Entertainment industry economics 8th edition

The online G radebook automatically tracks students' results on tests, homework, and practice exercises and gives you control over managing results and calculating grades. The Gradebook provides a number of flexible grading options, including exporting grades to a spreadsheet program such as Microsoft Excel. And, it lets you measure and document your students' learning outcomes.

Math Review Exercises. MyLab Economics now offers a rich array of assignable and auto-graded exercises covering fundamental math concepts geared specifically to principles and intermediate economics students. Aimed at increasing student confidence and success, our new math skills review Chapter R is accessible from the assignment manager and contains over graphing, algebra, and calculus exercises for homework, quiz, and test use.

Offering economics students warm-up math assignments, math remediation, or math exercises as part of any content assignment has never been easier! Experiments in MyLab Economics are a fun and engaging way to promote active learning and mastery of important economic concepts. Single-player experiments allow your students to play against virtual players from anywhere at any time so long as they have an Internet connection. Multiplayer experiments allow you to assign and manage a real-time experiment with your class.

Pre- and post-questions for each experiment are available for assignment in MyLab Economics. Digital Interactives. Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and application of key economic principles. Each Digital Interactive has progressive levels and requires approximately 20 minutes to explore, apply, compare, and analyze each topic. Many Digital Interactives include real-time data from FRED allowing professors and students to display, in graph and table form, up-to-the-minute data on key macro variables.

Digital Interactives can be assigned and graded within MyLab Economics, or used as a lecture tool to encourage engagement, classroom conversation, and group work. Team names are no longer case sensitive. Help your students develop critical thinking skills. Monitor responses to find out where your students are struggling. Rely on real-time data to adjust your teaching strategy. Automatically group students for discussion, teamwork, and peer-to-peer learning.

Personalized Learning. Not every student learns the same way or at the same rate. With the growing need for acceleration through many courses, it's more important than ever to meet students where they learn. Personalized learning in MyLab Economics gives you the flexibility to incorporate the approach that best suits of your course and your students. The Study Plan acts as a tutor, providing personalized recommendations for each of your students based on his or her ability to master the learning objectives in your course.

This allows students to focus their study time by pinpointing the precise areas they need to review, and allowing them to use customized practice and learning aids--such as videos, eText, tutorials, and more--to get them back on track. Using the report available in the Gradebook, you can then tailor course lectures to prioritize the content where students need the most support--offering you better insight into classroom and individual performance.

Dynamic Study Modules help students study effectively on their own by continuously assessing their activity and performance in real time. Here's how it works: students complete a set of questions with a unique answer format that also asks them to indicate their confidence level. Questions repeat until the student can answer them all correctly and confidently. Once completed, Dynamic Study Modules explain the concept using materials from the text. These are available as graded assignments prior to class, and accessible on smartphones, tablets, and computers.

Instructors can now remove questions from Dynamic Study Modules to better fit their course. Reporting Dashboard. View, analyze, and report learning outcomes clearly and easily, and get the information you need to keep your students on track throughout the course, with the new Reporting Dashboard. Available via the Gradebook and fully mobile-ready, the Reporting Dashboard presents student performance data at the class, section, and program levels in an accessible, visual manner.

Access assignments, rosters, and resources, and synchronize grades with your LMS Gradebook. For students, single sign-on provides access to all the personalized learning resources that make studying more efficient and effective. About the book Content has been fine-tuned to reflect the current economy NEW! In the US specifically, the text covers the increasing loss of jobs to offshore companies, the political popularity of trade protection, financial demands from an aging population, a dysfunctional congress with rising government debt and a slow, decade-long recovery from the financial crisis.

Each chapter contains small changes to enhance clarity and currency, and every example reflects the most recent current events. Notable content changes in micro NEW! Economics as a Life Skill section explains how economics can be used as a life tool, the scientific method the subject employs, and economics as an aid to critical thinking Chapter 1. Coverage on how the outward bowed production possibilities frontier arises from exploiting comparative advantage Chapter 3. Section on production quotas , which explains why producers like them and illustrates how a quota expands producer surplus Chapter 7.

Explanation of the Flat Tax and Fair Tax proposals and compares their efficiency and equity properties with those of the existing tax code Chapter 8. Expanded discussion of carbon emissions and the global challenge of achieving an efficient use of energy resources Chapter Efficient provision of transportation infrastructure is a motivating example and discussion of the underprovision that results from limited revenue sources is included Chapter Coverage of the economics of healthcare insurance and services.

It identifies the sources of healthcare market failure and describes and compares alternative solutions including Obamacare and the healthcare systems of Canada and Europe Chapter Broadened examination of inequality trends with a focus on the income share of the top one percent-- the great compression through the mids and the great divergence of the past 40 years. Coverage of mobility up and down the income quintiles has also been expanded Chapter The text explores the question of whether we are back at full employment.

