) ✓ Saved is defined as the excellence of a product. Innovation Quality Demand Value Reliability
Transcribed Image Text from this QuestionThe diagram depicts the market situation for a monopoly pastry shop called BakeStop. Use the diagram to answer the following question MC ATC Price 24 22 20 18 16 14 12 10 8 AVC 6 4 2. 0 0 MR 20 40 60 80 100 120 140 Quantity a. How much profit does BakeStop earn? b. How much dead weight loss is created by this industry being monopolized rather than competitive. Explain.
Market for Hats 80 72 24 Price (Dollars per hat) Quantity Demanded (Hats) 64 500 Quantity Supplied (Hats) 0 Supply 56 48 PRICE (Dollars per hat) 40 32 Demand 24 16 8 t 0 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hats) The equilibrium price in this market is $ per hat, and the equilibrium quantity is hats bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surp/ and whether this places upward or downward pressure on prices, Price (Dollars per hat) Shortage or Surplus Amount (Hats) Shortage or Surplus Pressure 48 32
Mark can make 3 tables and 1 chair in a day while John can make 4 tables and 1 chair in a day. Which of the following is true? A. John has an absolute advantage in making tables. B. Mark has an absolute advantage in making tables. C. John has a comparative advantage in making chairs. D. Mark has a comparative advantage in making tables. 2. (6 points) There are two workers in a factory in which goods X and Y are produced. Worker 1 adds a value of $200 per hour in the production of Good X and a value of $100 per hour in the production of Good Y. Worker 2 adds a value of $125 per hour in the production of Good X and a value of $87.50 per hour in the production of Good Y. Which of the following is true? A. Worker 1 has a comparative advantage in the production of Good X. B. Worker 2 has a comparative advantage in the production of Good X. C. Worker 2 has an absolute advantage in the production of both goods. D. Worker 1 has an absolute advantage in the production of Good Y only
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