Solution Manual For Managerial Economics: Foundations of Business Analysis and Strategy, 13th Edition

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Chapter 1: Managers, Profits, and Markets1Chapter 1:MANAGERS, PROFITS, AND MARKETSAnswers to Applied Problems1.To say that a decision rule or process does not work in theory is to say that the answer produced by therule is not going to be the “correct” answer. In business decision making, managers get the “correct”answer when their solutions are ones that lead to the greatest level of profit.For example, it is rather easy to calculate the profit margin for a good or service and to make apricing decision that will maximize the profit margin on the good or service. While that may be a verypractical method of determining price, pricing to maximize profit margin does not in theory lead to thepricethatmaximizestheprofitorvalueofthefirm—exceptbyaccidentinextremelyrarecircumstances. The same can be said for making decisions that lead to the lowest possible unit oraverage cost of production. Unit cost is easy to measure, and so it is useful in practice, yet unit cost isnot theoretically the correct measure of cost—i.e., managers cannot, except by accident, find the profit-maximizing price or output level by using average cost data. You will learn that the theoretically correctcost measure is marginal cost for making profit-maximizing decisions.Your training in managerial economics is designed to teach you the best and correct ways to makebusiness decisions, so that you do not settle for the numerous incorrect methods that are still used inmany businesses today. In other words, your goal should be to devise ways to make the theoreticallycorrect decision methods work for your company.2.a.Total explicit cost = $793,000 (= 555,000 + 45,000 + 28,000 + 165,000)Total implicit cost = $190,000 (= 175,000 + 0.15×100,000)Total economic cost = $983,000 (= 793,000 + 190,000)b.Accounting profit = $177,000 (= 970,000 – 793,000)c.Economic profit = –$13,000 (= 970,000 – 983,000)d.The owner’s accounting profit is $13,000 less than what he could have earned in salary and returnon investment of his $100,000, i.e., his economic profit is –$13,000. Thus, he would have made$13,000 more if he had kept his job and invested his $100,000 in stocks of other businesses.3.The $8,000 of lost income, even though not tax-deductible, is indeed part of the economic cost thedoctor incurs by going to Mexico to treat patients, and the doctor should consider this $8,000 cost inmaking her decision to travel to Mexico.4.a.Burton's explicit costs are $18,000 per month. His implicit costs are $20,000 per month ($15,000+ $5,000).b.Opportunity cost = explicit + implicit costs = $18,000 + 20,000 = $38,000 per monthc.Burton Cummings’ costs of production (= $38,000/month) exceed his revenues by $13,000 (=38,000 – 25,000). Rather than lose $13,000 per month, Burton could rent his rig (and receive$15,000 per month) and drive trucks for another firm (and earn $5,000 per month). With this useof his resources he would earn $20,000 per month. Or, Burton could try his luck as a singer in arock band.5.One cost of opening a tennis shop would be the forgone salary of the previous job. Given that Nadal’sor Venus’ foregone income would be much larger than that of a university coach, their opportunity costwould be higher.6.a.Linking the board of directors' compensation to return on equity creates an incentive formanagement to pursue profit-maximization as a goal, thereby reducing the agency problembetween managers and shareholders.

