Economics - Tutorial Answers

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Managerial Economics 2010 Answers to All Tutorial Questions

Topic 1 : What is managerial economics

Questions from Chapter 1 of the Text (McTaggart, Findlay & Parkin)

Review Question 1 (pp. 4) List some examples of scarcity in Australia today. An example of scarcity at the economy-wide level would be people with lower incomes being forced to choose between food and petrol due to high prices for both. An example of scarcity at an individual level would be a person unable to afford both life-saving (or life-enhancing) medicine and food. At a more student-oriented level, examples of scarcity include not enough income to afford both tuition and a nice car, and not enough learning capacity to study for both an Economics exam and a Chemistry exam in one night. Review Question 2 (pp. 4) Use the headlines in today’s news to provide some examples of scarcity around the world. A headline in National Post in July 2008 was “Last-Frontier Forest is at Risk from Boom.” This story discusses how the “global resource boom is threatening one of the world’s last tropical-forest frontiers: the Merauke region of Indonesia …”. The story points out the scarcity of tropical rainforests as well as the scarcity of mineral reserves and how the two are colliding. Review Question 2 (pp. 9) Use headlines from the recent news to illustrate the potential for conflict between self-interest and the social interest. Your students’ examples will vary according to the headlines. One example of an issue concerns import restrictions. Take the ethanol industry for an example and the February 4, 2008 headline from Reuters “Bush budget doesn't alter ethanol import tariff”. When U.S. ethanol producers convince the government to limit or eliminate imports of ethanol from

2 other nations such as Brazil, it helps the workers and businesses in the U.S. ethanol industry earn higher wages and profits, respectively. This outcome serves their self-interest. However, it hurts all companies that use

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