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    Question.3123 - 3. What effect will each of the following have on the demand for small automobiles such as the Mini-Cooper and Smart car? a. Small automobiles become more fashionable. b. The price of large automobiles rises (with the price of small autos remaining the same). c. Income declines and small autos are an inferior good. d. Consumers anticipate that the price of small autos will greatly come down in the near future. e. The price of gasoline substantially drops. 6. What effect will each of the following have on the supply of auto tires? a. A technological advance in the methods of producing tires. b. A decline in the number of firms in the tire industry. c. An increase in the prices of rubber used in the production of tires. d. The expectation that the equilibrium price of auto tires will be lower in the future than currently. e. A decline in the price of the large tires used for semi trucks and earth-hauling rigs (with no change in the price of auto tires). f. The levying of a per-unit tax on each auto tire sold. g. The granting of a 50-cent-per-unit subsidy for each auto tire produced. 8. In 2001 an outbreak of hoof-and-mouth disease in Europe led to the burning of millions of cattle carcasses. What impact do you think this had on the supply of cattle hides, hide prices, the supply of leather goods, and the price of leather goods? 11. Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as shown in the table below. Suppose that the government establishes a price ceiling of $3.70 for wheat. What might prompt the government to establish this price ceiling? Explain carefully the main effects. Demonstrate your answer graphically. Next, suppose that the government establishes a price floor of $4.60 for wheat. What will be the main effects of this price floor? Demonstrate your answer graphically. Chapter 3 Problems 3. Refer to the expanded table below from question 11. What is the equilibrium price? At what price is there neither a shortage nor a surplus? Fill in the surplus-shortage column and use it to confirm your answers.b. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium quantity Q. c. How big is the surplus or shortage at $3.40? At $4.90? How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price? 30 cents lower than the equilibrium price? Thousands of bushels Price Per Thousands Surplus (+) Demanded Bushel of bushels supplied or Shortage (-) 85 $3.40 72 80 3.70 73 75 4.00 75 70 4.30 77 65 4.60 79 60 4.90 815. Use two market diagrams to explain how an increase in state subsidies to public colleges might affect tuition and enrollments in both public and private colleges. Chapter 5 Questions 1. Explain the two causes of market failures. Given their definitions, could a market be affected by both types of market failures simultaneously? 4. What are the two characteristics of public goods? Explain the significance of each for public provision as opposed to private provision. What is the free-rider problem as it relates to public goods? Is U.S. border patrol a public good or a private good? Why? How about satellite TV? Explain. 5. Draw a production possibilities curve with public goods on the vertical axis and private goods on the horizontal axis. Assuming the economy is initially operating on the curve, indicate how the production of public goods might be increased. How might the output of public goods be increased if the economy is initially operating at a point inside the curve? 6. Use the distinction between the characteristics of private and public goods to determine whether the following should be produced through the market system or provided by government: (a) French fries, (b) airport screening, (c) court systems, (d) mail delivery, and (e) medical care. State why you answered as you did in each case.

    Answer Below:

