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During the California Drought, one California community tried to reduce its residents' water consumption by imposing an escalating water price (the marginal price of water rose with monthly use by households). A state judge ruled that the pricing system violated the state's constitution, which required that water be priced no higher than its cost. Since the cost of securing water had not risen, its price could not be increased. Was the judge's ruling correct on an economic point, that the cost of water had not risen during the drought? (Before trying to address that question, you should reflect on the meaning of "cost" of anything and on whether the cost of anything goes up when it becomes scarcer.)
What was the goal of the Dawes Act?
Suppose the inverse demand function is P Solve for the Ed for this demand curve. How does the Ed vary as one moves along the demand curve.
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $42,000 per year. The store is located on prime real estate in a college town. What is the o..
Explicate which among the policies is most effective and least effective for this nation.
As a result of the American workers' ability to sell their labor though a union, profit-making firms must pay wages:
Illustrate the opportunity cost between the two goods is always constant. Which of the following combinations of the two goods, X and Y, is it possible for the economy can produce?
Between 1990 and 2006, the real value of the minimum wage declined, as measured using the CPI. Assume that the goal of the minimum wage policy is to maintain a constant standard of living for minimum wage earners over time (i.e. their utility, on ave..
Unfortunately, these days, we are inundated with news features in which businesses have violated codes of ethics. What are business ethics and please describe some modern day examples where such ethics have been challenged.
What is your total cost? What is your Average Fixed Cost? What is your Average Variable Cost? What is your Average Total Cost?
Undergraduate student (age 22) gets a job that pays $49800 per year. Planning to retire at age 67, she decides to save 10% of her current salary each year. If she is able to get an average ROI of 5.8% per year, how much will she have saved when she r..
Suppose the government issues debt to finance its fiscal deficits. The interest rate in the government debt is r=5% and suppose that output in the US shrinks at rate n = -1%. Then:
Examples of computer topic/ concept Virtual reality Format of TED Talk Assignment (Extra Credit # 1):
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