EBK PRINCIPLES OF MICROECONOMICS (SECON
2nd Edition
ISBN: 9780393616149
Author: Mateer
Publisher: W.W.NORTON+CO. (CC)
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Chapter 6, Problem 4SP
To determine
Explain whether people will able to attend the game or not.
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According to the readings, which of the following would likely NOT occur if college athletes could be paid in competitive markets?
a. College coaches would earn lower salaries
b. Subsidies from the academic side could increase
c. Ticket prices would rise to cover the players’ salaries (assuming fan demand is unchanged)
d. Fewer universities would have football programs
Price
P₂
P₁
Q₂
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D
Quantity
There is often only one major league baseball team in a city. What effect does this have on ticket prices?
Chapter 6 Solutions
EBK PRINCIPLES OF MICROECONOMICS (SECON
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- A company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain. The following table shows the company’s anticipated demand over the lifetime of the bridge: If the government were to build the bridge, what price should it charge?arrow_forwardHELP! PART A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods? PART B: Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive.arrow_forwardConsider this scenario. A major hurricane is about to hit the Orlando, Florida area. Discuss what effects this weather event will have on various Florida markets, such as building materials, batteries, water, hotel rooms, local produce sales, entertainment industry ticket sales (Disney, Universal, etc.), real estate prices, fast food, and caviar. Think of some other products that would be affected.arrow_forward
- Is introducing a minimum price a better way of reducing consumption than trying to change peoples’ attitudes?arrow_forwardServices are perishable, which means they cannot be stored or inventoried. What attempts might a university or college make to 'shift' both the supply (when needed during busier times) and the demand (to non-peak times) in order to balance the supply and demand for its services?arrow_forwardPart A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefitted from the hurricane. Why did this occur? what information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods? Part B: Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive.arrow_forward
- Two months ago, on July 1, 2019, the State of Illinois raised gasoline taxes by $.19 (19 cents) per gallon of gas. Now it is past July 2019 and the market has changed. The gasoline tax is in place for all Illinois gasoline stations. In addition to the gasoline tax increase, Illinois dealers on average are noticing that many of their customers are going across the border to buy gasoline in Wisconsin, Iowa, Missouri and Indiana. Not all customers can do this, as they live far from a border. But there is a clear impact on the market for Illinois gasoline producers. Build a graph showing the impact of the Illinois gas tax increase and the shift of some Illinois consumers to border state gas stations, clearly indicating any shifts in the demand and/or supply curves and the resulting equilibrium Price and Quantity. Provide a narrative explaining the shifts. (Both a graph and a narrative are needed for this question)arrow_forwardAnalyze the situations below and supply the correct answer in each column. Once completed, prepare a one-paragraph conclusion to your analyses. Column A: Which side is affected? Write D for demand and S for supply. Column B: Which of the non-price determinants affect demand or supply? Write: Non-price determinants of demand Non-price determinants of supply D1- Consumers' tastes S1 Resource prices D2- Number of buyers S2- Technology D3- Income S3- Taxes and subsidies D4 Prices of related goods S4- Prices of other goods D5- Consumer expectations 5- Producer expectations Column C: To which direction will the curve shift? Write for right. Column D: What happens to the equilibrium price after the shift? Draw a smiling face, O, for an increase, and draw a sad face, , for a decrease. Column E: What happens to the equilibrium quantity after the shift? Draw a smiling face, 9, for an increase, and draw a sad face, 8, for a decrease. Lesson 2.3: Factors Affecting Demand and Supply E Student…arrow_forwardWhich of the following is not correct? Group of answer choices The value of the economist’s language lies in its ability to provide you with a new and useful way of thinking about the world in which you live. Supply, demand, elasticity, comparative advantage, consumer surplus, and deadweight loss are all terms that are part of the economist’s language. Economics has its own language and its own way of thinking, but few other fields of study do. Economists use some familiar words in specialized ways.arrow_forward
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