ch1hw - Chapter 1 - Homework Suggested Solutions Problem...

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Chapter 1 - Homework Suggested Solutions Problem 13: Vending machines, in addition to being labor saving, also conserve space and time. Given the population density of Japan and the limited “free time” of the typical Japanese worker, vending machines can be expected to be popular among both sellers and buyers in Japan. Problem 14: Different students will answer this question in different ways, but the key point is that non- monetary factors affect decision making. For example, students who opt for the cafeteria instead of the vending machine may, for example, do so because of the impersonal nature of the machine and the desire to “socialize” the eating experience. Problem 15: a. This assertion is a mistake because the secondary effects of taxes on production and the labor supply are ignored. If the tax rate were raised to 100 percent, for example, no one would want to work or produce. b.
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This note was uploaded on 07/14/2008 for the course ECON 2301 taught by Professor Butler during the Summer '08 term at Blinn College.

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ch1hw - Chapter 1 - Homework Suggested Solutions Problem...

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