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There is much discussion in the press about several states moving to legalizing marijuana, either for only medical purposes, or more extremely, for recreational purposes. Looking only at the economic impact (not moral implications) of such changes in the laws, discuss how the existing system of supply and demand for illegal marijuana will be changed with the new legalization.
What will happen to existing supply avenues?
Will legalization significantly change demand? How?
Would one expect prices to change significantly? How?
What would be the costs and benefits to governments, both in changes in enforcement requirements and in potential tax revenue?
Suppose that tax and aggregate expenditur income for an economy. Illustrate what is the change in taxes cause by an increase in government spending.
car industry sales of big ticket items in particular the autos declined strongly during the current recession and the
Write down a formula that describes the marginal product of labor in the short run as a function of the amount of labor used.
The distinction between safety and health is based on the distinction between _______. Employers can defend themselves from responsibility for a workplace accident by claiming that _______. The requirement of truthful labeling is an instance of the m..
Discussion surface area and volume play a role in marketing products, such as advantages and disadvantages. Give specific examples and include related information when appropriate, such as surface area, lateral area, cross section, etc.
Suppose the hotel in the lecture example raised its price from $30 to $30.50. With the new price, the hotel expects 96 guests to arrive 5% of the time, 97 guests 10% of the time, 98 guests 20% of the time, 99 guests 30% of the time, 100 guests 25% of..
Compare and contrast the principles of the institutionalist school to neoclassicism. What tenets of neoclassicism do you think institutionalist economists would reject? Defend your selection.
If the actual price level exceeds the expected price level reflected in long-term contracts, real GDP equals __________ and the actual price levels equals _________ in the short run. List three factors that can change the economy’s potential output. ..
Explain why this phenomenon may be a good thing, using the laws of supply and demand to explain your answer.
It is obvious that US fiscal policy makers cannot manage balancing the budget every year, As an alternative, Balancing the budget over the business cycle requires
Calculate the coefficient of price elasticity (midpoints approach) for Goldsboro's supply.
Cousin Edgar is always thinking of the next business idea. This time, he plans to invest in buying two gas stations. He reckons American consumers have come to accept the high gasoline prices, and estimates world prices for gasoline to increase even ..
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