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suppose that you are an intern for a state legislature that is considering how to vote on a bill that would legalize marijuana. An economist has testified that legalization would decrease the price of marijuana by 80% in his estimation. Because of uncertainty how legalization would impact people's decision to consume marijuana, the economist estimates that the elasticity of demand can be anywhere between -0.06 and -0.6. Write a short explanation for the state legislator starting how legalization impact on marijuana use would vary depending on the elasticity of demand.
Using a long-run Phillips curve, what is the effect on the unemployment rate if the inflation rate rises and people expect the rise.
Select an article in a newspaper or magazine that discusses a government policy on goods or services.
Consider the market for electricity. Suppose demand (in megawatt hours) is given by Q=50-p and that the marginal private cost of generating electricity is $10 per megawatt hour (p is the same units). Suppose further that smoke is generated in the ..
Illustrate average monthly rent for a three-bedroom apartment in Miami. Qd is measured in units of 1,000 square feet per month.
The impact of changing from a federal income tax to a federal consumption tax would be:
This exercise is an illness which has caused three capable observable things to happen. What are they?
Assume you also have the following additional macroeconomic information of Bush Garden economy in the context of Keynesian Expenditure model.
Explain why do people who work at investment banks earn so much. What is the justification for capital requirements imposed by bank regulators.
Earlier this year the Federal Government USA approved the merger between Sirius and XM satellite radio companies. What, if any, shortcomings arise from a monopoly pricing strategy (efficiency and consumer surplus)?
Describe why some workers are more likely than others to be laid off or have a harder time finding another satisfactory job.
Elucidate assumption concerning economies of scale will give rise to a determinant and optimal scale of the firm in Long run equilibrium in perfect competetion.
Elucidate the elasticity of demand given the price and income combination.
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