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If the elasticity of crime with respect to the number of police is estimated to be -0.5 and the number of police fell by 5% and annual expenditures on police are equal to $60 billion and the cost of crime to victims is estimated to $400 billion then decreasing the police by 5% was
1. unwise; the additional crime is estimated to cost society $20 billion while the cost savings from decreasing the size of the police force was only $1.5 billion
2. unwise; the additional crime is estimated to cost society $18 billion while the cost savings from decreasing the size of the police force was only $3 billion
3. unwise; the additional crime is estimated to cost society $10 billion while the cost savings from decreasing the size of the police force was only $3 billion
4. wise; the additional crime is estimated to cost society $3 billion while the cost savings from decreasing the size of the police force was $18 billion
Explain why the short-run aggregate supply curve is not vertical, but the long-run aggregate supply curve is vertical.
looking for examples on a contestable market? how would this affectnbspa firms pricing strategy or advertising
According to the life-cycle / permanent-income hypothesis, consumption depends on the present discounted value of income. An increase in the real interest rate will make future income worth less, thereby reducing the present discounted value and r..
you start an insurance company as your first entrepreneurial venture after graduation. your main product line is
Refer to the above data. If the product price is $55 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
Explain how international trade restrictions hurt the American consumer. Provide an example to support your argument.
identify at least five (5) fixed costs and five (5) variable costs OF the NFL (National Football League). If the business or economy slows down, discuss how the industry can control its costs based on the ten (10) costs you identified.
if contract promises were not excused because of acts of war would the clearing and settlements clients of bank of new
pollution is considered by most a negative externality. some economists would like to see the costs of these burdens
cyberelectronics produces three products cyberdesktops cyberlaptops and cybercameras which sells to two types of
1. Bill Gates argue that world poverty as we know it can be ended by 2020. What myths has the work of his foundation debunked and can what he has learned work here at home?
Consider a game in which there are two players, A and B. Player A moves first and chooses either Up or Down. If A chooses Up the game is over, and each player gets a payoff of 2. If A moves Down then B gets a turn and chooses among Left and Right. If..
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