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Chapter 1: Managers, Profits, and Markets2b.Directors have better, easier, and cheaper access to information about the firm's revenues andcosts. Shareholders are numerous and each one has only a relatively small stake in theprofitability of the firm. It is generally easier for a shareholder simply to sell its shares andreinvest in another company.c.Accounting profit treats the cost of using shareholder equity capital as zero, and thus CEOs anddirectors will have little incentive to use equity capital efficiently. With a perceived cost of zero,equity capital will be overused and misallocated, which will drive down the economic profit andthe value of the firm. Shareholders own the firm and they will suffer.7.a.Some Marriott franchises are shirking their responsibility to maintain high quality hotels, and thisshirking damages the reputation of all Marriott franchises.b.Poorly run franchises damage the Marriott reputation and reduce the profitability of hotels ownedby Marriott.c.Where there is little repeat business, there is less incentive for a hotel to provide quality service.Where there is a lot of repeat business, franchises will have an incentive to maintain quality toattract repeat business.8.Even though the financial arrangement with Delta and United limited the growth in SkyWest’seconomic profits in future years, the agreement decreased the risk associated with SkyWest’s profits.In the Fortune article, one financial analyst states, “They (SkyWest) shield themselves from the factorsthat lead to volatility in earnings—fuel prices, ticket prices, and load factors—and bring investors thecertainty they are looking for.” The lower level of risk reduces the risk-adjusted discount rate, and, fora given stream of profits, the value of the SkyWest rises.Answers to Mathematical Exercises1.a.PV=NCF/(1 +r)t= $1,000/(1.065) = $938.97b.PV= $1,000/(1.065)2= $881.66c.PV= $1,000/(1.065)3= $827.852.The present value is calculated as follows:3.OptionA: Ashton pays Demi $1,000,000 each year for 10 years (Ashton wishes to make eachpayment at year-end.)OptionB: Ashton pays Demi $5,000,000 in cash now.If the appropriate interest rate is 8 percent:PVOptionA= $1,000,000/(1.08)1+⋅⋅⋅+ $1,000,000/(1.08)10= $6,710,081PVOptionB= $5,000,000Clearly, Demi should take optionAand Ashton should want to pay her $5,000,000 now.If the appropriate interest rate is 20 percent:PVOption A= $1,000,000/(1.20)1+⋅⋅⋅+ $1,000,000/(1.20)10= $4,192,472PVOption B= $5,000,000In this case, Demi should demand $5,000,000 cash now, and Ashton should try to talk her intotaking $10,000,000 spread over ten years.

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Chapter 1: Managers, Profits, and Markets34.Since the lease payment is a constant amount for each of the 100 years –and 100 years is a long time, we can geta very good approximation of the present value by using the formula for a perpetual stream of profit payments:. The approximate present value is $500,000 = $20,000/.04.Answers to Homework Exercises in Student Workbook1.a.$47,177,000d. $6,573,000b.$5,880,000e. $693,000c.$53,057,000f. –$907,0002.a.$12,635,513b.$11,336,8613.a.monopolistic competitionb.oligopolyc.perfect competitiond.monopoly4.SunKist is just one of many citrus producers. Consumers are generally not brand conscious with respectto fresh fruits and vegetables.5.Lexus has market power because product differentiation, even within the market for luxury cars, givesLexus some ability to raise price without losing all sales. In addition, a dealership in one city seldomloses sales to Lexus dealers in other towns or cities, unless they are only a short distance away.

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Chapter 2:Demand, Supply, and Market Equilibrium4Chapter 2:DEMAND, SUPPLY, AND MARKET EQUILIBRIUMAnswers to Applied Problems1.a.Demand will decrease, so price will decrease.b.Supply will increase, so price will decrease.c.Demand will increase, so price will increase.d.Demand will decrease, so price will decrease.e.Supply will decrease, so price will increase.f.Supply will increase, so price will decrease.g.Supply will increase (when the price of a complement in production increases), so price willdecrease.h.Demand will decrease, so price will decrease.2.a.Supply will decrease, so price will increase and output will decrease.b.Supply will increase, so price will decrease and output will increase.c.Demand will increase, so price will increase and output will increase.d.This one is challenging. An increase in the price of Florida grapefruit could be interpreted as eithera demand shifter (change in the price of a substitute in consumption) or a supply shifter (change inthe price of a substitute in production) or BOTH simultaneously. If only demand decreases (supplyconstant), then price will decrease and output will decrease. If only supply increases (demandconstant), then price will decrease and output will increase. If both happen simultaneously, thenprice will decrease but the change in output will be indeterminate.3.a.An increase in demand for home heating oil causes demand for heating oil to shift rightward. In theabsence of price controls, no shortage occurs because market price is bid up toPB. An increase indemand causes equilibrium price and quantity to rise.b.A decrease in supply of RAM chips does not cause a shortage in the absence of a price ceiling. Asupply decrease shifts supply leftward, causing the equilibrium price of RAM chips to rise andequilibrium quantity to fall.4.a.No effect on demand (no shift)—just a movement up the demand.b.Decrease demand for hotels.Price of heating oilQuantity of heating oilPDD'ABQPAQAQBSPBPrice of RAM chipsQuantity of RAM chipsPDABQPAQAQBS'SPB

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Chapter 2:Demand, Supply, and Market Equilibrium5c.Demand for rental cars decreases.d.Supply of overnight mail decreases.5.Construct a demand and supply diagram like PanelAof Figure 2.12.a.Imposing rent controls creates a shortage of low-income housing, which decreases the quantitysupplied at the lower rent imposed by the controls compared to the amount of housing supplied atthe market-clearing (higher) rent level.b.No, the shortage created by rent controls means that more low-income families are willing and ableto pay for rent-controlled housing than the amount of rent controlled housing that is available.Compare this to the situation before rent controls in which markets clear at higher rent levels.c.In the short run, families who are able to get housing at the lower rent levels may be better off. Inmany cases, however, families must pay large bribes “under the table” to get into the rent-controlledhomes. And, as time passes, landlords have little or no incentive to make repairs to the rent-controlled units. Politicians may also gain from rent controls because it appears to be acompassionate policy to help the poor. The losers are the families who cannot get the rent-controlled housing even though they are willing and able to pay the higher market-clearing rent.d.History has shown that rent-controlled districts over time fall into a state of decay and ruin. Rent-controlled properties undermine the incentive for landlords to maintain the housing. With ashortage of low-income housing, low rent housing will be fully rented no matter what condition theroof or plumbing might be in. Furthermore, if landlords let the property decay sufficiently, renterswill leave, and the property can be converted to some other use (commercial or industrial use) notsubject to rent controls.e.Taxpayers, genuinely compassionate about providing more housing for low-income families, couldoffer builders subsidies to build low-income housing. In the absence of rent controls, this wouldshift supply rightward and equilibrium rents would fall. Also, there would be no shortage of low-income housing. Owners would have incentives to properly maintain roofs and plumbing. Of coursebuilding subsidies would cost real money; but everyone knows that there’s no such thing as a freelunch (well, maybe not everyone knows this).6.In the graph, letD0be the initial demand fortickets to Disneyland andS0be the supplyof tickets to Disneyland. Slowing tourismcauses demand to decrease, as representedby the demand curveD1. The new rides atSix Flags further reduce demand toD2.These events all result in lower ticket pricesat Disneyland as well as reducedattendance. This is not a violation of the lawof demand since price is falling due to adecrease (shift) in demand, not a movementalong a given demand curve.

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Chapter 2:Demand, Supply, and Market Equilibrium67.In the graph,S0andD0are thesupplyanddemandcurvesforauto insurancebeforeProposition103 is passed.PEis the price ofauto insurance. After Proposition103 passes,Pprop103is the ceilingprice established by passage ofProposition 103. The result is ashortageofautoinsuranceinCalifornia.Thisshortagegetsworse over time as the costs ofproviding insurance rise becausesupplyshiftsleftward(S1)in-creasing the gap betweenQdandQs(atP=Pprop 103). If Proposition103 is defeated, no price ceilingwillbeforthcomingandnoshortage will occur. The increasing costs of providing insurance will cause insurance rates to rise(fromAtoB).8.a.Increase in the price of a complement goods causes demand to shift leftward. Movie ticket pricesfall and ticket sales fall.b.Decrease in the price of a substitute good causes demand to shift leftward. Movie ticket prices falland ticket sales fall.c.Presumably, pay-per-view movies on cable are more convenient to some consumers than going tothe movie theater, thereby changing some consumers’ tastes away from theater movies toward pay-per-view movies. Demand shifts leftward due to the change in tastes, and movie theater ticket pricesfall and ticket sales fall.d.The end of the strike increases the number of movie scripts available, lowering the price producersmust pay to get a movie script. The decrease in price of an input (movie scripts) increases the supplyof movies out of Hollywood. Supply shifts rightward. Movie ticket prices fall and ticket sales rise.e.As in partd, a decrease in the price of an input causes supply to shift rightward. Movie ticket pricesfall and ticket sales rise.9.a.The new process causes an increase in supply, shown as a rightward shift in the supply of crude oilcurve. The rightward shift in supply of crude oil does NOT cause a surplus because the equilibriumprice of crude oil falls until quantity demanded equals quantity supplied. The market clears at thenow lower price of crude oil. No surplus arises because the lower crude price results in an increasein quantity demanded of crude oil, which works to eliminate any surplus. The end result of the newprocess is to decrease the equilibrium price of crude oil and increase the quantity of crude oilconsumed and produced in equilibrium.b.Even in the unlikely event that no new oil deposits are ever discovered, growing worldwide demandfor crude oil would still be met. Rightward shifts in demand, supply constant, would simply driveup the equilibrium price of crude oil. No shortage would occur unless governments impose priceceilings on crude oil preventing its price from rising to market clearing levels.10.In the figure, the environmental curbs on burning wood causes supply to shift leftward fromS0toS1. The substitution from burning wood to gas hearths is represented by the leftward shift in demandfromD0toD1. Comparing initial equilibrium pointAtoB, the price of firewood has remainedunchanged while the quantity of firewood burned decreases.Price of auto insurance (dollars)Q uantity of auto insurance (# of cars insured)$D0ABQPprop 103Q dQ sS1S0PE

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Chapter 2:Demand, Supply, and Market Equilibrium711.Demand and supply both increase simultaneously. An increase in customers (N) causes demand toshift rightward. An increase in the number of businesses in a market (F) causes supply to shiftrightward. Equilibrium output definitely increases, but the effect of the Internet on equilibriumprice is indeterminate.12.a.Your sketch of demand and supply should look like:

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Chapter 2:Demand, Supply, and Market Equilibrium8b.At $5,000 per metric ton, quantity demanded is 30 metric tons per year (= 150 – 0.024×5,000)and quantity supplied is 52 metric tons per year (= –48 + 0.020×5,000). So, the monthly rate ofinventory growth is 22 tons per month (= 52 – 30).c.The global market-clearing price of primary aluminum is predicted to be $4,500:Price is currently $5,000, which is too high to clear the market and Rusal is correct to predict a fallin aluminum prices.Answers to Homework Exercises in Student Workbook1.Normal. The coefficient onMis positive. Thusis positive and housing is a normal good.2.Substitutes. The coefficient onRis positive. Thusis positive, and three-bedroom apartmentsare substitutes for new housing.3.Qd= 160 – 2P4.See the figure below:

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Chapter 2:Demand, Supply, and Market Equilibrium95.Yes, because an increase in a factor price should causeQsto get smaller (i.e.,is negative).6.Qs=–40 + 2P7.See the figure above.8.= $50 and= 609.Yes; yes.10.CS= .5×60×($80 – $50) = $900;PS= .5×60×($50 – $20) = $900;SS= $1,80010.Qd= 140 – 2P11.Qs= – 20 + 2P12.= $40 and= 60

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Chapter 3: Marginal Analysis for Optimal Decisions10Chapter 3:MARGINAL ANALYSIS FOR OPTIMAL DECISIONSAnswers to Applied Problems1.a.One way of reducing traffic deaths is to reduce speed. While it may be possible toeliminate all traffic deaths by allowing motorists to drive no faster than 15 MPH in carsequipped with driver and passenger air bags, most American drivers would not view a 15MPH speed limit as optimal. Most drivers seem willing to accept some additionalprobability of death in return for faster speeds. The 70 MPH speed limit would be optimalif the marginal benefit of reducing speed limits equals the marginal cost of reducingspeed limits. Just because reducing speed limits to 65 MPH would save even more livesdoes not, by itself, mean that further reduction in speed limits should be undertaken. Themarginal benefit of speed reduction must be compared to the marginal cost.b.If it costs nothing to eliminate pollution (i.e.,MC= 0), then the optimal level of pollution wouldindeed be zero. When the marginal cost of pollution abatement is greater than zero, as it is forvirtually every type of pollution, the optimal level of pollution occurs at that level of pollution forwhich the marginal benefit to society of eliminating more pollution just equals the marginal cost ofeliminating more pollution. In fact, it is possible to have too little pollution if pollution abatementactivities have been undertaken such that the marginal cost of abatement exceeds the marginalbenefit.c.To maximize net benefit, troops should be left in Iraq if the marginal benefit exceeds the marginalcost. Since marginal benefit and marginal cost are measures of additional (or extra) benefits andcosts, benefits and costs already incurred do not matter (i.e., do not affectMBandMC). Sunk costsor benefits do not enter the decision-making process, only incremental benefits and costs matter.d.See answer to partc.e.Insurance premiums are fixed costs. The optimal level has nothing to do with how high or how lowfixed costs go.2.Appalachian Coal Mining should minimize net cost by choosing that level of pollution (P) where themarginal benefit of pollution reduction equals the marginal cost of pollution reduction:1,000 – 10P = 40PP*= 20 units of pollution.3.The second partner is basing his objection to the move on costs that are sunk. The money spent onoffice stationery, business cards, and a sign that cannot be moved to the new office are notmarginalcosts in the decision to move and should thus be ignored. In other words, the cost of the old cards, oldstationary, and old sign are sunk costs to be ignored in making the decision to move the office, whileany costs of purchasing new business cards, new stationary, or a new sign are part of themarginalcostof making the move. If, as the first partner seems to believe,MBexceedsMCfor making the move,then net benefit rises even though new cards, stationary, and a sign must be purchased.4.a.2b.$500 (= $25×20 radios not stolen due to hiring 1 guard)c.4

