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In the incoming election, Massachusetts voters will have the option to liberalize marijuana in their state. According to news reports, the Massachusetts alcohol industry is contributing money against the legalization of marijuana.
a) Given these news reports, does the Massachusetts alcohol industry consider alcohol and marijuana substitutes or complements? What does the industry believe would happen to the demand for alcohol in Massachusetts with the liberalization of marijuana: shift left, right or remain constant?
b) Given these news reports, which model do you think is most appropriate for the alcohol market in Massachusetts: Monopoly, oligopoly, monopolistic competition or perfect competition? Briefly explain.
Assume the price of output is p = 10 dollars, the marginal product of labor is given by the equation MPL = 20 - (1/2)L, and the price of labor is wL = 100 dollars. Then, the optimal quantity of labor is
Smith has been informed that on April 1st, Delta Co., a producer of a substitute good, will be decreasing the price of its product by 10%. Given a cross elasticity of 2 and the following information answer the following questions. For this proble..
Meek mill bought £75,000 (nominal value) of 3¾% debenture stock with each £100 (nominal value) of stock costing £90. (a) Calculate the amount paid for the stock.
United States has absolute advantage over many countries in production of most goods and services. Yet, the country is running the record trade deficit year after year. The current trade deficit is about six percent of the country's GDP. Is it a ..
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Find out the optimal weekly output and price of this firm. Find out the weekly profit from the production and sale of this product.
Using the static classical AD/YP model, demonstrate the effect of each of the following changes.
While climate change science has advanced considerably in recent years, and evidence of increasing atmospheric carbon is demonstrable, there is yet much unknown about the consequences of anthropogenic carbon emissions. For instance, the effect of ..
According to your estimate, elucidate what happens to the Transit Authorityas revenue when the fare increases.
U.S. industry responded to the undeserved domestic leisure travel market that existed in the early 1900s with a second wave of low cost carriers (LLCs)
Using both the liquidity preference framework and supply and demand for bonds framework, show why interest rates are procyclical (rising when the economy is expanding and falling during recessions.)
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
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