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The price elasticity of demand for heroin is .27. Suppose that half of the existing heroin users support their habits with property crime. Further, the loss from property crimes committed by heroin users equals half of the total spending (total revenue 'TR') on the drug. Suppose the government pursues an aggressive anit drug campaign that successfully reduces the suppy of heroin, increasing the price by 20%. Fill in the blanks in the following table.
Price Qty of Heroin TR Property Crime
$10 1,000 $10,000 $5,000
$12
Calculate output per worker and consumption per worker for each country. Which country has the highest output per worker? The highest consumption per worker?
Real gdp per capita Labor productivity What was the growth rate of the population between 2008 and 2009, round to the nearest percent ?
What is meant by the term, path dependency and discuss how path dependency has effected the development of two major Australian economic institutions.
.What are the equlibrium quantities (q1, q2 %u2026 ,q10)?. A-q1, q2 %u2026 ,q10 = 2B-q1, q2, %u2026 ,q9= 2 q10=1/2c-q1, q2, %u2026 ,q9= 3/2 q10=1/2d-q1, q2, %u2026 ,q9, q10= 3/2e- q1, q2, %u2026 ,q9= 3/4 q10=1/2f-q1, q2, %u2026 ,q9= 3 q10=1/2g-non..
Determine what should you do to maximize benefits with respect to values after you acquire a substitute product. Which values should you change more?
An ice cream vendor sells three flavors: chocolate, strawberry, and vanilla. 45% of the sales are chocolate, while 30% are strawberry, with the rest vanilla flavored.
Multiplicative decomposition method
Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unit b. Draw the demand curve for labor based on the above data and the $3-per-unit product price c. If the wage rate is $15 per hour, how much labor ..
What is the sample standard deviation of weights and calculate the change in weight
In late 1990s more than twenty-five domestic steel firms have filed for bankruptcy. A combination of low values with strong competition through foreign competitors and so-called legacy expenses of unions are cited as the primary reason why so many s..
Suppose there are 2 countries, Home and Foreign, two factors of production, capital and labor and two products, food and cloth. Home has 100 units of labor and 200 units of capital, while Foreign has 300 units of labor and 150 units of capital. \(..
the minimum wage in this market is $8, what is the impact on the market? Who are the winners and losers of the minimum wage? Draw a graph and mark the areas to show the impact of the minimum wage.
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