Microeconomics Ch 12-15 - 1273 Words

ECO 213 MICROECONOMICS (100 points) NAME: Chapters 12-15: Homework DUE: April 16, 2012 1. A regulated natural monopoly is more likely to spend more money on employee healthcare under which of the following types of regulation? A. Price regulation. B. Profit regulation. C. Output regulation. D. Social regulation. 2. Hiring over 260,000 U.S. federal workers to oversee and operate regulatory agencies involves: A. Zero costs since the market outcomes will be improved. B. Government failure in every case. C. Forgoing output that could be produced if the workers were employed elsewhere. D. Some opportunity costs only if market outcomes do not improve. 3. When the regulatory process itself stops a new company from†¦show more content†¦Refer to the above table. Suppose the government commands each firm to reduce its emissions by 1 ton each and allows these two firms to trade pollution permits. If a 1-ton credit is sold for $175, the total cost for both companies combined to reduce emissions by a total of 2 tons could be as low as: A. $150. B. $350. C. $600. D. $950. 18. Refer to the above table. How much money was saved (between the two firms) to reduce emissions by 1 ton each by allowing for tradable pollution permits?: A. $100. B. $150. C. $325. D. $425. 19. When the minimum wage is raised in a competitive market, ceteris paribus: A. All workers are better off. B. All workers are worse off. C. Some workers are better off and some are worse off. D. Workers are not affected by a minimum wage increase, only by decreases. 20. In the figure above, the equilibrium wage rate is: A. $24 per hour. B. $20 per hour. C. $16 per hour. D. $12 per hour. 21. In the above figure, unemployed labor at the equilibrium wage is equal to: A. 34 workers. B. 28 workers. C. Zero workers. D. 10 workers. 22. In the above figure, a minimum wage of $20 will result in a: A. Shortage of 160 workers. B. Shortage of 180 hours. C. Surplus of 32 workers. D. Surplus of 20 workers. Assume that in the following table the cost of labor is $7 per hour, the cost to rent a machine is $10 per hour. Alternative Processes Input Process A Process B Process CShow MoreRelatedEco 3653142 Words   |  13 PagesCourse Design Guide School of Business ECO/365 Version 4 Principles of Microeconomics Copyright  © 2011, 2008, 2007, 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies Read MoreEco365 Week1 Essay2640 Words   |  11 Pages| Syllabus School of Business ECO/365 Version 4 Principles of Microeconomics | Copyright  © 2011, 2008, 2007, 2006 by University of Phoenix. All rights reserved. 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