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Although written in 1968, “The Tragedy of the Commons,” by Garrett Hardin applies to many of the economic, political, and social struggles we are experiencing today like the debates about health care reform, deficit spending and the debt, tax reform, immigration, etc. In a short essay, explain what Hardin means by the following quotes. • “It is one of the peculiarities of the warfare between reform and the status quo that it is thoughtlessly governed by a double standard.” • “Freedom is the recognition of necessity.” In particular, what is the “double standard” and what implication does this have on the political economy and how does Hardin interpret the word “freedom” and what is its implication on the political economy?
Consider an investor with preferences given by the utility function U = E(r) – 0.5Aσ2 and there are two portfolios with the following characteristics: Portfolio A Portfolio B E(r) = 0.06 E(r) = 0.10 σ = 0.07 σ = 0.17 (a) suppose that the investor has..
Assume that in your first job after graduating from college you live in a city where the price of food is PF and the price of housing is PH. You consume F1 of food and H1 of housing per year. Using both your graph and a written explanation describe h..
Suppose the nation of Sugarland consists of 50,000 households, 10 of whom are sugar producers. Arguing that the sugar industry is vital to the national economy, sugar producers propose an import tariff. The loss in consumer surplus due to the tariff ..
Which statement does NOT correctly describe bonds?
q.assume a consumer has 600 to spend on two goods good x as well as good y. the cost of good x is given by px 20. the
The issue of competition over time presents a number of problems for a firm. Based on your reading, additional research for this question, and personal experience, what do you believe is the most effective way a firm can compete over time?
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2,000,000. Ranking the firms’ sales from highest to lowest, we find the top four firms’ sales to be $260,000, $220,000, $150,000, and $130,000, res..
Five networks are vying to receive the pay-per-view broadcast rights to the World Series of Yahtzee. Each estimates that the inverse demand for watching this nail-biter of an event is given by P = 100 ? 0.01Q. Each can provide the broadcast at a cons..
Suppose the employees of Starbucks in China are paid 8 Yuan per hour and a cup of coffee is priced at 8 Yuan. If Starbucks is maximising its profit, a what is the value of marginal product of labour (VMPL) per hour of the last worker employed by Star..
Suppose the CFO of an American corporation with surplus cash flow has $90 million to invest and the corporation does not believe it will need to utilize these funds to retool or expand production capacity for 1 year. What must the CFO expect about th..
If a price of corn is $3.00 a bushel, 5000 bushels would be demanded. If the price rise to $4.00, 4000 bushels would be demanded. I know the elasticity is -0.778. If the price of corn rose $5.00 a bushel, what would be the demand for corn?
Suppose the demand function is Q = 200 - 2p. Firm A, the leader, acts before Firm B, the follower. Both firms have a constant marginal cost of 10. Draw a diagram with Firm A’s output on the horizontal axis. Show the best-response function of Firm B. ..
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