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There is an election with three candidates: Lady Left (LL), Carrie Central (CC), and Robert Right (RR). The following are the outcomes in various two- and three-way races:
CC, 100%; RR, 0%
LL, 0%; CC, 100%
RR, 51%; LL, 49%
RR, 35%; LL, 33%; CC, 32%
The voting system is such that first there is a three-way race. Then, if none of the three candidates wins more than 50% of the votes, there is a two-way runoff election between the two candidates who won the most votes.
Market power and externalities are examples of market failures. Taxes on labor tend to encourage second earners to stay at home rather than work in the labor force. Taxes cause deadweight losses because they prevent buyers and sellers from realizing ..
Think of an externality in your community. Explain what type of externality it is. How can it be resolved (through the market and/or through government policies)?"
Briefly summarize Hazlitt's economic "Lesson". Be sure to explain all aspects and facets of “The Lesson”. Briefly apply "The Lesson" to government price-fixing in general, and rent controls and minimum wage laws in particular. Be specific and precise..
You are interviewing three people for one sales job. On the basis of your experience, you believe Jane can sell 600 units a day, Tom can sell 450 units a day and Kevin can sell 400 units a day. The daily salary each person is requesting is as follows..
The basic formula for price elasticity is. A good is normal if the sign on the income elasticity formula is
Suppose the own price elasticity of demand for good X is -4, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 4. Determine how much the consumption of this good will change..
You are an administrator for the Contoso Corporation. Many of the HR documents haveSocial Security numbers, which are considered confidential. What can you do to makesure that only people from HR can access those files and that they are labeled hi..
If you had to create an instrument that measured the prosperity of a nation, Illustrate what would be the three most important aspects of the society you would include.
If firms in a monopolistically competitive market are incurring economic losses, which of the following scenarios would best reflect the change facing incumbent firms (who are able to stay in the market) as the market adjusts to its new equilibriu..
Critics of agribusiness allege that industrialized, large-scale food production poses harm to consumer health as well as the environment. Proponents of agribusiness contend that factory farming and other food-production methods are vital in feeding a..
Suppose that consumption spending accounts for about 60 percent of GDP on average, while investment and government purchases each account for 20 percent of GDP on average. What will happen to real GDP in 2018, and what are the contributions of consum..
A company would want to make a direct investment in countries where the company’s home currency has higher purchasing power because the company should be able to:
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