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Instructions: Answer all of the questions below. Please show work for each. All
answers requiring numerical responses must provide some analytical
exposition/justi?cation that rationalizes the numeric solution.
1. Suppose the market for economics textbooks at Morehouse College is as
Quantity of Books Supplied Quantity of Books Demanded
6.5 Price of Books
7 A. At what price is this market for economics textbooks in equilibrium?
B. What is this market worth in dollars to society?
C. Suppose out of a concern for the ?nancial burden faced by students purchasing
textbooks, More- house administrators are able to implement and enforce a ?xed
price for economics textbooks at $4. What are the e?ects of this in the market for
textbooks? Are Morehouse student?s better or worse o??
2. Suppose a political jurisdiction has twenty units of ?governance capital? which it
can use to produce ten liquor store permits on Sunday, or one ?Blue Law?, which
bans the sale of liquor on Sunday. Suppose that on Sunday, each liquor store would
generate $500 in sales tax revenue, would cause one half of a Driving Under the
In?uence (DUI) death?with each death costing the political jurisdiction $700.
What would you recommend? Why?
3. Suppose in the country of Dopeland, the typical drug user?s demand for grams
of cocaine is given by qd = 1/2, and the typical dealer?s supply is given by qs =
P/5, where P is the price of a gram of cocaine. Think of qd and qs as decision rules
for individuals regarding the bene?t and cost associated with buying/selling
cocaine. A. Suppose drugs are illegal in Dopeland, and there is one dealer and 100 users.
How many grams of cocaine will be produced and sold in Dopeland? What will a
gram of cocaine sell for?
B. Suppose drugs are made legal in Dopeland, and the illegal dealer is replaced by
20 ?CokeMarts? started by entrepreneurs. How many grams of cocaine will be
produced and sold in Dopeland? What will a gram of cocaine sell for?
C. What is the value of the market for the illegal and legal market respectively?
5. Suppose there are two countries endowed with 10 units of Labor. In Country 1
the 10 units of Labor can produce a maximum of 100 Autos, or 200 Brain
Surgeries, with constant trade-o?s. In Country 2, the 10 units of Labor can produce
a maximum of 400 Autos or 200 Brain Surgeries with constant trade-o ?s. Suppose
transportation costs between the two countries was zero. As an economist, what
economic theory of human migration would you construct from this example?
Fundamentally, what explains why people may want to leave one country for
6. Refer back to question #1 and utilizing the mid-point method, compute/describe
the price elasticity of demand between the market-clearing price and $4.
7. Refer back to question $1 and utilizing the mid-point method, compute/describe
the price elasticity of supply between the market-clearing price and $4.
This question was answered on: Jan 30, 2021
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