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SOLUTIONS MANUAL
for Microeconomics Seventeenth Cana dian Edition By Christopher T.S. Ragan 1 / 4
Copyright © 2023 Pearson Canada Inc.ii Contents
Part One: What Is Economics? 1
Chapter 1: Economic Issues and Concepts 3
Chapter 2: Economic Theories, Data, and Graphs 13
Part Two: An Introduction to Demand and Supply 26
Chapter 3: Demand, Supply, and Price 27
Chapter 4: Elasticity 40
Chapter 5: Price Controls and Market Efficiency 54
Part Three: Consumers and Producers 65
Chapter 6: Consumer Behaviour 66
Chapter 7: Producers in the Short Run 81
Chapter 8: Producers in the Long Run 95
Part Four: Market Structure and Efficiency 104
Chapter 9: Competitive Markets 105
Chapter 10: Monopoly, Cartels, and Price Discrimination 116
Chapter 11: Imperfect Competition and Strategic Behaviour 131
Chapter 12: Economic Efficiency and Public Policy 140
Part Five: Factor Markets 150
Chapter 13: How Factor Markets Work 152
Chapter 14: Labour Markets and Income Inequality 163
Chapter 15: Interest Rates and the Capital Market 175
Part Six: Government in the Market Economy 183
Chapter 16: Market Failures and Government Intervention 185
Chapter 17: The Economics of Environmental Protection 198
Chapter 18: Taxation and Public Expenditure 210
Part Seven: Canada in the Global Economy 219
Chapter 19: The Gain s from International Trade 220
Chapter 20: Trade Policy 229 2 / 4
Copyright © 2023 Pearson Canada Inc.iii
List of Boxes Applying Economic Concepts 1-1 The High Opportunity Cost of Your University Degree7 1-2 Economics Needs the Other Social Sciences21 2-1 Where Economists Work30 2-2 Can Economists Design Controlled Experiments to Test Their Theories?34 3-1 Demand and Supply Shocks Created by the COVID-19 Pandemic 64 3-2 Why Apples but Not iPhones?72 4-1 Who Really “Pays” for Payroll Taxes?93 5-1 Minimum Wages and Unemployment105
5-2 The Debate Over “Price Gouging”: Efficiency Versus Public Virtue118
6-1 Rationality and Framing in Consumer Behaviour130 7-1 Is It Socially Responsible to Maximize Profits?160 7-2 Three Examples of Diminishing Returns168
7-3 The Digital World: When D iminishing Returns Disappear Altogether 174
8-1 The Significance of Productivity Growth191 9-1 Why Small Firms Are Price Takers207 9-2 The Parable of the Seaside Inn217 10-1 Network Effects as Entry Barriers239 12-1 Potential Mergers in the Canadi an Airline Industry302 14-1 The Rise of the “Gig” Economy356 15-1 Inflation and Interest Rates380 16-1 The World’s Endangered Fish398 16-2 Used Cars and the Market for “Lemons”404 18-1 Using a UBI to Eliminate Poverty466 19-1 Two Examples of Absolute and Comparative Advantage484 19-2 Comparative Advantage and Global Supply Chains492
20-1 Canadian Wine: A Free-Trade Success Story520
Lessons from History 4-1 Economic Development and Income Elasticities95 8-1 Jacob Viner and the Clever Draftsman189 9-1 What Do Whaling Ships and Oil Wells Have in Common?224 10-1 Disruptive Technologies and Creative Destruction241 12-1 Are Amazon and Facebook the Standard Oil of the Twenty-First Century?300 13-1 David Ricardo and “Economic Rent”327 20-1 Tariff Wars and the Stark Lessons from the Great Depression 508 3 / 4
Copyright © 2023 Pearson Canada Inc.iv Extensions in Theory 3-1 The Distinction Between Stocks and Flows53 11-1 The Prisoners’ Dilemma270 16-1 Arthur Okun’s “Leaky Bucket”406 18-1 Who Really Pays the Corporate Income Tax?450 19-1 The Gains from Trade More Generally482
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