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There has been much discussion over whether marijuana should be legalized for consumption beyondmedical use. Assume that if it becomes legal the price will be cut in half. Given that Frank suggests theestimate of the price elasticity for marijuana is -1.0, what would you expect to be the change in marijuanausage? Because that legalization would in some sense bring an entirely new market segment into thelegal market arena, why or why not would you have a high degree of confidence in your change in usageestimate based on that elasticity?
Regarding behavioral economics and social regulation: A. How has research in behavioral economics contributed to new and better social regulations? B. By definition, social regulations limit individual freedom and are paternalistic. Explain how a pol..
The annual cash flows have the following projections. Illustrate what is the internal rate of return.
Discuss the social and economic effects of colonization? How did it contribute the “Price revolution”? What were the main tenets of bullionism/mercantilism? What policies and events combined to bring an end to the Spanish hegemony?
Money Definitions. To answer the following questions, refer to the money definitions and relationships 1: Total currency = (currency in circulation) + (vault cash) 2. Total reserves = (vault cash) + (reserve deposits) 3. Monetary Base (MB) = (currenc..
Which of the following possibilities is consistent with the property of diminishing marginal product.
Suppose that there is an increase in the supply of foreign exchange due to an inflow of foreign investment in a flexible-rate system. Explain how this would affect the balance on current account, being careful to explain any assumptions about the for..
DL = SL in a perfectly competitive input industry or for an imperfectly competitive input industry that hires heterogeneous labor (or practices wage discrimination) but not for an imperfectly competitive input industry that hires homogeneous labor (o..
Suppose that the cost function of a firm is C(q) = 10 + 3q + 0.1q 2 and that it operates under perfect competition. If p = 4, find the optimal quantity, the costs, the revenue and the profits. Find the price at which the firm makes zero profits, that..
An airline estimates that the price elasticity of demand for business travelers (who travel on weekdays) is - 2, while the price elasticity of demand for vacation travelers (who travel on weekends) is - 5. If the airline price discriminates (and cost..
Congress is considering a tax credit program for those who purchase wind or solar-powered products. Explain multiplier concept as it applies in this case.
Use the AS/AD framework to depict an economy that is a) in equilibrium, and b) operating at full employment. determine in which direction the affected curve(s) shifts. draw in the shifted curve(s)—and label it (them) explicitly. Is the new Unemployme..
Four students from your economics class are sitting in a local restaurant Talk about the marketplace for coffee.
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