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Should Marijuana be legalized?
Economically how would it impact the US?
How could the US Tax it and make a profit off of it? Relate to when alcohol became legal?
Describe the role and purpose of statistics and explain the primary types of statistics and contrast a population and a sample.
How changing the price elasticity of demand from elastic to inelastic affects the consumer's economic burden of a tax and the government's collected tax revenues?
A 4,000 gallon storage tank was purchased for $240,000 12 years ago. How much would a 12,000 gallon storage tank cost today if the power-sizing exponent were 0.73 and the cost index increased from 150 to 250 over the last 12 years. Express your answe..
Much of the demand for U.S. agricultural output has come from other countries. In 1998, the total demand for wheat was Q=3244-283P. Of this, total domestic demand was Qd=1700-107P, and domestic supply was Qs=1944+207P. Suppose the export demand for w..
University of Chicago economist Christian Broda opines because the affluent tend to consume more goods and services that typically have less competition, this means their prices are less elastic than goods and services who are subject to greater comp..
What is the depreciation allowance for Year 2 and book value at the end of that year?
Assume the market for fertilizer is perfectly competitive. Firms in the market are producing output, but they are currently making economic losses. How does the price of fertilizer compare to the average total cost, the average variable cost, and the..
Under which situation is a resident of Chicago more likely to bear the economic incidence of a unit tax on tobacco: (#1) the city of Chicago levies the tax, (#2) the state of Illinois levies the tax? Defend your answer using the appropriate diagrams ..
The short-run supply curve of a competitive industry is derived by. Along the long-run supply curve of an increasing-cost industry that is characterized by perfect competition, all of the following can vary except. For the case of an increasing-cost ..
Discuss the price elasticity of demand. Give the formula and an example, distinguish elastic and inelastic demand, and list the factors that influence the elasticity of demand. No graph is necessary
Elucidate how an economist could use the slope of the yield curve to analyze the probability that a recession will occur and why the spread may matter.
A firm's production function is qi = 4*Ki.2Li.4. The wage rate in this area is w = $15, and the cost of capital is r = .05. Find the firm's short run cost function, if Ki is fixed at $100,000. Now suppose that the price is not known. Derive the firm'..
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