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a. Describe the rule of capture including the seminal case in which it was first articulated?
b. In the context of trapping foxes from which this case arose, does the rule of capture make sense?
c) What are economic arguments against the rule of capture?
d) Would the rule of capture be a serious problem if an oil field were only shared by one or two individuals?
e) Would the rule of capture be a serious problem if an oil field were shared by many property owners?
f) What is a “regulatory” solution if an oil field is shared by many property owners, that mitigate the harm, if any, associated with the rule of capture.
g) What problems might arise under this regulatory system?
Please provide answers to the following using supply and demand curve diagrams. What is the effect of a decrease in the price of rubber on the new car market? What effect might cause the price of milk to fall and the quantity to fall also?
Explain the difference between import substitution and export promotion as economic growth strategies for developing countries. Be sure to include in your response both the strengths (benefits) and weaknesses (risks) inherent in both strategies. Whic..
Modelling the Relationships between Energy Consumption, Financial Development, and Economic Growth in Nigeria from 1980 - 2015: Evidence from Cointegration with Unknown Structural Breaks
Using the six general trends of the general environment, give a hypothetical example of how each trend could affect a restaurant business.
Calculate the t-statistics for each variable and explain what inferences can be drawn from them. If R2 of this equation is 0.25, what inference can be drawn from it?
Show the changes in the demand for tourism as income of a tourist grows when tourism is perceived to be, (a)normal good, (b)superior good, and(c) inferior good. Analyse the demand for tourism overtime using intertemporal analysis.
Sarah’s friends are trying to convince her to leave her summer job one month early, from which she earns $1200 per month, to vacation in Costa Rica. If she goes there, her out-of-pocket expenses would be $2400. What is Sarah’s marginal opportunity co..
Find the subgame perfect equilibria of the variant of the game in which the post-entry competition is a game in which each firm chooses a price, rather than an output.
Find the optimal capital and labor inputs given the production function f (k, l) = ak + bl and that the output price is given by p, the rental price of capital is r and w is the wage.
You are going to display what happens in the long run in perfectly competitive markets when firms are operating at a loss. Demonstrate the shift that will occur in the market in the long run if all firms in this market are operating at a loss. Identi..
Why the number of tools (instruments) has to be less than or equal to the number of economic objectives (goals).
In a certain economy, when income is $100, consumer spending is $60. The value of the multiplier for this economy is 3. It follows that, when income is $101, consumer spending is? How to solve the problem
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