In seeking an answer, the chapter adds to the standard list of job market indicators--the new Z-Pop measure of the percentage of the population that is fully occupied Chapter Covers who gets the benefits of economic growth with a dramatic demonstration of the gains by the top one percent compared with the gains of the other 99 percent Chapter Explains the concepts of fiscal imbalance and generational imbalance, and the magnitudes of these imbalances in the US today Chapter Discusses the rules versus discretion dichotomy and a description of both the Taylor interest rate rule and the McCallum monetary base growth rate rule Chapter The text has been revised to provide an outcome-driven teaching and learning program to strengthen problem-solving, critical-thinking, and decision-making skills.

Focus on core concepts Each chapter concentrates on a manageable number of ideas, usually 3 to 4, with each reinforced several times throughout the text. Clear organization helps students embrace and understand the material The text leaves room for flexibility for professors who want to cover it in a different order.

Diagrams aid in learning difficult concepts Diagrams make consistent use of color to show the direction of shifts, and detailed, numbered captions guide students through actions step-by-step. The feasible means of converting raw inputs such as steel, labor, and machinery into an output are summarized by: A.

The recipe that defines the maximum amount of output that can be produced with K units of capital and L units of labor is the: A. Production function. Technological constraint.

Research and development schedule. Total product. The creation of a new product is referred to as: A. Process innovation. Independent research and development. Product innovation. Patent disclosure. Which of the following is NOT a means of acquiring product and process innovations? Independent research and development B. Mass production of the existing product C. Reverse engineering D. Hiring employees of innovating firms Inputs a manager may adjust in order to alter production are: A.

What is the average product of labor, given that the level of labor equals 10, total output equals , and the marginal product of labor equals ? The change in total output attributable to the last unit of an input is the: A. If the last unit of input increases total product, we know that the marginal product is: A.

Total product begins to fall when: A. Marginal product is maximized. Average product is below zero. Average product is negative. Marginal product is zero. It is profitable to hire units of labor as long as the value of marginal product: A. Given the following table, how many workers should be hired to maximize profits? Firm managers should use inputs at levels where the: A.

Marginal benefit equals marginal cost. Price equals marginal product. Value marginal product of labor equals wage. Marginal benefit equals marginal cost and value marginal product of labor equals wage.

How much labor is employed by the firm? The combinations of inputs that produce a given level of output are depicted by: A. Isoquants are normally drawn with a convex shape because: A. The absolute value of the slope of the isoquant is the: A. The marginal rate of technical substitution is: A. The Leontief production function implies: A. A positive MRTS. L-shaped isoquants. In order for isoquants to have a diminishing marginal rate of substitution, they must be: A. None of the statements is correct.

Changes in the price of an input cause: A. Which of the following sets of economic data is minimizing the cost of producing a given level of output? In order to minimize the cost of producing a given level of output, a firm manager should use more inputs when: A. Fixed costs exist only in: A. Costs that change as output changes are: A. Costs that are forever lost after they have been paid are: A. Suppose you are a manager of a factory.

You purchase five 5 new machines at one million dollars each. According to the table below, what is the total cost of producing units of output? According to the table below, what is the average variable cost of producing 50 units of output?

According to the table below, what is the average total cost of producing units of output? According to the table below, what is the marginal cost of producing 90 units of output?

According to the table below, at what level of output is marginal cost minimized? Which curve s does the marginal cost curve intersect at the their minimum point? Average total cost curve B.

Average fixed cost curve C. Average variable cost curve D. Average total cost curve and average variable cost curve What is implied when the total cost of producing Q 1 and Q 2 together is less than the total cost of producing Q 1 and Q 2 separately?

Economies of scale B. Diminishing average fixed costs C. Cost complementarity D. Economies of scope Which of the following cost functions exhibits cost complementarity? Which of the following cost functions exhibits economies of scope when three 3 units of good one and two 2 units of good two are produced? The minimum average cost of producing alternate levels of output, allowing for optimal selection of all variables of production is defined by the: A.

A production function: A. Which of the following is the most common source of technology? Variable factors of production are the inputs that a manager: A. The short run is defined as the time frame: A. The long run is defined as: A. Which of the following is NOT a measure of productivity? Total product B. Marginal product C. Average advertising D. Input-output ratio The marginal product of an input is defined as the change in: A. As long as marginal product is increasing, marginal product is: A.

As the usage of an input increases, marginal product: A. If a firm is operating on the production function, then workers: A. The manager institutes an incentive structure to ensure: A. The value of marginal product of an input is the value of the: A. It is profitable to hire labor so long as the: A. MP L is greater than wage. MP L is less than wage. VMP L is less than wage. VMP L is greater than wage. The demand for labor by a profit-maximizing firm is determined by: A.

