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In recent years, about twenty states have passed so-called medical marijuana laws. Typically, these laws permit individuals to lawfully purchase marijuana from licensed stores, providing they have a letter from their doctor recommending its uses. In a number of these states, the price of medical marijuana is observed to be higher than that of the pot sold illegally just down the street. Use the reasoning in this chapter to explain (a) why people would be willing to pay a higher price for the medical marijuana? (b) why it might be misleading to compare the observed price of the medical variety with the observed price of the illegal weed.
Estimate the owner's decision to start Sound Devices. Are any of the above costs likely to be one-time costs? If so, how would this affect your answers. Explain.
crew brew of wisconsin plans to build a microbrewery on a small stream in that state. after sampling water from the
Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20. How much of each good will he demand? A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay t..
The market for sports performance drinks experienced a big shift in 2012 as sales of low-calorie sports drinks grew by over 25%. Many attributed this shift to greater use by women who wanted a sports drink without many calories.
Your firm has an estimated production function q = 1/2KL^2. Further, the rental rate of capital is $80 and the wage rate is $40. You are considering long-run prospects. Use calculus to derive your firm's long-run cost function.
Suppose savers either buy bonds or make deposits in savings accounts at banks. Initially, the interest income earned on bonds or deposits is taxed at a rate of 20%. Now suppose there is an increase in the tax rate on interest income, from 20% to 25%...
Which of the following statements is least true regarding the accumulation of power?
Just breaks even over the year as whole. a Wouldn't the restaurant do better by staying closed out of season. At what cost will it shut down, given that all its fixed costs are sunk.
How would one best depict economic growth in a ppc model?
Draw an Edgeworth box diagram to show whether this allocation of resources is efficient. If it is explain why. If it is? not, what changes will make both
Assume a firm in a perfectly competitive market has the short-run total cost function TC = 100 + 160Q + 3Q2. If the market price is $196, what should it do?
What is the loss to fans from the monopoly power that sports franchises exert? Be precise in your reasoning. (Verbal explanation and shows P, MC and MR.)
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