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Property rights and market failures

Graphic designers are much    likely to supply art to the market if property rights are enforced.
Public policy can improve economic efficiency in the presence of market failures.
Complete the following table by classifying the source of market failure in each case.
Market Failure
Market Power
Externality
A single cable provider is the only source of internet in a certain city, giving the company the ability to influence the price of home wifi.
A sewage company opened a wastewater treatment facility near a housing plan, introducing unwanted smells.

Graphic designers are muchmore   likely to supply art to the market if property rights are enforced.Points:1 / 1Close ExplanationExplanation:Property rights are the ability of individuals to own and control their own scarce resources. The enforcement of property rights, usually through the...

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Posted by Cleveland on August 28, 2024

The interaction of individual choices

Individuals living in the state of Kansas like to consume both soybeans and blueberries. While it is possible for farmers to grow both crops in Kansas, almost no farmers elect to use their land to grow blueberries. Instead, every year, Kansas exports soybeans and imports blueberries from nearby Michigan, where growers specialize in blueberries.
Which of the following principles of economic interaction best describes this scenario?

Which of the following principles of economic interaction best describes this scenario?When markets do not achieve efficiency, government intervention can improve overall welfare.There is a tradeoff between equality and efficiency.Trade can make everyone better off.All costs are opportunity costs.Po...

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Posted by Cleveland on August 28, 2024
Hubert is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting.
Consider the following scenario: In order to ski for one hour, Hubert must take that time off of work, where he earns an hourly wage of $19. Additionally, there is a $8 entrance fee to the skiing facility.
Which basic principle of individual choice do these statements best illustrate?

Which basic principle of individual choice do these statements best illustrate?People usually exploit opportunities to make themselves better off.The cost of something is what you give up to get it.Markets are usually a good way to organize economic activity.Trade can make everyone better off.Explan...

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Posted by Cleveland on August 28, 2024

5. Changes in incentives

Suppose that a large influx of electric scooter rentals in a crowded downtown area results in a lot of new riders on the streets. For their safety, the mayor of the city decides to enact a law requiring helmets when renting scooters. These new helmets reportedly decrease the probability of injury by 29% in the event of a scooter crash.
While the new helmets    the probability of injury resulting from a scooter accident, they also incentivize individuals to ride    recklessly, which could    the number of scooter collisions and therefore injuries to renters.

While the new helmetsdecrease   the probability of injury resulting from a scooter accident, they also incentivize individuals to ridemore   recklessly, which couldincrease   the number of scooter collisions and therefore injuries to renters.Points:1 / 1Close Explanatio...

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Posted by Cleveland on August 28, 2024
Suppose that Eric is a diligent hard-working fourth-year college student. One Friday, he decides to start the day by working through 150 practice problems to study for the econometrics class. Using a table to track his progress throughout the day, he notices that as the hours pass, it takes him longer to solve the problems.
TimeTotal Problems Solved
7:00 AM0
8:00 AM60
9:00 AM105
10:00 AM135
11:00 AM150
Use the table to answer the following questions.
a) The marginal, or additional, gain from Alivia’s second hour spent working, from 8:00 AM to 9:00 AM, is _ problems
b) The marginal gain from Alivia’s fourth hour spent working, from 10:00 AM to 11:00 AM, is problems
Question 2
The following week, Alivia’s econometrics faculty advisor gives her some advice. In all their years of teaching they claim to observe that working on 22.5 multiple choice questions boosts a student’s test score by about the same amount as spending an hour reviewing lecture notes. For simplicity, assume students are able to review lecture notes at a constant pace during each hour spent studying.
Given this information, in order to use her 4 hours of time spent studying to get the highest possible test score, how many hours should she have spent solving multiple choice problems, and how many hours should she have spent reviewing lecture notes?
Correct

a) 45 problemsb) 15 problemsExplanationsBy 8:00 AM, Alivia has answered 60 problems. By 9:00 AM, Alivia has answered 105 problems. So the marginal, or additional, gain from her work between 8:00 AM and 9:00 AM is 105−60=45105−60=45 problems.By 10:00 AM, Alivia has answered 135 problems. By...

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Posted by Cleveland on August 28, 2024

3. Equality versus efficiency

All societies face a trade-off between efficiency and equality. If the government lowers income taxes on Americans in the top one percent of earners, while decreasing welfare payments to citizens with incomes below the federal poverty threshold, the most likely result is ain efficiency and in equality in the United States.

f the government lowers income taxes on Americans in the top one percent of earners, while decreasing welfare payments to citizens with incomes below the federal poverty threshold, the most likely result is an increase   in efficiency anda decrease   in equality in the Unite...

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Posted by Cleveland on August 28, 2024

Suppose that Juanita is deciding whether or not to buy a pair of sandals that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the sandals she likes, but some stores are more convenient for Juanita to reach than others. One option is her local shoe store located only 15 minutes away from where she works, where they charge a marked-up price of $112 for the sandals:

StoreTravel Time Each WayPrice of a Sandals
(Minutes)(Dollars per sandals)
Local Shoe Store15112
Different Neighborhood in Town3098
Rural Outlet6086
Juanita earns an hourly wage of $42 at her job. In order to purchase her sandals she will have to take time off work, so each hour away from her job costs her $42 in lost income. Assume that Juanita’s travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Juanita incurs no additional costs other than the sandals, such as gas.


Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location.StoreOpportunity Cost of TimePrice of a SandalsTotal Cost(Dollars)(Dollars per sandals)(Dollars)Local Shoe Store42.00112154.00Different Neighborhood in Town63.0098161.00Ru...

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Posted by Cleveland on August 28, 2024
Suppose you are currently employed as an assistant coach on a college lacrosse team and earn an hourly wage of $22. One night you decide to miss an optional one-hour practice and go to a concert instead, which costs $14.
The total dollar cost of missing work and going to the concert, including the opportunity cost of your time, is

$22+$14=$36The opportunity cost of a choice includes both the monetary amount paid and the value of your time given up by making that choice over another. By skipping practice, you forgo earning your hourly wage of $22 per hour, so this is the opportunity cost of your time. You also choose to pay $1...

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Posted by Cleveland on August 28, 2024