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Subject is on Illegal Drugs
The author is correct in stating that the legalization of drugs is a widely debated issue among economists and others. Since the time these articles were written, Washington and Colorado have legalized recreational use of marijuana. To put the argument in a better light consider it in the context of elasticity. The supply elasticity of drugs is high (elastic). The primary motivation for selling drugs illegally is pecuniary. As price falls so does the incentive for selling. The demand elasticity on the other hand is low (inelastic). Despite high prices, users will continue to purchase.
Consider moving only the supply curve to the left. What is the relative effect on price versus quantity? Now consider moving only the demand curve to the left by the same amount. What is the relative effect? When demand is inelastic, reducing supply has little effect on quantity and a large effect on price. Consequently, some economists argue that the "war on drugs" (i.e. supply interdiction) is a misguided policy, which has no effect on sales and also increases crime because of the price increase.
Consider a country’s trade off between the production of two ‘goods’: environmental quality (extent to which their environment, including air and waters, are clean), and all other goods. Why is there a trade off? Explain.
Rudolfo purchased 900 shares of stock for $62.20 a share six months ago. The initial margin requirement on this stock is 75 percent and the maintenance margin is 40 percent. Rudolfo pays a 3% on his margin loan, what is his holding period return if t..
Government expenditure and investment has remained fairly constant as a fraction of GDP since 1950, even as transfers have risen. Most of state government revenue comes from the income tax, and most state and local government income comes from the sa..
How do mandated benefits affect labor market outcomes? Why do these outcomes differ from those resulting from a payroll tax? What is the deadweight loss arising from mandated benefits?
What would the expected value for the "male-no" cell be?
Your corporation has a marginal tax rate of 40% 70% of dividends received our excludable from Texas the corporations before text David in yield is 15% what is the corporations after-tax dividend yield
The Snow City Ski Resort caters to both out-of-town skiers and local skiers. The demand for ski tickets of out-of-town skiers is given by Qo = 600 - 10 Po, while the demand for ski tickets of local skiers is given by Ql = 400 - 20 Pl . The marginal c..
What was the exchange rate between the dollar and the pound according to the law of one price? Answer to be to four decimal places.
none of the employees makes the effort to do so. How would you change the organizational architecture of the firm to raise profitability?
During 2009, the demand for LCD televisions appeared to be falling. At the same time, some industry observers expected that several smaller television manufacturers might exit the market. What would a price ceiling set below the resulting equilibrium..
Why do economists consider subsidies (payments to firms) a better way to lower prices than imposing a price ceiling?
Provide an example (preferably from an actual business operation) that demonstrates the differences in economic profit and accounting profit. You should include opportunity costs (explicit and implicit) in the comparison. Using your actual profit cal..
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