The demand for an input is: A. The Leontief production function: A. With a linear production function there is a: A. The Cobb-Douglas production function is: A. The average product of labor depends on how many units of: A. The marginal product of capital for the Cobb-Douglas production function is given by: A. An isoquant defines the combination of inputs that yield the producer: A.

The isoquants are normally drawn with a convex shape because inputs are: A. The marginal rate of technical substitution: A. Whenever an isoquant exhibits a diminishing marginal rate of technical substitution, the corresponding isoquants are: A. An isocost line: A. For given input prices, isocosts farther from the origin are associated with: A.

If the marginal product per dollar spent on capital is less than the marginal product per dollar spent on labor, then in order to minimize costs the firm should use: A. If the price of labor increases, in order to minimize the costs of producing a given level of output, the firm manager should use: A.

Sunk costs are those costs that: A. Average fixed cost: A. The marginal cost curve: A. When marginal cost curve is below an average cost curve, average cost is: A. The difference between average total costs and average variable costs is: A. Economies of scope exist when: A. Cost complementarity exists in a multiproduct cost function when: A. What are the fixed costs? What is the total cost of producing 10 units?

What is the variable cost of producing 10 units? What is the marginal cost of producing 10 units? At 10 units of output, the average cost curve is: A. When there are economies of scope between two products which are separately produced by two firms, merging into a single firm can: A. When there are economies of scope between products, selling off an unprofitable subsidiary could lead to: A.

Economies of scale exist whenever long-run average costs: A. The long-run average cost curve defines the minimum average cost of producing alternative levels of output, allowing for optimal selection of: A. The costs of production include: A. Suppose the long-run average cost curve is U-shaped. Constant returns to scale exist when long-run average costs: A. Larger firms can produce a product at lower average cost than small firms when: A.

Two firms producing identical products may merge due to the existence of: A. All of the statements are correct. Suppose the marginal product of labor is 10 and the marginal product of capital is 8. How much output is produced when 6 units of labor and 3 units of capital are employed? What is the marginal product of labor when 15 units of capital and 10 units of labor are employed?

What is the average product of capital when 10 units of capital and 5 units of labor are employed? Fixed costs B. Variable costs C. Sunk costs D. Opportunity costs The MRTS is equal to the ratio of the quantity of inputs. The marginal product per dollar spent on all inputs is equal and the MRTS is equal to the ratio of the quantity of inputs.

The inputs that a manager uses to alter production are referred to as: A. The point where diminishing marginal returns has begun to affect production is best characterized by the point where the: A. In the short run, the marginal cost curve crosses the average total cost curve at: A.

Which of the following cost functions exhibits economies of scope over the specified output range? The production function for good X exhibited in the table below is for the: A.

The marginal product of capital of producing 2, units of output find point A in the table below is: A. The production function for good X in the table below exhibits increasing marginal returns to capital over what output range? Between 0 and 1, B. Between 0 and 2, C. Between 2, and 3, D. Between 3, and 2, The production function in the table below exhibits negative marginal returns to capital over what output range?

The production function in the table below exhibits decreasing marginal returns to capital over what output range? The average product of capital of producing 2, units of output find point B in the table below is: A. There is insufficient information to determine the fixed costs.

There is insufficient information to determine the variable costs. There is insufficient information to determine the average total costs. There is insufficient information to determine the average variable costs.

There is insufficient information to determine the average fixed costs. All of the answers are correct. Which of the following profit functions exhibits a Leontief production function?

Which of the following profit functions exhibits a linear production function? Which of the following profit functions exhibits a Cobb-Douglas production function? Which of the following relations is the slope along a given isoquant? The isocost line for a firm in this industry is: A.

Depends entirely on the functional form of the production function. All K and no L. All L and no K. Equal amounts of K and L. A combination of K and L not represented above. For given input prices, isocosts closer to the origin are associated with: A.

What is the average product of labor when 10 units of capital and 5 units of labor are employed? At 3 units of output, the marginal cost curve is: A. Essay Questions Congress is considering legislation that will provide additional investment tax credits to businesses.

Effectively, an investment tax credit reduces the cost to firms of using capital in production. Would you expect labor unions to lobby for or against such a bill? Hint: What impact would such a plan have on the capital-to-labor ratio at the typical firm? You have been hired to replace the manager of a firm that used only two inputs, capital and labor, to produce output.

After you look at the company books, you learn that the company has been using capital and labor in amounts that imply a marginal product of labor of 50 and a marginal product of capital of Do you know why the firm hired you? The manager of a meat-packing plant can use either butchers labor or meat saws capital to prepare packages of sirloin steak. There are over 5, banks in the United States—more than 10 times more per person than in other industrialized countries.

