Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 5, Problem 10SPA
To determine
Identify the role of fair rules and fair results in the allocation methods of resources.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
What is the benefit to bystanders from reducing the quantity from 160 to 120
The following graph shows the supply curve for a group of students looking to sell used smartphones. Each student has only one used smartphone to
sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who
has a cost just equal to the market price is willing to sell his or her used smartphone.
300
250
Kyoko
200
Jacques
3, 125
150
Eleanor
100
AD
Damell
Beth
50
Andrew
QUANTITY (Used smartphones)
PRICE (Dolars per used smartphone)
At the marketplace $8 per bushel.....please answer
Chapter 5 Solutions
Microeconomics (13th Edition)
Ch. 5.1 - Prob. 1RQCh. 5.1 - Prob. 2RQCh. 5.1 - Prob. 3RQCh. 5.1 - Prob. 4RQCh. 5.2 - Prob. 1RQCh. 5.2 - Prob. 2RQCh. 5.2 - Prob. 3RQCh. 5.2 - Prob. 4RQCh. 5.2 - Prob. 5RQCh. 5.2 - Prob. 6RQ
Ch. 5.3 - Prob. 1RQCh. 5.3 - Prob. 2RQCh. 5.3 - Prob. 3RQCh. 5.4 - Prob. 1RQCh. 5.4 - Prob. 2RQCh. 5.4 - Prob. 3RQCh. 5.4 - Prob. 4RQCh. 5 - Prob. 1SPACh. 5 - Prob. 2SPACh. 5 - Prob. 3SPACh. 5 - Prob. 4SPACh. 5 - Prob. 5SPACh. 5 - Prob. 6SPACh. 5 - Prob. 7SPACh. 5 - Prob. 8SPACh. 5 - Prob. 9SPACh. 5 - Prob. 10SPACh. 5 - Prob. 11APACh. 5 - Prob. 12APACh. 5 - Prob. 13APACh. 5 - Prob. 14APACh. 5 - Prob. 15APACh. 5 - Prob. 16APACh. 5 - Prob. 17APACh. 5 - Prob. 18APACh. 5 - Prob. 19APACh. 5 - Prob. 20APACh. 5 - Prob. 21APACh. 5 - Prob. 22APACh. 5 - Prob. 23APACh. 5 - Prob. 24APACh. 5 - Prob. 25APACh. 5 - Prob. 26APACh. 5 - Prob. 27APA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Consider the market for bus travel, where equilibrium price and quantity is determined by demand and supply. If bus travel is an inferior good and there is an increase in income and at the same time, the government subsidises bus travel, which of the following will occur? (a) The equilibrium price and quantity will be lower. (b) The equilibrium quantity will be higher, but the impact on price will be unknown. (c) The equilibrium price will be lower, but the equilibrium quantity will be higher. (d) The equilibrium price will be lower, but the impact on quantity will be unknown.arrow_forwardSuppose an environmental impact study showsthat the coral reef near Port Douglas, Australia,can sustain 20 scuba diving tours per week. Discuss the pros and cons of setting a quota of 20 divetours per weekarrow_forwardThe following graph shows the supply curve for a group of students looking to sell used graphing calculators. Each student has only one used calculator to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used calculator. 300 250 Rosa 200 Area: 200 Nick 150 Latasha A O 100 Jake Frances 50 Dmitri 2 3 6 QUANTITY (Used calculators) PRICE (Dollars per used calculator) B.arrow_forward
- When may it be more efficient to supply the goods publically than privately? Please support your answer with ‘rationing system’. DRAW GRAPGH IN EXPLANATIONarrow_forwardFiona has a monopoly on motorboat rentals on Nantucket Island during the summer. She can rent five boats per week at $21,000 each. If she wants to rent six, she can only charge $20,000 each. The price effect of renting the sixth motorboat is: $20,000. -$15,000. -$5,000. $25,000.arrow_forwardhow will government change the supply or demand of computer chips to end the shortage?arrow_forward
- If a boxing fight is shown on pay-per-view television every Saturday at 4 p.m., the demand curve for each fight is given in the accompanying graph. Cost ($/fight) 25 20 15 10 5 0 10 20 30 40 50 Viewing households (millions) If there is a pay-per-view charge to watch a fight, the outcome is ----because efficient; prices will allocate the program to those who value it the most efficient; the marginal cost of an additional viewing household is zero O inefficient; the marginal cost of an additional viewing household is zero O inefficient; television stations would not always make a profitarrow_forwardles of Microeconomics - Spring21 The table below shows the demand schedules for pizza for Abby and Barry who are the only buyers in the market. Abby's quantity Barry's quantity Price (dollars per slioe) demanded demanded (slices per month) (slices per month) 2.50 25 50 3.00 20 40 3.50 15 30 4.00 10 20 4.50 10 5 00 Based on the table, what is the marginal social benefit from the 45th slice of pizza? Select one: O a. $3.50 O b. $3.25 O c. $0.50 Od. $9arrow_forwardWhat effect does a per-gallon tax on gasoline have on the market for gasoline? Who pays for the increase in tax?arrow_forward
- Recently, the Metropolitan Transportation Authority (MTA) voted to pass a policy that charges drivers who enter Manhattan (New York City) on the weekdays from 5am to 9pm, and 9 am to 9 pm on the weekends. Passenger vehicles (small cars) would be charged $15, trucks would be charged anywhere from $24-$36 depending on size, and motorcycles would be charged $7.50. During the other hours, the charges and tolls will be decreased. Which of following statements is true? The MTA believes the highest external cost of driving occurs after 9pm. The MTA is subsidizing drivers in NYC. The MTA believes that the external cost of trucks is greater than passenger vehicles and motorcycles. Currently (before the tolls go into effect), NYC has the socially optimum quantity of drivers.arrow_forwardWhat is the cause of deadweight loss (and/or why is deadweight loss inefficient)? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I U S Paragraph Arial 14px A Ix ... O WORDS POWERED BY TINY > > !!! > !!! >arrow_forwardThe demand and supply for taxi cab Rides are given as follows; QD = 600 + pO - pR and QS = 200 – pO + pR Where pR is the price of a taxi ride, and pO is the price of oil. As you see, both the demand and the supply of taxi cab rides are affected by the price of oil, pO. Assume that pO < 3. (a) For a given pO, derive the equilibrium price and quantity for the taxi rides (both the price and/or quantity might depend on pO, naturally). Does the equilibrium price for rides increase/decrease/stay the same as the price oil increases? Does the equilibrium quantity of rides increase/decrease/stay the same as the price oil increases? (b) (Conceptually rather hard!) Consider the equilibrium above, as a function of the given oil price, pO. As the oil gets more expensive, what happens to the price elasticity of demand AT THE EQUILIBRIUM point?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
- Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning