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According to freakonomics based on chapter 3 answer the questions below.
1. Explain how did the invention of crack cocaine transform the urban street gang?
2. As per the data cited in this chapter, civil rights laws and a shift in the attitudes in the United States regarding race helped to improve the status of black society. How did crack cocaine alter that progress?
3. Based on the examples in this chapter, what does the invention of better and cheaper production methods do to the price and sales of a good or service?
Compute the resulting utility if the population were on million higher and one million lower than the optimum.
Which of these methods of encouraging growth would you suggest for the typical company in Hong Kong also Singapore
If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable.
The electric power industry is held up in the article as an example of a natural monopoly. Brainstorm other examples that can be readily identified in the present market economy.
Illustrate what is an opportunity cost. Elucidate how does the idea relate to the definition of economics.
Illustrate what are the levels of income every worker and consumption per worker.
Illustrate the marginal revenue curve that corresponds to positive marginal revenue. Line segments will automatically connect the points.
Elucidate an example of a microeconomic and macroeconomic phenomenon. Would you give an example of a microeconomic decision you have made at home or work.
If total mortality among children remains constant whereas the incidence of that mortality shifted from late childhood to untimely rates of fertility declined.
Indicate whether there will be economies of scale, diseconomies of scale, or constant returns to scale if the facilities are built optimally.
Find out the ash equilibrium outcomes to this game. Illustrate which of the equilibrium outcomes is most reasonable.
If the demand for gold residue high explain what would happen to the price in excess of time.
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