Estimates that where the elasticity of demand can be

Assignment Help Macroeconomics
Reference no: EM13192273

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.

Reference no: EM13192273

Questions Cloud

Find the values defined by the standard deviation : Suppose the scores of 500 college freshmen taking Physics 101 are normally distributed. The mean score is 60 out of 100, and the standard deviation is 10. Find the values defined by the standard deviation that is 3 standard deviations away from th..
Life-cycle relationships among entities : Dynamic business model we also represent the life-cycle relationships among these entities, showing which entity is responsible for which life cycle activity.
Define a solution of calcium ions contains : A solution of calcium ions contains 5 meq/650. cm3 of calcium ion. How many moles of calcium ion does this solution contain?
What is the oldest age shared by two actors to win an award : What is the oldest age shared by two actors to win an award?
Estimates that where the elasticity of demand can be : 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.
What is the difference between the oldest and the youngest : The stem-and-leaf plots compare the ages of 30 actors and actresses at the time they won an award.
Define mole of copper sulfate pentahydrate : (0.0250 moles)(5 moles of the H20 / 1 mole of copper sulfate pentahydrate)(18.01 g/mol of H2O) = 2.25 grams, on top, in order to achieve the real molarity of CuSO4 when in solution?
Find the height and the length of the base : The base of a triangle is 6 cm greater than the height. The area is 56 cm^2. Find the height and the length of the base.
Compute the ph at each points in the titration : Calculate the pH at each of the following points in the titration of 50.0 mL of a 0.65 M B(aq) with 0.65 M HCl(aq} (a) before addition of any HCl

Reviews

Write a Review

 

Macroeconomics Questions & Answers

  What is the effect on the unemployment rate?

Using a long-run Phillips curve, what is the effect on the unemployment rate if the inflation rate rises and people expect the rise.

  Discusses a government policy on goods or services

Select an article in a newspaper or magazine that discusses a government policy on goods or services.

  How much electricity will be produced

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

Illustrate average monthly rent for a three-bedroom apartment in Miami. Qd is measured in units of 1,000 square feet per month.

  Impact of change from federal income tax to federal

The impact of changing from a federal income tax to a federal consumption tax would be:

  Illness which has caused three capable observable things

This exercise is an illness which has caused three capable observable things to happen. What are they?

  Find the level of equilibrium gdp

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

Explain why do people who work at investment banks earn so much. What is the justification for capital requirements imposed by bank regulators.

  Shortcomings of monopoly pricing strategy

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

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

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

Elucidate the elasticity of demand given the price and income combination.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd