ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
4th Edition
ISBN: 9781285423548
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 2, Problem 2.4PA
To determine
Various examples of specialized market or retail outlets and the factors that make the web favorable to specialization.
Concept Introduction:
Specialized Market: is defined as a market in which a focus is on selling a single product.
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4. Elvira College has an enrollment of 1,000 students and is located in a small Midwestern town named Johnsonville. Johnsonville has a total population of 2,500 people. The nearest town is 20 miles away. Most of the residents shop locally, but they travel about once a month to the larger city and pick up the large-ticket items. Johnsonville has one fairly good-size supply store named Jameson's Grocery. The only other place in town where you might buy supplies is at the gas station/convenience store located on the edge of town. What competitive situation is Jameson's Grocery experiencing?Competitive Situation:Explanation:
315553/quizzes/3862261/take
Course Placement CT CT2Learn
Assume that our world consists of only two countries: the United States (US) and the Rest of
the World (ROW). Both of these countries produce airplanes and computers. The amounts of
each good produced during an hour in each country are provided in the table below.
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1. Based on this table, who has the absolute advantage in airplanes?
in the ROW?
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What is the opportunity cost of 1 computer in the US?
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In this week’s discussion, we focus on how the market changes when there are changes to the supply or demand of goods and services.
(a) “This year the weather smiled on us, and we made a good crop,” said a wheat farmer in Manitoba. “But just as we made a good crop, the economic situation changed.” This quotation brings to mind the saying, “If you are a farmer, the weather is always bad.” How would use economic theory to explain that this saying might be true and what would you suggest the farmer do to make the best of the situation despite good or bad weather? (one paragraph)
(b) Along with your textbook reading, review the related videos and article for a background on Canada’s marijuana legalization, then respond to the following questions:Do you see any economic effects not mentioned that might occur in the longer period? What major changes do you see happening with the supply and demand sides of the cannabis market in the long run? (1-2 paragraphs; no mini essay).
Chapter 2 Solutions
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
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- 1. Which of the following variables does not directly impact the quantity of a good the firm is willing to produce? a. the price of the good b. the income level of the people who buy the good c. the number of firms producing the good d. the cost of a key input used to produce the goodarrow_forwardPROBLEM (5) (tariff) The domestic (US) demand and supply for soy is p = 80 − QD and p = QS + 10 respectively. US market is very small relative to the world market, and the world (equilibrium) price is $20. Draw one graph for the market marking all intercepts and intersections to help you with (a) and (b) below. (a) If there is NO trade, what is the CS, PS, net domestic benefits, DWL?(b) If there is free trade, what is the CS, PS, net domestic benefits, DWL? How many units are imported? Now the state imposes a tariff of t dollars per unit.(c) What should be the tariff amount t to maximize tariff revenues? In this case, what is the DWL?(d) What should be the tariff amount t so that consumers and producers equally well off (CS equals PS)? (e) What should be the tariff amount t to maximize PS?(f) What is the most efficient tariff amount t? What is the least efficient tariff amount t? (i.e. that minimizes and maximizes DWL respectively.)arrow_forwardplease do it quick i need it as soon as possible.(3) Sketch a supply and demand model of the housing (home ownership) market. Label the equilibrium price and equilibrium quantity. Now sketch in TWO changes on the same graph: an increase in demand; a reduction in supply.arrow_forward
- (Please refer to the attached image.) 1. What is the message in this cartoon? 2. Does the cartoon show a challenge or an opportunity? Why do you say so?arrow_forwardPROBLEM (5) (tariff) The domestic (US) demand and supply for soy is p = 80 - Qp and p = Qs+ 10 respectively. US market is very small relative to the world market, and the world (equilibrium) price is $20. Draw one graph for the market marking all intercepts and intersections to help you with (a) and (b) below. (a) If there is NO trade, what is the CS, PS, net domestic benefits, DWL? (b) If there is free trade, what is the CS, PS, net domestic benefits, DWL? How many units are imported? Now the state imposes a tariff of t dollars per unit. (c) What should be the tariff amount t to maximize tariff revenues? In this case, what is the DWL? (d) What should be the tariff amount t so that consumers and producers equally well off (CS equals PS)? (e) What should be the tariff amount t to maximize PS? (f) What is the most efficient tariff amount t? What is the least efficient tariff amount t? (i.e. that minimizes and maximizes DWL respectively.)arrow_forward(Figure: Supply Curves) Yantai Pacific produces and sells home textile products, such as sheet sets and comforters, to several major retailers. Yantai can procure cotton and thread from numerous suppliers. Yantai also has a large pool of applicants to add workers as needed. Which graph BEST represents Yantai's supply? Product A Product C Price A B Product B Supply IVE Quantity Supply 4 Quantity Price Price Supply Quantity Price Product D Supply Quantityarrow_forward
- The demand for skilled workers in the United States has been increasing. To increase the supply of skilled workers, many argue that immigration reform to allow more skilled labor into the United States is needed. Explain whether you agree or disagree.arrow_forward(Opportunity Cost) You can spend spring break either working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food, and miscellaneous expenses will total about $700. What's your opportunity cost of going to Florida?arrow_forward4. Define the following: 1. Goods 2. Customer 3. Capital 4. Price and Production 5. Local and National Market 6. Demand 7. Supplyarrow_forward
- 25. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in wine? a) Portugal b) England c) Both d) Neither e) Cannot tellarrow_forwardDiscuss the presence of trade agreements between United States of America and Mexico. Make sure to address the following: 1. Specify if there is a trading agreement between USA and MEXICO. 2. If yes, explain the effects of the trade agreement and how it impacts cloud business.arrow_forward12. A market is a setting where goods and services flow from firms to households and back to firms a place or system that brings buyers and sellers together to exchange goods and services a set of regulations governing how goods and services are produced and consumed an organized scheme for producing and distributing goods in a societyarrow_forward
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