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What are the limitations of using measures of physical scarcity such as the "exponential exhaustion index" that was developed by the Meadows in the book Limits to Growth published in 1972? What is the "Hotelling efficiency rule" and how does it relate to the "socially optimal" level of depletion of an exhaustible resource? Do you think that markets can be relied upon to allocate exhaustible resources over time to maximize soxiety's welfare? If not, what alternative mechanisms should be used?
Suppose that the price elasticity of demand for potatoes is -.3 and that the price of potatoes were to drop by 10%. A. What will happen to the quantity of potatoes demanded?
q1. explain how is the transfer cost s of an intermediate product find out d whena there is no exterior market for
For the years 1967 to 1990 (note this gives 24 observations) the average male score on the math portion of the SAT was 500 with a variance of 46.61 and the average female score on the math portion of the SAT was 453.67 with a variance of 83.88. Assum..
How does price discrimination help customers? Profits are a sign of a business exploiting its customers and workers. Profits are a sign that a firm has served its customers well. Pick one statement and defend it or critique it.
What would happen if no one tried to manage the business cycle? What role do you see for the executive branch of the US government managing the business cycle? How does fiscal policy work? What are its limitations?
Suppose K = 1,000; L = 200 workers; and M = value of all materials use at 450. Derive the total product or output. Find and interpret the output elasticity (or elasticity’s).
Explain why so many stores, both online and offline, have such large "after Christmas sales." In addition, explain the recent phenomenon of giving gift cards as presents.
If farmers were to decry the effect of this new technology on the price of milk and lobby government to set the price of milk at the price before the invention, elucidate the result.
how does each shrimp producer react to the increase in price? A. Each producer decreases its production of shrimp. B. Each producer increases its production of shrimp.
A 10-year, 11.00%, $1,000 bond that pays dividends quarterly can be purchased for $920. This means that $920 is spent on the bond now. Every quarter, $27.50 is provided to the purchaser as the dividend. After 10 years, $1,000 is given to the purchase..
What is a formula for tax revenues as a function of the tax rate, and sketch the function in a diagram with the tax rate on the horizontal axis and tax revenues
Economists have estimated that cigarette smoking declines by 4 percent for every 10 percent increase in cigarette price. Several states have increased taxes by 100 percent on cigarettes to pay for improvements in education. Does this policy make sens..
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