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Budget-Balancing Prison Change
Consider a state with a fixed prison capacity. The state (i) increased the average prison term from 5 years to 6 years and (ii) decreased the probability of being penalized for crime from 1/5 to 1/6.
Predict the qualitative effect of the change in policy on the equilibrium level of crime and explain the economic logic of your prediction.
O'Sullivan, Arthur. Urban Economics (p. 399). McGraw-Hill Higher Education. Kindle Edition.
Graph The Fruit Farm's production possibilities frontier. Put apples on the horizontal axis and pears on the vertical axis
Specifically, how the quantity theory of money explains why inflation occurs.
What other variables should be considered when determining what is reasonable in terms of maintenance expense
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Holding all else constant what do you predict will happen to real GDP and inflation in the short-run and the long-run. Explain your answer.
1) Compare the price elasticity of demand for the two products. Which of these is more elastic and very briefly explains why?
In the nation of Rivia the long-run macro equilibrium (LAS) is equal to $320 Billion, the current short-run macro equilibrium is equal to $280 Billion.
The interest paid on internally held debt: Answer is a real claim on our goods and services. is roughly 20% of the federal budget. is paid out to one group of Americans from the taxes collected from another group of Americans. is a real burden on the..
The personal income tax rate t = 10%. If (private) saving in this economy S = $280, what is the level of consumption C?
Barney has $80,000 in income per year and faces a 20% chance of having $25,000 in unexpected medical bills. Suppose Barney's utility function over income is
A wheat farmer and a firm in a perfectly competitive market are similar in that:
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