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Chapter 3: Marginal Analysis for Optimal Decisions115.a.The following graph illustrates such a situation. Clean-up activity is plotted along the horizontalaxis and marginal benefits and costs along the vertical. For any amount of clean up greater thanA*,MCexceedMB, and that amount of clean-up activity is “too much.”b.The following graph illustrates such a situation. Notice that the shape ofMBreflects Breyer’sassertion that most of the benefit of clean-up comes at relatively low levels of clean up activity.The shape ofMCputs most of the clean-up cost at relatively high levels of clean-up.6.“Never give up”: You should give up an activity whenMC>MBfor extra units of the activity.“Anything worth doing is worth doing well”: How “well” you choose to do something should bedetermined by weighing costs and benefits at the margin.“Waste not, want not”: If saving a unit of a resource costs more than the value of the resource (usuallymeasured by the price of a unit of the resource), it is NOT optimal to “save” the resource. For example,if a manufacturer must spend $100 to prevent $15 worth of a raw material from being wasted, then it isoptimal to “waste” the raw material.

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Chapter 3: Marginal Analysis for Optimal Decisions127.a.With a payroll of $160,000, the manager should hire five people with high school diplomas andtwo people with bachelor's degrees. This choice maximizes the number of customers servedbecause the last dollar spent on each type of employee yields the same addition to the number ofcustomers served;MBHS/PHS(60 / $20,000) =MBB/PB(90 / $30,000) = 0.003.b.No, she is not making the correct decision. If the manager hires three employees of each type, themarginal contributions of the last person hired are the same for both types of employees (80), butthe marginal contribution per dollar is higher for a high school diploma (80/$20,000) than for abachelor's degree (80/$30,000). By hiring more employees with a high school diploma and fewerwith a bachelor's degree, the manager can spend the same amount on payroll and increase thenumber of customers served.c.With a budget of $240,000, she should hire six people with high school diplomas and four peoplewith bachelor's degrees.8.a.Q* = 6,000 wine decantersMR6,000= $70b.TR6,000= 70×6,000 = $420,000TC6,000= 10,000 + 40(6,000) + 0.0025(6,000)2= $340,000Profit = $420,000 – $340,000 = $80,000c.The 6,001stdecanter adds $70 to total revenue and slightlymorethan $70 to total cost. Thereforethe 6,001stunit would (slightly) reduce profit.9.a.5b.4c.3Answers to Mathematical Exercises1.a.MB= 170 – 2x;MC= – 10 + 4xb.NB= 170x – x2– 100 + 10x– 2x2= 170 – 2x+ 10 – 4x= 180 – 6x= 0;x*== 30c.NB= 170(30) – (30)2– 100 +10(30) – 2(30)2= 2,6002.a.MB= 100 – 4x;MC=x2– 12x+ 52b.NB= 100x– 2x2– (1/3)x3+ 6x2– 52x– 80= 100 – 4x–x2+ 12x– 52 = 48 + 8x–x2= 0

