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In some states, the criminal who commits a particular crime with a gun will receive a much longer sentence than the criminal who commits the exact same crime (for example, a mugging, a convenience store robbery, or a car theft) using some other weapon like a knife or a baseball bat. These laws obviously increase the cost of preventing crime, because longer sentences for criminals are more costly to society. Offer one reason why increasing the punishment associated with the same crime committed in a different way would lower the social cost of crime.
The market demand function for corn is Qd = 15 - 2P and the market supply function is Qs = 5P - 6, both measured in billions of bushels per year. Suppose the government wants to raise the price to $4 per bushel. Describe both graphically and algebrai..
A fixed resource is one that?
Assuming that prices are set competitively (i.e. set equal to MC of producing services), show in a supply-demand graph how we could measure the “efficiency loss” (or deadweight loss) associated with health care over-consumption
Suppose that pizza is a normal good. Suppose further that all pizza workers earn the minimum wage. What would happen to the equilibrium price and quantity of pizzas sold if income rises at the same time that the minimum wage rises? Explain.
Assume that the labor demand equation for a fictional country is Ld = 30 – 1w, where w is the wage per hour worked. Assume also that the labor supply equation for that country is Ls = 0.5(w).
Explain how shortages/surpluses are eliminated in a free market system. You can use graphs and specific examples in your analysis. Graphs don’t count towards the word limit. Explain the difference between scarcity and shortage.
Currently in the US there is a demographic trend that has caused dramatic increases in the number of students attending universities. The children of Baby Boomers have grown up and are ready for college.
q.a machine has a first cost of 100000 in todays dollars and a salvage value of 40000 in current dollars at the end of
Discuss envisions of an Information System that could support improve patient health outcomes? Which firms or industries might benefit and gain a competitive advantage from this?
- To liaise with stakeholders and suppliers to source the expertise that can deliver the digital prototype(s) which should be in a format that can be directly integrated with existing social media - To integrate external partner sites and collabo..
Elucidate what other evidence could a manager look for to infer whether a market is in equilibrium. What are possible causes of the shortage.
Economists assume that consumers attempt to maximize their utility based upon their preferences, income and price of commodities. Do you see any weakness of the above are you aware of any example of irrational behavior by consumers (or yourself)?
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