    What xxxxxx will xxxx of xxx following xxxx on xxx demand xxx small xxxxxxxxxxx such xx the xxxxx Cooper xxx Smart xxx a xxxxx automobiles xxxxxx more xxxxxxxxxxx Ans xxx demand xxx small xxxxxxxxxxx will xxxx if xxx small xxxxxxxxxxx become xxxx fashionable x The xxxxx of xxxxx automobiles xxxxx with xxx price xx small xxxxx remaining xxx same xxx When xxx price xx large xxxxxxxxxxx rises xxx demand xxxx fall xxxxxxx increasing xxx demand xxx small xxxxxxxxxxx c xxxxxx declines xxx small xxxxx are xx inferior xxxx Ans xx income xxxxxxxx the xxxxxx for xxx inferior xxxxx increases xxxxx the xxxxxx for xxxxx automobiles xxxx also xxxxxxxx with xxx decline xx the xxxxxx d xxxxxxxxx anticipate xxxx the xxxxx of xxxxx autos xxxx greatly xxxx down xx the xxxx future xxx When xxxxxxxxx anticipate xxxx the xxxxx of xxxxx autos xxxx greatly xxxx down xx the xxxx future xxxx the xxxxxx for xxxxx automobile xxxx decrease xx the xxxxxxxxx will xxxx their xxxxxxxx till xxx price xxxxxxx e xxx price xx gasoline xxxxxxxxxxxxx drops xxx The xxxxxx of xxxxx automobiles xxxx increase xxxxx the xxxxxxxxxxx decline xx the xxxxx of xxxxxxxx What xxxxxx will xxxx of xxx following xxxx on xxx supply xx auto xxxxx a x technological xxxxxxx in xxx methods xx producing xxxxx Ans x technological xxxxxxx in xxx method xx production xx auto xxxxx will xxxxx its xxxxxx b x decline xx the xxxxxx of xxxxx in xxx tire xxxxxxxx Ans x decline xx the xxxxxx of xxxxx in xxx tire xxxxxxxx will xxxxxx tire xxxxxxxxxx and xxxxx cause xxxxxxx in xxx supply xx auto xxxxx c xx increase xx the xxxxxx of xxxxxx used xx the xxxxxxxxxx of xxxxx Ans xx increase xx the xxxxxx of xxxxxx used xx the xxxxxxxxxx of xxxxx implies xx increase xx the xxxxxxxxxx cost xxxxx the xxxxxx of xxxx tires xxxx decrease xxxx such xxxxxxxx in xxx material xxxx d xxx expectation xxxx the xxxxxxxxxxx price xx auto xxxxx will xx lower xx the xxxxxx than xxxxxxxxx Ans xxxxxx and xxxxx of x commodity xxx positively xxxxxxxxxx hence xx the xxxxxx equilibrium xxxxx is xxxxxxxx to xx lower xxxx its xxxxxxx level xxxx the xxxxxx of xxxxx will xxxx decline x A xxxxxxx in xxx price xx the xxxxx tires xxxx for xxxx trucks xxx earth-hauling xxxx with xx change xx the xxxxx of xxxx tires xxx A xxxxxxx in xxx price xx large xxxxx used xxx semi xxxxxx earth-hailing xxxx will xxx have xxx effect xx the xxxxxx of xxxxx as xxxx the xxxxxxxx are xxxxxxx related xxx a xxxxxxxxxx of xxxx other x The xxxxxxx of x per-unit xxx on xxxx auto xxxx sold xxx The xxxxxxxxxx per-unit xxx on xxx sale xx auto xxxx will xxxxxx its xxxxxx g xxx granting xx a xxxxxxxxxxxxxx subsidy xxx each xxxx tire xxxxxxxx Ans x -cent-per-unit xxxxxxx for xxxx auto xxxx produced xxxxxxx the xxxx of xxxxxxxxxx hence xxxx will xxxxxxxx the xxxxxx of xxxxx In xx outbreak xx hoof-and-mouth xxxxxxx in xxxxxx led xx the xxxxxxx of xxxxxxxx of xxxxxx carcasses xxxx impact xx you xxxxx this xxx on xxx supply xx cattle xxxxx hide xxxxxx the xxxxxx of xxxxxxx goods xxx the xxxxx of xxxxxxx goods xxx In xx outbreak xx hoof-and-mouth xxxxxxx in xxxxxx led xx the xxxxxxx of xxxxxxxx of xxxxxx carcasses xxxx the xxxxxx of xxxxxx has xxxxxxxxx which xxxxxxx that xxx demand xxx cattle xxxxx will xxxxxxxx This xxxx consequently xxxxxx the xxxx prices xx get xxxxxxxxxxxx equilibrium xx the xxxxx is xxxxxxx than xxxxxx Also xxxxxxxx in xxx number xx cattle xxxx reduce xxx production xx leather xxxxx due xx scarcity xx the xxx material xxxx scarcity xx cattle xxxx increase xxx cost xx production xxx hence xxxxxx the xxxxxx of xxxxxxx goods xxx lower xxxxxx of xxxxxxx goods xxxx increase xxx price xx leather xxxxx Suppose xxx total xxxxxx for xxxxx and xxx total xxxxxx of xxxxx per xxxxx in xxx Kansas xxxx grain xxxxxx are xx shown xx the xxxxx below xxxxxxx that xxx government xxxxxxxxxxx a xxxxx ceiling xx for xxxxx What xxxxx prompt xxx government xx establish xxxx price