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There is a debate about whether sterile hypodermic needles should be passed out free of charge in cities with high drug use. Proponents argue that doing so will reduce the incidence of diseases, such as HIV/AIDS, that are often spread by needle sharing among drug users. Opponents believe that doing so will encourage more drug use by reducing the risks of this behavior. As an economist asked to assess the policy, you must know the following: (i) how responsive the spread of diseases like HIV/AIDS is to the price of sterile needles and (ii) how responsive drug use is to the price of sterile needles. Assuming that you know these two things, use the concepts of price elasticity of demand for sterile needles and the cross-price elasticity between drugs and sterile needles to answer the following questions. In what circumstances do you believe this is a beneficial policy? In what circumstances do you believe this is a bad policy?
Facts: Nissan took its “Hardbody” truck line and used it as the basis for designing and building its “Pathfinder” sport utility vehicle. The Pathfinder incorporated the Hardbody’s frame side rails, front cab, and front suspension. The tariff schedul..
How many DVD's will she have to sell to keep the store open for an extra hour to make profit, if each DVD is $12.
Suppose an economy that is initially at full employment faces a substantial increase in the factor cost of production. Discuss (with the aid of aggregate output market and money market diagrams) the short-run effect on output, unemployment, general p..
Consider two consumers, John and Maria, each with an quantity of two goods: corn and sugar. Suppose now that John has 40 G and 0 S and that his MRS(GS) is 1G/1S. Maria has 20 G and 70 S and her MRS(GS) is 3G/1S. Are there gains to be had for both Joh..
Down Under Boomerang, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2.94 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which it wil..
In a company that is experiencing economies of scale, which of the following is true?
With increased access to wireless technology and lighter weight, the demand for laptop computers has increased substantially. Laptops have also become easier and cheaper to produce as new technology has come online. Despite the shift in demand, price..
A machine with a useful 10 year life is to be depreciated by the MACRS method over 7 years. The machine has a first cost of $35,000 with a $5,000 salvage value. Its annual operating cost is $7,000 per year. The depreciation charge in year three is ne..
The mean television viewing time for Americans is 15 hours per week (Money, November 2003). Suppose a sample of 60 Americans is taken to further investigate viewing habits. Assume the population standard deviation for weekly viewing time is σ?=4 hour..
Multinational enterprises are sometimes compared to colonial enterprises that operated at the end of the 19th century. Colonial enterprises were often private firms that benefited from government protection and control of foreign countries. Is this a..
In a purely competitive industry
You have 100$ spend on food, housing, and clothing. Explain how their marginal utilities should be related to their respective prices to maximize utility. Generalize the result for any number of commodities.
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