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An interesting application of supply and demand to addictive substances compares alternative techniques for supply restriction. For this problem, assume that the demand for addictive substances is inelastic.
a. One approach (used today for heroin and cocaine and for alcohol during Prohibition) is to reduce supply at the nation's borders. Show how this raises price and increases the total income of the suppliers in the drug industry.
b. An alternative approach (followed today for tobacco and alcohol) is to tax the goods heavily. Using the tax apparatus developed in Chapter 4, show how this reduces the total income of the suppliers in the drug industry.
c. Comment on the difference between the two approaches.
A university spent $1.8 million to install solar panels atop a parking garage. These panels will have a capacity of 500 kw, have a life expectancy of 20 years and suppose the discount rate is 10%.How big of a grant would make this project worthwhile.
If an alternative has an advance payment of $100,000 upon contract award and then quarterly payments of $25,000 for the next 3 years, what would the cash flow diagram look like
Let X denote the number of rainy days on the coming weekend. Suppose that there is a 20% chance of rain on Saturday and 50% chance of rain on Sunday. Assume that rain on Saturday and rain on Sunday are independent events, so that Prob(rain on Satu..
marginal airlines runs 10 flights per day at a total cost of $50,000, including $35,000 in fixed costs for airport fees and the reservation system and $15,000 for flight crews and food services. If an 11th flight would have 20 passengers, each pay..
Why do you think macroeconomists focus on just a few key statistics when trying to understand the health and trajectory of an economy? Would it be better to try to make examine all possible data?
Examine and interpret information trends over the most recent 3-year period to evaluate the economy and Canada's current economic status.
A cash manager purchases $1 million in commercial paper with one month remaining until maturity. At maturity, the cash manager will receive the face value of the security. What will he pay for this security
What is the overall significance of the regression? Which test do you use? And why?
1-Concisely explain the economic role of brokers, dealers, investment bankers and the role of the New York Stock Exchange specialist 2-If a bond dealer bought a $100,000 municipal bond at 92% of par and sold it at 96% of par
The small city of Le Locle has been served by the same local newspaper for the last 30 years called the Le Locle Tribune. The Tribune is written in a fairly conservative style yet, the demographic of the city is comprised of avid readers of a broa..
Suppose that 3 countries who form a cartel agreed to divide the oil market equally. Demand for oil is given by P=50-.1Q where P is the price of oil in dollars per barrel and Q is the Quantity in thousands of barrels per day.
Calculate the total revenues for each price-quantity demanded combination (for example, if one were sold at $5, the total revenue would be $5). What happens to total revenue as price goes down in the elastic portion of the schedule
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