xxxxxxx Ans xxx government xxxxx have xxxxxxxxxxx the xxxxx ceiling xx so xxxx people xxxxx afford xx purchase xxxx necessity xxxxxxx wheat xxxxxxx carefully xxx main xxxxxxx Ans xxx government xxx established xxx price xxxxxxx at xxxxx which xx lower xxxx the xxxxxx equilibrium xxxxx which xx in xxx problem xxxx a xxxxxxxxx will xxxxx a xxxxxx shortage xx the xxxxxxxxx of xxxxx won xxxxx t xx willing xx supply xxxx product xx this xxxxx price xxxxxxxxxxxx quantity xxxxxxxx will xxx meet xxx quantity xxxxxxxx Such x situation xxxxx also xxxxxx a xxxxx market xxx wheat xx cover xx wheat xxxxxxxx Demonstrate xxxx answer xxxxxxxxxxx DemandSupplyNext xxxxxxx that xxx government xxxxxxxxxxx a xxxxx floor xx for xxxxx What xxxx be xxx main xxxxxxx of xxxx price xxxxx Ans xx the xxxxx of xxxxxxxx demanded xx thousand xxxxxxx while xxx quantity xxxxxxxx is xxxxxxxx barrels x price xxxxx means xxx minimum xxxxxx set xx the xxxxxxxxxx nbsp xx certain xxxxxxxxxxx as x price xxxxxxx measure xx our xxxxxxx the xxxxx floor xxx by xxx government xx higher xxxx the xxxxxx equilibrium xxxxx of xxxxx this xxxxxxxxx will xxxxxx a xxxxxxx supply xx wheat xxxxx might xx turn xxxx the xxxxxxxxx as xxxx will xxxxxxx wheat xx the xxxxxx prices xxxxx there xxx rsquo x be xxx purchase xx the xxxxxx of xxxxx stock xx that xxxxx Chapter xxxxxxxx Refer xx the xxxxxxxx table xxxxx from xxxxxxxx What xx the xxxxxxxxxxx price xx what xxxxx is xxxxx neither x shortage xxx a xxxxxxx Ans xxx equilibrium xxxxx is xxx price xx which xxx quantity xxxxxxxx of x commodity xxxxxx the xxxxxxxx supplied xx that xxxxxxxxx In x free xxxxxx a xxxxxx without xxx regulations xx government xxxxxxxxxxxx the xxxxxxxxxxx price xx said xx the xxxxx at xxxxx the xxxxxxxxx are xxxxxxx to xxxx all xx their xxxxxxx In xxx problem xxxxxxxxxxx price xxx wheat xx as xx this xxxxx the xxxxxxxx of xxxxx demanded xxxxxxx equals xxx quantity xx wheat xxxxxxxx bushels xxxxxxxxx of xxxxxxx Price xxx Thousands xxxxxxx Demanded xxxxxx of xxxxxxx supplied xx Shortage x - x b xxxxx the xxxxxx for xxxxx and xxx supply xx wheat xx sure xx label xxx axes xx your xxxxx correctly xxxxx equilibrium xxxxx P xxx equilibrium xxxxxxxx Q xxxxxxxxxxxxx How xxx is xxx surplus xx shortage xx At xxx big x surplus xx shortage xxxxxxx if xxx price xx cents xxxxxx than xxx equilibrium xxxxx cents xxxxx than xxx equilibrium xxxxx Ans xx there xx shortage xx bushels xx wheat xx there xx surplus xx bushels xx wheat xxx current xxxxxxxxxxx price xx and xx the xxxxx becomes xxxxx higher x e xxxxx will xx surplus xx bushels xx wheat xxx if xxx price xxxxxxx cents xxxxx than xxx equilibrium xxxxx i x then xxxxx will xx shortage xx bushels xxx two xxxxxx diagrams xx explain xxx an xxxxxxxx in xxxxx subsidies xx public xxxxxxxx might xxxxxx tuition xxx enrolments xx both xxxxxx and xxxxxxx colleges xxx State xxxxxxxxx are xxxxx to xxxxxx colleges xx help xxx colleges xxxx low xxxxxxx fees xxx thereby xxxxxxxx the xxxxxx of xxxxxxxxxx Hence xxx increase xx the xxxxx subsidies xx public xxxxxxxx will xxxxxxxx the xxxxxxxxx to xxxxxx colleges xxxx increased xxxxxxxxx in xxxxxx colleges xxxx in xxxx adversely xxxxxx enrolment xx private xxxxxxxx Enrolment xx Public xxxxxxxxxxxxxxxx in xxxxxx college xxxxxxxxx in xxxxxxx CollegeEnrolment xx Private xxxxxxxxxxxxxx Questions xxxxxxx the xxx causes xx market xxxxxxxx Given xxxxx definitions xxxxx a xxxxxx be xxxxxxxx by xxxx types xx market xxxxxxxx simultaneously xxxxxx failure xxxxxx to x situation xxxxx there xxxx not xxxxx fair xxx efficient xxxxxxxxxx of xxxxxxxxx in xxxx market xxx two xxxx causes xx market xxxxxxx are xxxxxxxxxxx market xx is x situation xxxxx there xxx few xxxxxxx of xxxxxxxxx who xxxx market xxxxxxx and xxxxx many xxxxx results xx price xxx commodity xxxxxxxxxxxxxx and xxxxxxx not xxxxxxxx the xxxxxxx utilisation xx resources xx such xxxxxxx as xxx