A recent study suggests that the long-run average cost curve for an individual bank is relatively flat. If Congress took steps to consolidate banks, thereby reducing the total number to 2,, what would you expect to happen to costs within the banking industry? A production function exhibits constant returns to scale if a twofold threefold, etc.

For example, by doubling the use of capital and labor, the firm would exactly double its output. A production function exhibits decreasing returns to scale if a twofold threefold, etc. For example, by doubling the use of capital and labor, the firm would less than double its output. The total costs for Morris Industries are summarized in the following table. Based on this information, fill in the missing entries in the table for fixed cost, variable cost, average fixed cost, average variable cost, average total cost, and marginal cost.

The following table summarizes the short-run production function for your firm. Complete the following table, and then answer the accompanying questions.

Your firm produces two products, Q 1 and Q 2. An economic consulting firm has estimated your cost function to be a.

In the text, we showed that the multiproduct cost function exhibits cost complementarity whenever and economies of scope whenever a. Based on the following production data, how many workers should the firm employ to maximize its profits? You are the manager of Telecall Inc. Telecall has been asked to do a new telemarketing campaign for a large credit card company, but this would require it to use the remaining office space.

Suppose the production function of automobiles is given by a. Show that the Cobb-Douglas production function exhibits the law of diminishing marginal rate of technical substitution. Several other firms also are interested in hiring this worker. The maker of Turbotax produces software that prepares federal income tax returns. In addition, it produces software that prepares various state income tax returns.

The management of Morris Industries is considering a plan to terminate a new employee. Based on this evidence, do you agree that the latest worker hired should be fired? In the U. The Justice Department argued that the merger would lessen competition and raise prices of business software. Is there an economic argument that the merger might actually result in lower prices?

Topic: The Production Function 2. Topic: The Production Function 3. Topic: The Production Function 4. The Economics of Health Care. Comparative Advantage and the Gains from International Trade. Firms in Perfectly Competitive Markets Oligopoly: Firms in Less Competitive Markets Monopoly and Antitrust Policy. Public Choice, Taxes, and the Distribution of Income.

Unemployment and Inflation Money, Banks, and the Federal Reserve System Monetary Policy Inflation, Unemployment, and Federal Reserve Policy. Important: To use the test banks below, you must download the TestGen software from the TestGen website. If you need help getting started, read the tutorials on the TestGen site. Pearson offers affordable and accessible purchase options to meet the needs of your students.

Connect with us to learn more. Glenn Hubbard , policymaker, professor, and researcher. Hubbard is Dean emeritus and Russell L. He received a PhD in economics from Harvard University in He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation. Hubbards fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

Tony OBrien , award-winning professor and researcher. OBrien is a professor of economics at Lehigh University. He has taught principles of economics for more than 20 years, in both large sections and small honors classes. OBriens research has dealt with issues such as the evolution of the US automobile industry, the sources of US economic competitiveness, the development of US trade policy, the causes of the Great Depression, and the causes of blackwhite income differences.

His research has been supported by grants from government agencies and private foundations. Cloth Bound with Access Card. We're sorry! We don't recognize your username or password. Please try again. The work is protected by local and international copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning.

You have successfully signed out and will be required to sign back in should you need to download more resources. Economics, 8th Edition. Learn about this Digital Update in Features below. Preface Preface is available for download in PDF format. NEW - With Podcast Exercises , students listen to a podcast and then answer questions about the economic principles covered within. New exercises have been added to the assignment library as well as assignable, gradable versions of the content complete with critical-thinking questions.

You pose a variety of questions that help students recall ideas and apply concepts. Your students respond using their own smartphones, tablets, or laptops.

New questions encourage critical thinking and classroom discussion around elements of the economy affected by COVID About the book Complete economics coverage shows students how economics is relevant to their lives NEW and UPDATED - Examples and policy discussions detail developments in US and world economies, including the longest economic expansion in the history of the US economy, the first significant international trade war since the s, and record peacetime federal budget deficits helping students become educated consumers, voters, and citizens.

Students can also visit MyLab Economics to watch a brief video by author Glenn Hubbard that summarizes the key points of each chapter opener. Student-focused features enhance understanding of key economic topics NEW - An Inside Look boxes in chapters 1 - 4 use news articles to teach students how to apply economic thinking to current events and policy debates.

An excerpt of the article, step-by-step analysis, corresponding graph or table, and Thinking Critically exercise are provided. Additional articles are routinely posted to MyLab Economics. Each Apply the Concept has a related question in the end-of-chapter Problems and Applications section.

Students can then visit MyLab Economics to watch a brief video by author Glenn Hubbard that summarizes the key points of each. Twenty-seven new Apply the Concepts have been added and 73 have been revised in the 8th Edition. Dont Let This Happen to You boxes alert students to the most common pitfalls in the chapters material.