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Q1. Suppose that Abel builds a factory next to Baker's farm, and air pollution from the factory harms Baker's crops. Is Baker's property right to the land being violated? Is an externality present? What if the pollution invades Baker's home and harms her health? Are her property rights violated? Is an externality present? Explain.
Q2. Sally and Joe recently graduated from college, mutually majoring in history. Joe took an impressive job as a legal clerk. Sally obtains a job as a specialist in fighting forest fires. Equally receive an additional training to both of them before entering into their jobs. Among both of them who will likely earn a higher salary and why?
Use indifference curves to distinguish between income and substitution effects, using the above techniques explain why the demand curve slope downwards, What are the main criteria for designing a tax system, To what extent do you think the national..
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Calculate gross national product and net national product
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Draw a graph of the market for chewing gum. What are the equilibrium price and quantity? Mark the equilibrium price and quantity in the graph.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Why did people believe the difficulties Aisian economies were expericing in 1997-1998
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
Describe the Schumpeterian notion of "creative destruction"
Similarities in the definitions of management quoted from authors of management textbooks
Determine the cost to the government of buying firms unsold units
Analyze the USA financial meltdown that happened in 2008-2009. This crisis was partially caused by the reward systems that were in place for participants in the financial system. Identify the major participants in the financial system.
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