producers xxxx more xxxxx hence xxxxx is xx interfered xxxxxx movement xxxxxxxx Externalities xxxxxxxxxxx is x scenario xxxxx the xxxxxx of xxx action xx one xxxxx is xxxxx by xxx third xxxxx who xxx been xxxxxxxxxx in xxx transaction x g x water xxxxxxxxx caused xx the xxxxxxxx factories xxxxxxxx the xxxxxx lakes xxx ponds xxx involved xxxxxxx in xxxx transaction xxx the xxxxxxxx of xxx chemical xxxxxxxx and xxx consumers xx the xxxxxx products xxx the xxxxxxxxx of xxx nearby xxxxx and xxxxx have xx suffer xxxx the xxxxxxxxxx released xx the xxxxx while xxxx had xxxxx been xx involved xxxxx Given xxx explanation xx the xxxxxx of xxxxxx failure xx can xx said xxxx the xxx causes xxx occur xxxxxxxxxxxxxx What xxx the xxx characteristics xx public xxxxx Explain xxx significance xx each xxx public xxxxxxxxx as xxxxxxx to xxxxxxx provision xxxx is xxx free- xxxxx problem xx it xxxxxxx to xxxxxx goods xx U x border xxxxxx a xxxxxx good xx a xxxxxxx good xxx How xxxxx satellite xx Explain xxx two xxxx characteristics xx public xxxxx are x It xx non-rivalrous- xxx consumption xx the xxxxxx good xx an xxxxxxxxxx does xxx affect xxx market xxx that xxxx b xx is xxxxxxxxxxxxxxx The xxxxxxxxxx cost xx an xxxxxxxxxx consumer xx that xxxx will xx nil xxxx is xxxxxxxxxxx cannot xx excluded xxxx the xxxxxx A xxxxxx good xx one xxxxx cannot xx excluded xxxx use xx all xxx also xxx consumption xx which xx not xxxxxxxx by xxxxxx of xx individual x private xxxx is xxx whose xxxxxxxxxxx is xxxxxxxxxx and xxx market xxxxx get xxxxxxxx by xxx action xx individuals xx relation xx the xxxxxx goods xx the xxxxxxxxxxxx of xxx consumers xx the xxxx is xxxx less xx increases xxx cost xx the xxxxxxxx which xxxxx exceed xxx benefit xx supplier xx such x situation xxx supplier xxxx incur xxxx and xxxx exit xxx supply xxxxxx resulting xx market xxxxxxx This xx known xx free-rider xxxxxxx U x border xxxxxx is x public xxxx as xxxxxxxxxx of xxx border xx a xxx excludable xxx on xxxx of xxx US xxxxxxxxxx and xxxx the xxxxx paid xxx this xx non xxxxxxxxxxxx for xxx individual xxxxx they xxxxxx affect xxx patrolling xxxxxxxxx TV xx also x private xxxx as xxxxx is x fixed xxxxxxxx of xxxxxxxxx TVs xxxxxxxxxxxx also xxx use xx the xxxx can xx excluded xx per xxx requirement xxx desire xx the xxxxxxxxx Draw x production xxxxxxxxxxxxx curve xxxx public xxxxx on xxx vertical xxxx and xxxxxxx goods xx the xxxxxxxxxx axis xxxxxxxx the xxxxxxx is xxxxxxxxx operating xx the xxxxx indicate xxx the xxxxxxxxxx of xxxxxx goods xxxxx be xxxxxxxxx How xxxxx the xxxxxx of xxxxxx goods xx increased xx the xxxxxxx is xxxxxxxxx operating xx a xxxxx inside xxx curve xxx The xxxxxxxxxx possibility xxxxx is xx shown xxxxx If xxx economy xx operating xx the xxxxx it xxxxxxx that xxx economy xxx achieved xxxxxxx level xx operation xxx to xxxxxxx more xx public xxxxx it xxxx have xx sacrifice xxxx much xxxxxx of xxxxxxx goods x e xx it xx operating xx point x it xxxx have xx move xx point x If xxx economy xx operating xx a xxxxx inside xxx curve x e xxxxx A xx our xxxxxxx it xxxxxxx that xxxxx are xxxxxxxxxx resources xxxxx if xxxxxxxx used xxxx generate xxxx public xxxxx without xxxxxxxxxxx on xxx private xxxxx Use xxx distinction xxxxxxx the xxxxxxxxxxxxxxx of xxxxxxx and xxxxxx goods xx determine xxxxxxx the xxxxxxxxx should xx produced xxxxxxx the xxxxxx system xx provided xx government x French xxxxx b xxxxxxx screening x court xxxxxxx d xxxx delivery xxx e xxxxxxx care xxxxx why xxx answered xx you xxx in xxxx case x French xxxxx is x private xxxx as xxx use xxx be xxxxxxxx and xxxxxx be xxxxxxxx through xxx market xxxxxx b xxxxxxx screening xx a xxxxxx good xx its xxx is xxx excludable xxx also xxx action xx an xxxxxxxxxx will xxx affect xxx screening xxxxxxxxx Hence xx should xx provided xx the xxxxxxxxxx c xxxxx systems xxx public xxxxx as xxxx serve xxx country xx a xxxxx and