Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421315
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 3, Problem 3.4P
To determine
Determinants of demand.
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The market for organic and locally sourced foods has skyrocketed over the past decade as consumers focus on improving their eating habits. However, severe droughts have caused organic food prices to rise significantly, forcing many consumers to shop at conventional supermarkets (which are increasingly adding organic food options) instead of organic food markets such as Whole Foods. In response, companies such as Whole Foods have begun offering more nonorganic options on their store shelves in order to provide their consumers with more affordable options. Based on this response, what did companies such as Whole Foods realize about the elasticity of demand for organic foods that caused them to lower their prices by changing the type of foods they sell?
Companies in the steel and alumina industry may react to an increase in the price of crude oil by increasing their prices to reflect the increased cost of production. This, in turn, may lead to higher prices for consumers. Alternatively, companies may seek to reduce their production costs by implementing cost-saving measures, such as switching to alternative sources of energy or reducing their energy consumption. In some cases, companies may seek government intervention, such as relaxing import controls or offering subsidies, to help them cope with the increased cost of production. Ultimately, the reaction of companies in the steel and alumina industry will depend on a range of factors, including the specific circumstances of each company, the availability of alternative sources of energy, and the actions of their competitors.
An increase in the price of crude oil will increase the cost of production for the steel and alumina industry, which will increase the price of their products…
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FRONT PAGE
College Tuition Up Again
College gets more expensive again. In-state tuition at public four-year colleges
rose 2.3 percent in 2019-2020, to an average of $10,440 per year. Out-of-state
students paid an average of $26,820 to attend.
Private four-year colleges also saw even bigger price hikes: 3.4 percent-to an
average of $36,880. Tuition prices have been outpacing general inflation rates for
many years.
Source: The College Board.
If tuition keeps increasing at the same rate as in 2019-2020, how much will it cost to complete a degree at a private college in four
years (2019-2023)?
Hint: Future value = Present value x (1 + Growth in prices)
Next year's tuition = This year's tuition x (1 + Growth in prices)
Instructions: Round your responses to the nearest whole dollar.
Tuition freshman year (2019-2020)
Tuition sophomore year (2020-2021)
Tuition junior year (2021-2022)
Tuition senior year (2022-2023)
Total tuition
$
$
$
$
$
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- Refer to the article below: FRONT PAGE College Tuition Up Again College gets more expensive-again. In-state tuition at public four-year colleges rose 2.3 percent in 2019-2020, to an average of $10,440 per year. Out-of-state students paid an average of $26,820 to attend. Private four-year colleges also saw even bigger price hikes: 3.4 percent-to an average of $36,880. Tuition prices have been outpacing general inflation rates for many years. Source: The College Board. If tuition keeps increasing at the same rate as in 2019-2020, how much will it cost to complete a degree at a private college in four years (2019-2023)? Hint: Future value = Present value x (1 + Growth in prices) Next year's tuition = This year's tuition x (1 + Growth in prices) Instructions: Round your responses to the nearest whole dollar. Tuition freshman year (2019-2020) Tuition sophomore year (2020-2021) Tuition junior year (2021-2022) Tuition senior year (2022-2023) Total tuition $ $ $ tAarrow_forwardSuppose you are the controller of a University. The university president is preparing for her annual fund-raising campaign for 2021-2022. To set an appropriate target, she has asked you to prepare a budget for the academic year 2021-2022. You have collected the following data for the current year 2020-2021:   Undergraduate Division Graduate Division Average annual salary of a faculty member $ 58,000 $ 58,000 Average faculty teaching load in semester credit-hours per year (eight undergraduate courses or six graduate courses) 24 18 Average number of students per class 30 20 Total enrolment (full-time and part-time students) 3,600 1,800 Average number of credit hours registered each year per student 25 20 Full-time load, semester hours per year 30 24  For 2021-2022, all faculty and staff will receive a 6% salary increase. Undergraduate enrolment is expected to decline by 2%, but graduate enrolment is expected to increase by…arrow_forward3 new driving laws planned for South Africa: MinisterTransport minister Fikile Mbalula says that his department is working on a number of regulatory changes to improve the safety of South Africa’s roads. In a media briefing on Tuesday (18 January 2022), Mbalula said this includes amendments to the National Road Traffic Act to reduce the permissible alcohol limit for motorists, which is currently being considered by parliament.Mbalula has indicated that this could include a zero-tolerance policy on drunk driving. Under current regulations, the legal blood alcohol content (BAC) limit for drivers from 0.05 grams per 100 millilitres to 0.00g/100ml, and the breath alcohol concentration from 0.24g/1,000ml also to zero.The transport minister said that his department also working on changes for truck drivers in South Africa – including further regulations around foreign drivers.“The plight of the trucking industry remains on our radar as it plays an important role in contributing to the…arrow_forward
