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Read "Critical Thinking - Case 11: A Spoonful of Sugar" then answer the questions below:
1. Do you agree with Mayor Bloomberg's viewpoint and policy direction about banning sugar-laden drinks or do you agree with the court ruling that overturned the ban? What reasons can you provide for your position?
2. We have rules that, in essence, limit the consumption of alcohol when someone is driving because of the social costs of drinking and driving. Is the issue of limiting the consumption of sugary sodas the same as limiting the consumption of alcohol? How are these two situations the same and how are they different?
3. The line that is drawn between the philosophical positions on individual versus collective rights is different for everyone. Some are closer to supporting individual rights and some closer to supporting societal rights. Where do you stand in this debate? What has influenced your thinking?
4. If you had a magic wand, are there other bans you would place on consumer goods? Or would you use your magic wand to erase some bans away?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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