xxxxxxxx all xxx individuals xxxx if xxxx are xxx involved xxxxxxxx in xxx transaction xxxx are xxx excludable xx they xxxx maintain xxx order xxx justice xxxxx the xxxxxxxxxx should xxxxxxx court xxxxxxx d xxxx delivery xx case xx postal xxxxxxxx is x public xxxx as xx benefits xxx the xxxxxxxxxxx and xx non xxxxxxxxxx Also xxxxxxxxx of xx individual xxxx not xxxxxx the xxxx delivery xxxxxxxx e xxxxxxx Care xx a xxxxxxx good xx it xx excludable xxx more xxxxxxxxxxx the xxx of xxxxxxx by xx individual xxx deprive xxxxxxx individual xxxx the xxxxxxxxxxxx derived xxxx the xxx of xxxxxxx care xxxxxxxx

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    Answer: The law of demand states that given all other things remaining same, as the price of a commodity/service increases, the quantity demanded for that qua...
    Question: US Economy ...
    Answer: Although there have been marginal improvements in the U.S. unemployment rates, the same continues to be on the higher side at around 8%. However, ther...
    Question:           ...
    Answer: Question 1: Explain and “relate to the real world” a key concept you learned that week. Answer: Comparative advantage is simply ability of...
    Question: 3. Consider a nation in which the volume of goods and services is growing by 5 percent per year. Wha...
    Answer: Ans 1) If a country’s economic size is growing more quickly when compared to the rest of the world would result in the country’s increasin...
    Question: Disc question 1: Think about a product that you have purchased recently (e.g. soda, diapers, takeout...
    Answer: Disc question 1: Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game...
    Question: 3.) in this problem, all amounts are shown in billionsSuppose this year's money supply is $800 billi...
    Answer: Suppose that this year’s money supply is $800 billion, nominal GDP is $20 trillion, and real GDP is $8 trillion. a. What is the price level? Wha...
    Question: Suppose for a closed economy (no import or export) , the autonomous consumption (AC) =500, MPC=0...
    Answer: Given: autonomous consumption (AC) =500, MPC=0.9, investment I =300, Government spending G= 400 tax =400A) The Consumption function is given by follow...
    Question: GROSS DOMESTIC PRODUCT (GDP) ...
    Answer: GDP is the term used to refer to the economic health of a country, as well as to measure the country's standard of living. The monetary value ...
    Question: After reviewing the material in Chapters 3, please post and respond to the following topic on the co...
    Answer: Yes, I would cut the price to increase revenue. Since the price elasticity of demand is -1.25, demand is said to be elastic. In this case, we can ...
    Question: An important concept to explain the Keynesian model is the ‘spending multiplier’ effect....
    Answer: The spending multiplier effect shows how an initial spending decision can lead to a much larger increase in overall economic activity. For example, wh...
    Question: PART A: The Great Recession and the AD/AS ModelThe AD/AS Model explains business cycles. A decline i...
    Answer: Part AA recession occurs when the equilibrium level is below the potential GDP. There are several factors that triggered the Great Recession. The prim...
    Question: In this discussion (also known as a small business scenario), you will develop a specific busin...
    Answer: I Would like to start a small food truck business. In order to start a food truck business, I would like to purchase or lease a food truck that is ful...
    Question: Discuss how the coefficient of determination and the coefficient of correlation are related and how ...
    Answer: The coefficient of determination is the square of the correlation coefficient. It measures the proportion of variance in the dependent variable that i...
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