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-In terms of standard economic theory, discuss the monopoly and other models that explain the supply of illicit drugs.
-Discuss the different views of price elasticity of demand with regard to addictive consumption.
-Explain why the economics of prohibition depends upon the microeconomic theories of behavior (hint: rational or non-rational behavior).
If the economy is competitive so that factors of production are paid the value of their subsidiary products, what is the share of total income that will go to land.
When low income countries begin to experience economic growth, they often do so at rates much higher than current growth rates of industrial nations. Which of the following does NOT provide an explanation of this phenomenon.
A university spent $1.8 million to install solar panels atop a parking garage. These panels will have a capacity of 500kw, have a life expectancy of 20 years and suppose the discount rate is 10%. a. If electricity can be purchased for costs of $0.10 ..
This week, we discussed how racial segregation concentrates economic, social, and cultural capital in white communities. This disparity creates dissimilar opportunity structures that distinguish racial groups according to potential life course trajec..
Compute total revenue, total cost also profit at each quantity. Illustrate what quantity would a profit-maximizing publisher choose. Illustrate what price would it charge.
In “ A Value-Added Tax for the United States: Part of the Solution ,” Gale and Harris suggest that a 10 percent federal VAT could be used to reduce the long-term fiscal gap. What do they suggest that states do with their retail sales taxes? How can C..
Chevron Corporation is one of the largest integrated oil companies in the world. Its management is assessing the world marketplace and taking steps to sustain the company’s competitive position. Chevron is studying external and internal factors that ..
Suppose that a Toyota Camry costs $25,000 in the U.S. and €20,000 in Europe, while the nominal dollar-euro exchange rate is 0.9€/$. a. Describe how an arbitrageur could profit from this situation (What would they buy? What would they sell?
The text noted that money performs three basic functions. Select one of these functions and describe the ways rapid inflation could undermine money's ability to perform the function you selected.
Draw the isocost line for a total cost per day of $15,000. (Base case) and Draw the isoquant curve when this firm is producing efficiently, assuming output is 100 units. What are the maximum amount of K and L possibly used to produce 100 units?
. Therefore the industry should be considered as a market failure and safety mandates should be imposed by the government.
Assume that a multinational corporation (MNC) is (i) shipping product from Brazil (Country B) to Australia (Country A), and (ii) the tax rate in Country B
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