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In a well-known legal case, Miller v. Schoene (287 U.S. 272), a classic conflict of property rights was featured. Red cedar trees, used only for ornamental purposes, carried a disease that could destroy apple orchards within a radius of 2 miles. There was no known way of curing the disease except by destroying the cedar trees or by ensuring that apple orchards were at least 2 miles away from the cedar trees. Apply the Coase theorem to this situation. Does it make any difference to the outcome whether the cedar tree owners are entitled to retain their trees or the apple growers are entitled to be free of them? Why or why not?
Employing the new factory would ultimately reduce average total cost and the present value of the gain from employing the new factory must be less or equal to $50 million.
Explain the two core objectives of the Federal Reserve in managing the U.S. money supply. Discuss in detail three of the tools that the Fed uses to adjust the money supply to meet these objectives.
Explain the role of labor supply and labor demand in determining the incentives to return to equilibrium. Explain why unemployment falls when output rises. In the process, mention what happens to unemployment. What factors determine the job finding r..
What factors determine equilibrium price and quantity in a market and what policies can you suggest to cope with this problem?
a doctoral student has just completed a study for her dissertation and found the following demand and supply
Suppose the world's population in 2000 is 6.3 billion and is projected to grow at a rate of 1.2% per year. In approximately what year will the world's population be 12.6 billion?
In problem (4) assume that the firm's initial capital stock is $5 million. Also assume the rate of capital depreciation is 10 % a year. What would be the firm's capital stock after 5 years if annual investment are- $600,000
Assume buyers in the used car market are willing to pay $3,500 for a plum used car and $1,500 for a lemon used car. If buyers believe that thirty percent of the used cars.
Plot the relation between output per worker and capital per worker. Does it have the same general shape as the re- lation in Figure 10-4? Explain.
What are the three traditional tools of Monetary Policy? Describe the mechanics of how each change the supply of money in the economy.
In the absence of an agreement between the landowner and his neighbors, is he likely to harvest too much or too little of his timber at any given time? Characterize this as an example of a positive or a negative externality.
A machine costs $5,240 and generates an annual end-of-year benefit of $1,000 for 8 years. If a nominal annual interest rate of 9.532% with continuous compounding is assumed,
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