Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 1, Problem 3CQ
(a):
To determine
Rationing method.
(b):
To determine
Grade rationing and students behavior.
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Chapter 1 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- Why is economics often described as the science of constrained choice?arrow_forwardDraw graphs to show "People respond to incentives and disincentives" in relation to the demand curve and supply curve for good X.arrow_forwardYou and other college students are deciding whether to major in music or engineering. You learn that there is a shortage of engineers, making it easy for engineering graduates to find employment, while there is a glut of musicians for whom finding a job is difficult. As a result, you and many other college students decide to major in engineering. Which economic principle does this illustrate? a) Markets tend to move towards equilibrium as individuals respond to incentives. b) Government intervention can improve efficiency when there is a market failure. c) Changes in incentives are unlikely to change the decisions people make. d) Individuals do not normally take into account the decisions of other individuals.arrow_forward
- What can a marketer do to positively influence a situation in which a consumer is ready to buy but has not yet done so?arrow_forwardthe graph shows the supply and demand curves for a certain product, which has a current selling price of $300. The laws of supply and demand most support which conclusion about the product?arrow_forwardTonight, you and your friends are planning to see Black Panther for which you have a $4 off coupon. Without the coupon, the ticket is $10. Once you are at the cinema, your friends now want to see Captain Marvel. Both movies start and end at the same time. Assume that you have nothing else to do. If you decide to see Captain Marvel with your friends, what is your opportunity cost?arrow_forward
- (a) Assume that the markets for sugar cane, rum, and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes for consumption. (i) Discuss the impact of the good harvest on each of the three markets. (ii) Discuss the effect on the markets for each of the three products if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers, rum producers, and whiskey producers? (b) Identify a newspaper article that illustrates a market failure in your assigned Caribbean country. Ensure that you provide a screenshot of the article in your submission. NOTE: Only the following market failures should be examined: public good, asymmetric information, positive or negative…arrow_forwardDina is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Dina must take time away from work, where she earns $9 per hour. This is in addition to paying a $4 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? Trade can make everyone better off. The cost of something is what you give up to get it. People usually exploit opportunities to make themselves better off. Markets are usually a good way to organize economic activity.arrow_forwardAnswer the given question with a proper explanation and step-by-step solution. Which of the following choices correctly illustrates how changes in opportunity costs affect supply? A) A farmer produces corn and wheat. The price of wheat rises, so he shifts his resources toward wheat and the supply of wheat rises. B) A fisherman fishes for lobsters and oysters. The price of lobsters rises, so he decides to spend more of his time fishing for oysters because he can make the same amount of money with fewer lobsters. C) A textbook for economics becomes cheaper, so more students opt to buy that particular textbook. D) Milk and cereal are complementary goods, so when the price of cereal falls, the quantity supplied of milk rises.arrow_forward
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