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- Question : 1QD - The great English economist Alfred Marshall (1842
- Question : 2QD - The late George Stigler, an eminent conservative Chicago economist, wrote as follows: No thoroughly egalitarian society has ever been able to construct or maintain an effi cient and progressive economic system. It has been universal experience that some system of differential rewards is necessary to stimulate workers. [ The Theory of Price, 3d ed. (Macmillan, New York, 1966), p. 19.] Are these statements positive or normative economics? Discuss Stigler
- Question : 3QD - Defi ne each of the following terms carefully and give examples: PPF , scarcity, productive effi ciency, inputs, outputs.
- Question : 4QD - Read the special section on time use (p. 13). Then do the exercise in the last paragraph. Construct a table that compares your time use with that of the average American. (For a graphical analysis, see question 5 of the appendix to this chapter.)
- Question : 5QD - Assume that Econoland produces haircuts and shirts with inputs of labor. Econoland has 1000 hours of labor available. A haircut requires
- Question : 6QD - Assume that scientifi c inventions have doubled the productivity of society
- Question : 7QD - Some scientists believe that we are rapidly depleting our natural resources. Assume that there are only two inputs (labor and natural resources) producing two goods (concerts and gasoline) with no improvement in society
- Question : 8QD - Say that Diligent has 10 hours to study for upcoming tests in economics and history. Draw a PPF for grades, given Diligent
- Question : 9QD - Consider the PPF for clean air and automobile travel. a. Explain why unregulated air pollution in automobiles would push a country inside its PPF. Illustrate your discussion with a carefully drawn PPF for these two goods. b. Next explain how putting a price on harmful automobile emissions would increase both goods and move the country to its PPF. Illustrate by showing how correcting the
- Question : 1QD - Consider the following problem: After your 8 hours a day of sleep, you have 16 hours a day to divide between leisure and study. Let leisure hours be the X variable and study hours be the Y variable. Plot the straight-line relationship between all combinations of X and Y on a blank piece of graph paper. Be careful to label the axes and mark the origin.
- Question : 2QD - In question 1, what is the slope of the line showing the relationship between study and leisure hours? Is it a straight line?
- Question : 3QD - Let us say that you absolutely need 6 hours of leisure per day, no more, no less. On the graph, mark the point that corresponds to 6 hours of leisure. Now consider a movement along the curve: Assume that you decide that you need only 4 hours of leisure a day. Plot the new point.
- Question : 4QD - Next show a shift of the curve: You fi nd that you need less sleep, so you have 18 hours a day to devote to leisure and study. Draw the new (shifted) curve.
- Question : 5QD - As suggested in the special section on time use, keep a diary of your time use by half-hour increments for 3 days; record studying, sleeping, working, leisure, and other uses. Then draw a time production-possibility curve, like Figure 1A-2, between leisure and all other activities. Locate each of your 3 days on the time PPF. Then put the average for all Americans on the same graph. How do you compare with the average person?
- Question : 6QD - Go to the website of the Bureau of Economic Analysis at www.bea.gov . Then click on
- Question : 7QD - For those who have studied calculus: The slope of a smooth line or curve is its derivative. The following are the equations for two inverse demand curves (where price is a function of output). For each curve, assume that the function holds only when P ? 0 and X ? 0 . a. P ? 100 ? 5 X b. P ? 100 ? 20 X ? 1 X 2 For each demand curve, determine its slope when X ? 0 and when X ? 1. For linear demand curves such as a , what is the condition under which the law of downward-sloping demand holds? Is curve b concave (like a dome) or convex (like a cup)?
- Question : 8QD - The marginal value of a curve is its slope, which is the same as the fi rst derivative of a function. Calculate algebraically the marginal effect of output on price for the inverse demand curves a and b in question 7. Provide the numerical marginal values at X ? 10 for both demand curves

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