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Assume that a strong tradition of no damages for a party who "comes to the nuisance" exists in your jurisdiction. Also, time has been turned back so that neither the factory nor the housing development presently exist; the developmental conditions of the area are not yet really ripe for such activities. Will the "comes to the nuisance" rule affect the pace and pattern of development? Is there anything objectionable about the behavior potentially motivated by a "comes to the nuisance" rule? [Hint: The rule in question sets up a "race" for valuable legal rights. Is this race costless? Might society arguably be "better off" if the rights were allocated in some other way? When is it worth paying the costs of having the race?]
Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of gasoline. They estimated that in mass production the car would cost $40,000 per unit to build. The engineers argued that Con..
In 1986, the US congress enacted a rule that required railroads to disclose all their contractual terms with grain shippers. The result was that railroad shipping rates fell for routes where there was substantial competition with barges, but railroad..
Suppose that we have a standard real intertemporal model with investment with two twists. First, the effect of the real interest rate r on current consumption C is assumed to be zero. Graphically derive the aggregate output demand curve Yd under thes..
In 2010, 60% of the population in the U.S. was of working age. In 2025, 56% of the U.S. population is expected to be of working age. Calculate the effect of this change in demographics on the annual growth rate of the GDP per capita if the GDP per wo..
Illustrate what was the growth rate of nominal GDP between 1996 also 1997. Why do economists use real GDP per capita to measure the economic progress.
Describe the social and economic repercussion of the following inventions: the typewriter, the jet airplane, television, penicillin. Which do you think is greater in each case - the social or the economic impact?
A firm produces canned food by teams of workers that use machines in the production process. The technology is summarized by the production function q = 2000*K*L, where q is the number of produced food cans per week, K is the number of machines, and ..
You observe a fellow nurse undressing an elderly woman and restraining her hands. The woman has been crying and yelling out for much of the night and is obviously confused. She leaves the woman naked on a stripped bed and walks out of the room, closi..
Walt considers x and y to be perfect substitutes. They originally cost $10 and $9 respectively. His income is $720. One day the price of x drops to $8.
Suppose a relative has promised to give you $1,000 as a wedding gift the day you get engaged. Assuming a constant interest rate of 6%, consider the present and future values of this gift, depending on when you become engaged. The present value of the..
Firms often face the problem of allocating an input in fixed supply among different products. Find the optimal crude oil allocation for the following example if the profit associated with square foot of fiber is cut to $0.375, What is gasoline margin..
A likely example of complementary goods for most people would be. A rightward shift of a supply curve is called a(n)
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