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Please answer the following question from Miller, Benjamin and North 13th Edition (page 39, number 2) During Prohibition, some speakeasy operators paid bribes to ensure that the police did not raid them. Would you expect that the quality of the liquor served in such speakeasies to be higher or lower than in those that did not pay bribes? Would you expect to find differences (for example, with regard to income levels) among the customers patronizing the two types of speakeasies? (Minimum 150 words)
Suppose that there are two markets, given by the following demand curves, q1(p1) and q2(p2); and a monopolist with cost function c(q1, q2). Solve for the first-order conditions to characterize the optimal solution when the monopolist serves both mark..
The windfall price increase of an imported good that results when a quota is imposed on that good accrues to:
Hospital is an example of a service processes that has
Explicate how these projected deficits will affect the US Stock and bonds. Could you explicate briefly this question thank you.
A nation will generally be able to consume less when it trades because of lost jobs to outsourcing. The consumption possibilities curve generally crosses the production possibilities curve. A nation that decides to specialize and trade is no longer l..
Fisher's utility function for trout (T) and salmon (S) is given by U = ST, where the MUT = S and MUs = T. Which set of consumption bundles lies on the same indifference curve?
To get you started concentrate on two distinct chapters in the Schiller textbook. See chapter 4 for an analysis of the problems of individual markets. See chapter 10 for an analysis of problems in the aggregation of markets. Identify and summarize th..
Indicate whether each of the following is counted in this year’s GDP: You bought a new Wii at GameStop last year and resold it on eBay this year. You purchase an “Investing for Dummies” book at Barnes and Noble. Your physical therapist receives $300 ..
How does the philosophy of economist Milton Friedman influence the employees, executives/managers of the company and corporate decision? Discuss Ford or Lee Iacocca moral responsibilities to stakeholders and to the safety of customers. What ethical f..
The short-run production function for a firm in the business of calculator assembly is given by q= 2√L where “q” is finished calculator output and “l” represents hours of labor input. Find the profit-maximizing level of labor. What is the short-run s..
The Truck Stop is a repair facility specializing in the maintenance and repair of diesel engines just outside of Carlisle, Pennsylvania--one of the largest trucking hubs in the U.S. Mechanic and staff salary expenses are estimated on an hourly basis,..
Because real investment by foreigners expands a country’s capital stock and hence presumably its output and income, why should any country consider restricting foreign investment?
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