Micro Economics Question
Economics 208 Misterm Essay Examination Answer each of the following questions in the order in which they are assigned. Clearly label each answer so that it is apparent which question you are answering. Your answer should be typed preferably in Times New Roman 12-point font. All necessary graphs should be next to the answer which contains the relevant analysis. (Just take a photo of a graph that you wrote and insert it into the document.) Please use economic terminology and concepts when appropriate. Please make sure you look at all questions. There are three pages and three parts. Part I Economic Principles and Theory: (40 pts) 1. Does economic analysis predict that increased condom availability for teenagers will have the definite effect of reducing teen pregnancy? Could it possibly increase teen pregnancy? Explain your answer, using economic analysis. (5 pts) 2. Suppose ten people go out to dinner. The group decides before the meal that they will take the total bill and divide it by the number 10, in order to determine the amount each person has to pay. Will this method keep the total bill and (therefore each person’s payment) low? Why or why not? (5 pts) 3. According to economic theory are “the best things in life free?” Explain your answer. (5 pts) 4. A group of people go out to dinner. They are not hungry enough to each order an individual appetizer, so they decide to order one Nachos for all to share. Will the nachos be eaten too slowly, too quickly or at the appropriate speed? Why? Can you fix the problem easily? Why or why not? Would the situation be better, worse or the same if they had ordered an appetizer of Buffalo Wings? Explain (5 pts) 5 In his inaugural address, President John Fitzgerald Kennedy famously stated, “Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty.” Please rewrite this quote the way an economist concerned with efficient decision-making would address these concerns. (By the way it won’t sound as good). (5pts.) 6. In class, we played a keep/share game where you were given the opportunity to have 0, 2 or 7 points added to your test. Use economic theory to explain what happened in the game and why it did. Explain using relevant table. (5pts) 7. In life, people make often make mistakes that cannot be rectified, and these mistakes hurt themselves or even other people. In economic terminology, explain how an individual should view these mistakes. How should they affect them now? (5 pts) 8. Explain why voters are often uninformed? (5 pts) Part II Economics and the Movies: (40 pts) (All clips can be found in our course in D2L brightspace under the link called WEBLINKS.) 9. . Please answer the following questions based on the deal reached between Edward and Vivian in the movie Pretty Woman. Please be sure to explain any calculations. (10pts) a. What is Vivian’s producer surplus? b. What is Edward’s consumer surplus? c. What is the social gain from this deal? d. If the government prohibition on prostitution prevented this deal from occurring what would result? 10. Please answer the following questions based on Chris Rock’s stand-up routine on gun control. (Relevant portion of the clip is from 2:52 to 4:30) (10 pts) a. If the government engages in gun control (reduces the supply of guns), explain the process by which the market for guns moves to a new eq. (Show the graph) b. Using both Chris Rock’s analysis and supply and demand analysis, explain the process by which the market for workout/exercise classes moves to a new equilibrium, if gun control occurs. (Show the graph). c. Explain the effect of Chris Rock’s bullet control policy on the quantity demanded of bullets. (Show the graph) d. Please explain the process by which the market for guns moves to a new eq. if the government adopts Chris Rock’s bullet control policy. (Show the graph) 11. Use clip from the movie Date Night to answer the following questions. (5 pts) a. When the parents offer the babysitter more money per hour to provide her babysitting services for a longer time, what economic law does it illustrate. How does it illustrate it? Draw the graph that illustrates this law. b. What economic concept is illustrated in the babysitter’s explanation why she needs more money per hour? Explain c. After hearing about the possible danger involved in the provision of her babysitting services, the baby sitter again asks for more money. Please show or explain how this change would affect the graph from part a. 12. Please use the clip from the movie The Hudsucker Proxy to answer the following questions. (5 pts) a. What is the situation in the market for hula hoops at the beginning of the clip? How do you know? (Show the graph) b. Using economic analysis, terminology and graphical analysis to show what happens in the market for hula hoops at the end of the clip. (Show the graph) 13.. Use the clip from the movie Ransom to find answer the following questions. (5 pts) a. Using economic terminology and analysis, explain how the character’s strategy affects the kidnapper’s decision to hold onto his child and his decision to kill the child. 14. Use the clip from the movie Along Came Polly to answer the following question. (5 pts) a. Using economic terminology to explain Ben Stiller’s new thought process about orderliness and cleanliness. Part III Policy Applications: (20 pts) 15. The Microeconomics of the Covid-19 (20 points) a. Former New York Governor Cuomo put in place several restrictions in response to the Covid-19, including limiting people’s interaction with each other in large gatherings, the closing of nonessential businesses, the closing of schools and the wearing of masks and vaccine mandates. Please use economic analysis and terminology to provide a justification of these restrictions. What economic problem was the government trying to reduce? Why won’t people do this on their own? Why won’t voluntary exchange rectify the problem. b.. Former Governor Cuomo said during the crisis, “If what we do saves just one life, then I will be happy.” Please explain in economic terminology why this reasoning is almost certainly wrong. d. . The wearing of masks and immunization improves safety by decreasing the probability that the disease is spread if people come in contact with each other. Could increased mask wearing and increased vaccination rates possibly increase coronavirus spread? Use economic theory to explain your answer.
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