- Refer to the Front Page to answer three questions. FRONT PAGE March Madness Becomes Sadness Ticket prices for the college basketball championships always skyrocket when the 68-team draw is announced. And they jump even further as the Final Four teams emerge. The year 2020 was no different. The 700 floor seats that are sold to students for $40 apiece were already reselling for as much as $4,670 in early January. If the history of March Madness is a guide, those tickets could have sold for more than $10,000 each once the Final Four teams were known. In 2020, however, there wasn't a Final Four: Fear of the coronavirus convinced the NCAA to cancel that year's tournament. The only madness was among those that paid scalpers' prices for tickets that got only $40 refunds. Source: Media reports, March 10-14, 2020. Instructions: Enter your response as a whole number. a. What was the initial student price of a ticket to the NCAA finals? $ per ticket b. In January 2020, there was (Click to select)…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_forwardFirm​ X, a leading manufacturer of rubber tires in country​ A, caters to almost​ one-third of the domestic tire market. The country was hit by a recession last year that caused the national output growth to be negative. Simon​ Reeds, the CEO of firm​ X, feels that these fluctuations in the business environment are​ short-lived and expects the economy to recover very soon. In spite of the​ recession, Simon feels that the firm can actually invest in expanding its facilities as it has sufficient cash flows to continue its operation during the crisis period. The​ firm's marketing​ head, Sandra​ Jones, counters this by saying that the firm is already losing sales due to the recession and they should not increase costs further by making​ large-scale investments in the present climate.  Which of the​ following, if​ true, would support the​ CEO's claim?   A. The government recently announced a plan to offer incentives to buyers in the car and household appliances market.  B.…arrow_forward
- Firm​ X, a leading manufacturer of rubber tires in country​ A, caters to almost​ one-third of the domestic tire market. The country was hit by a recession last year that caused the national output growth to be negative. Simon​ Reeds, the CEO of firm​ X, feels that these fluctuations in the business environment are​ short-lived and expects the economy to recover very soon. In spite of the​ recession, Simon feels that the firm can actually invest in expanding its facilities as it has sufficient cash flows to continue its operation during the crisis period. The​ firm's marketing​ head, Sandra​ Jones, counters this by saying that the firm is already losing sales due to the recession and they should not increase costs further by making​ large-scale investments in the present climate.  Which of the​ following, if​ true, would support the marketing​ head's claim?   A. In the previous​ recession, a leading player in the hospitality sector had expanded its facilities but was unable…arrow_forwardType out the correct answer ASAP with proper explanation of it . Suppose that in your first year of college you spend $33,600.00 more than you earn. In your second year, your expenses increase a bit, leading you to spend $34,300.00 more than you earn. This gap goes to $35,030.00 in your third year of college, then falls a bit to $35,030.00 in your fourth and final year.  What is your deficit in your third year of college? $ $  How much debt do you have that year? $ $ Will give you thumbs up only for the correct answer. Thank you.arrow_forwardWhen Star Wars Episode II: Revenge of the Sith opened at 12:01 a.m., Thursday, May 19, 2005, the most fanatical Star Wars fans paid $50 million for tickets to stay up until 3:00 to 4:00 a.m. Businesses around the country, especially those tied to hightech industries, suffered reduced productivity due to absent (suffering from Darth Vader flu) or groggy workers on Thursday and Friday. By one estimate, fan loyalty cost U.S. employers as much as $627 million (Josie Roberts, Pittsburgh Tribune-Review, May 19, 2005). Is this productivity loss an example of a negative externality? Explain.arrow_forward
- 5 Chapter 8 Problems i 3 02:34:09 eBook e You just got closed out of an economics course you need to graduate and need to persuade the department chair to open another section. She tells you that the school will have to pay a part-time instructor $3,000 to teach the course, and that there will be an additional $50 in administrative costs per student to run the course. If tuition is $400 for the course, how many students would you need to sign up for the course to run? Students: Mc Graw Hill Type here to search O ************ 84°F Help Savarrow_forwardYou have been tasked with developing a research report based on an economy of your choice anywhere in the world. The economy you select should be a growing economy or an economy that has experienced growth at some stage in its development. Present the finding of your research under the following headings.  DETERMINANTS OF DEMAND  Identification and in-depth discussion of the determinants of demand that have led to an increase in market demand in one of the critical industries in your chosen economy. (Make reasonable assumptions where necessary). (250 - 300 words)arrow_forwardConsider the market equilibrium for office space in the graph on the right. Then illustrate the following change in equilibrium with new supply and demand curves. During the high-tech boom in the late 1990s, San Jose office space was in very high demand and rents were very high. With the national recession that began in March 2001, however, the market for office space in San Jose (Silicon Valley) was hit very hard, and demand decreased. Assume for simplicity that no new office space was built during the period. 1.) Using the line drawing tool, show the result of the change in the demand and supply curves as specified above. Properly label the lines. Carefully follow the instructions above and only draw the required objects. Price ($) Market for Office Space Quantity Doarrow_forward
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