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A survey shows an increase in drug use by young people. In the ensuing debate, two hypotheses are proposed: (1) reduced police efforts have increased the availability of drugs on the streets and (2) cutbacks in education efforts have decreased awareness of the dangers of drug addiction.
a. Use the model of supply and demand to show how each hypothesis could lead to an increase in the quantity of drugs consumed (you should draw two different graphs and analyze each hypothesis separately).
b. How could data collected on the price of drugs help us to distinguish between these two explanations?
Gaston Piston Corporation has yearly sales of $50,735,000 and maintains an average inventory level of $15,012,000. The average accounts receivable balance outstanding is $10,008,000.
1."To understand why nations are rich and poor we need to go beyond economics and policy advice and instead study politics and political processes - how decisions get made and who gets to make them, and why they decide to do what they do." Discuss..
Suppose Congress cuts spending for the military, and then unemployment rises in the U.S. defense industry. Is there causation in this situation, or are we observing an association between events?
Suppose that the price of the product is $5. How many units will the firm produce in the short run? In the long run, will the price rise or fall from the current level at $5? Explain the reason
A monopolist currently charges $50 a unit for the 100,000 units of product it produces and sells every month. An economic analysis has shown that,
Explain how can this concept be applied to the activities of profit making companies and profit loosing companies or to the revenue and costs components of a firm's net profit.
for each term define what it means and then discuss how it affects aggregate demand and aggregate supply. under
The second part of the bill maintained that cities like Charlotte could not enact their own anti-discrimination policies. Was this act justified? Is this a matter of civil rights? Do states or national governments have the right to establish anti-..
a) Does this situation correspond to short-run equilibrium? Why or why not? b) Does this situation correspond to long-run equilibrium? Why or why not? Draw a graph to support your answer.
The World Bank is currently advising newly industrialized nations on how to increase growth and they have asked for your help.
Tom earns $15 per hour for up to 40 hours of work each week. he is paid $30 per hour for every hour in excess of 40.
From the e-Activity, if you were a manager in a tobacco company, analyze the elasticity of demand for tobacco products. Evaluate the factors involved in making decisions about pricing tobacco products indicating which would be the most influential..
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