Refer to the information provided in Table 22.1 below to answer the question(s) that follow.
Table 22.1PersonWeight (lbs)Abe160Boris210Calvin300Darius185Eddie240Franklin175A study to determine the effect that the weight of an average 6 ft. tall man has on the incidence of Type 2 diabetes was conducted in a small town. The six participants and their corresponding weights are listed in the table.Related to the Economics in Practice on p. 728: Refer to Table 22.1. When using regression discontinuity, if this study had a threshold of 180 pounds, the outcomes of which individuals would be compared?
A. Boris, Calvin, Darius, and Eddie
B. all six individuals
C. Abe and Franklin
D. Franklin and Darius
Answer: D
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Which of the following is the most essential prerequisite for successful conduct of the "game" of urban traffic?
A) An advance plan to coordinate the moves of participants B) Drivers who care as much about other people's interests as their own C) Extensive information on other drivers' destinations and objectives D) General consensus on and following of traffic rules
The table above shows the marginal costs and marginal benefits of college education. The marginal private benefit of college education at the efficient amount of enrollment is
A) $20,000 per year. B) $16,000 per year. C) $12,000 per year. D) $14,000 per year.
Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 1,000Qmill + (Qmill)2, where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula MEC = 200 + 2Qmill. Finally, annual market demand (in thousands of tons) is given by the formula Qd = 200,000 - 100P. What is the efficient quantity?
A. 34,286 B. 131,429 C. 1,200 D. 90,000
If the short run elasticity of demand for widgets is 0.7 and the long run elasticity of demand for widgets is 1.5, a decrease in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.