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Chapter 3: Marginal Analysis for Optimal Decisions13This factors to (x+ 4)(–x+ 12) = 0x= –4,x= 12x* = 12 maximizesNBc.NB= 100(12) – 2(12)2– (1/3)(12)3+ 6(12)2– 52(12) – 80 = 4963.Z= 3x+xy+y+ λ(70– 4x– 2y)= 3 +y–λ4 = 0=x+ 1 –λ2 = 0= 70 – 4x– 2y= 0Dividing the first equation by the second,; 3 +y= 2x+ 2;y= 2x–1Substituting this solution into the third equation:70 – 4x– 2(2x–1) = 0and solving forx= 9;y= 2(9) –1 = 17Bmax= 3(9) + 9(17) + 17 = 1974.Z= 6x+ 3y+ λ(288–xy)= 6 –λy= 0= 3 –λx= 0= 288 –xy= 0;y= 2x; substituting into the third equation, 2x(x) = 2x2= 288;x== 12;y= 2(12) = 24.Minc= 6(12) + 3(24) = $1445.a.Marginal benefit is the derivative ofTBwith respect toA:. At pointC,MB= 8 – 0.008(200) = $6.40. The rest of the points can be similarly verified.b.Marginal cost is the derivative ofTCwith respect toA:. At pointC,MC= 1+ 0.012(200) = $3.40. The rest of the points can be similarly verified.c.NB=TB–TC= 8A–A– 0.004A2– 0.006A2= 7A – 0.010A2. The derivative ofNBequalsMB–MC.d.Yes.

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Chapter 3: Marginal Analysis for Optimal Decisions14Answers to Homework Exercises in Student Workbook1.a.a.2.50b.7.00c.150d.7.50e.5f.4.50b.50;NB; $225c.0; 0; 0; negatived.TB;TC;NBe.TC;TB;NB2.Your table should look like:Level ofActivityATotalBenefitTotalCostMarginalBenefitMarginalCostNetBenefit000----01$ 31.75$2.50$ 31.75$ 2.50$ 29.25260.756.2529.003.7554.50387.2511.2526.505.0076.004111.4018.0024.156.7593.405133.6026.3022.208.30107.306154.6035.4021.009.10119.207174.1049.2019.5013.80124.908192.1066.9518.0017.75125.159209.2088.9517.1022.00120.2510223.45114.9514.2526.00108.5011235.90145.4512.4530.5090.4512247.10180.0511.2034.6067.05a.A* = 8b.Undertaking the 5thunit of activity causes total benefit to increase by $22.20, but total cost increasesby only $8.30. Since more is added to total benefit than is added to total cost, net benefit rises whenthe 5thunit of activity is undertaken. Thus, 4 units cannot be optimal since net benefit can be furtherincreased by increasing the activity level by one unit.c.By reducing output to 11 units, total benefit decreases by $11.20 and total cost decreases by $34.60.Since total cost falls by more than total benefit falls, net benefit rises by reducing output to elevenunits. Therefore, twelve units could not be optimal since net benefit can be increased.

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Chapter 3: Marginal Analysis for Optimal Decisions15d.A* = 8. Yes it is the same as in parta.3.a.X* = 3;Y* = 2;TB* = $185,000 (= 75,000 + 110,000)b.X* = 5:Y* = 6;TB* = $306,000 (= 100,000 + 206,000)4.a.increasing; total; increases; total; increasing; increase; equalb.decreasing; total; decreases; total; decreasing; decrease; equal5.The money spent getting the Brazilian plant operating is now a sunk cost for the purposes of decidingwhether to continue operating the plant. Sunk costs should be ignored in this decision. The plant shouldcontinue operating if the marginal benefit from operation exceeds the marginal cost from operation.6.A graph should be drawn showing a downward slopingMBcurve for saving additional owls and anupward slopingMCcurve for saving additional owls. Saving owls past the point of intersection ofMBandMCmeans that more than the optimal number of owls are being saved.7.a.The publisher should ignore the costs of setting the type since these costs are sunk costs that cannotbe recovered.b.The publisher should ignore the $1 million advertising cost since it is a fixed amount that does notvary with the number of copies printed.8.a.1 round of golf and 5 tennis matches.b.0 rounds of golf and 4 tennis matches.

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