Transferable property rights on individual decision making

Assignment Help Macroeconomics
Reference no: EM1311273

1(a) Why will a person who has transferable (saleable) property rights in a business for which he is making decisions, be more influenced by the longer run effect of his decisions than if he did not have transferable property rights in the business?

(b) Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.

2. "Long ago we stated the reason for labor organizations. We said that they were organized out of the necessities of the situation; that a single employee was helpless in dealing with an employer; that he was dependent ordinarily on his daily wage for the maintenance of himself and his family; that if the employer refused to pay him the wages that he thought fair, he was nevertheless unable to leave the employer and resist arbitrary and unfair treatment; that a union was essential to give laborers opportunity to deal on an equality with their employer." This statement was made by Chief Justice Charles Hughes, of the Supreme Court of the United States in the case of United States v. Jones and Laughlin, 1937. Evaluate Chief Justice Hughes' propositions for their meaning.

3. A large lake is stocked with excellent fish, but no one owns the fish or the lake. Only by catching the fish can you acquire ownership of the fish.

(a) What do you think will be the average age of fish caught as compared to the age of fish in a privately owned lake?
(b) Which system will induce over fishing in the sense that more resources will be devoted to catching fish than the extra fish caught are worth? Why?

Reference no: EM1311273

Questions Cloud

Wage differentials and minimum wage : Evaluate the following: The laws of supply and demand cannot apply to the labor market because labor is not a commodity to be bought and sold like machines.
The pressure differences : The difference in piezometric pressure, pz,A – pz,B. Express both answers in kPa and pressure differences pA - pB.
Administrator providing the course material : Suppose it costs $25 per student for the administrators to provide the course materials.
Profit maximizing level of labor : The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
Transferable property rights on individual decision making : Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
Decision analysis-maximax criterion : By using the maximax criterion, what decision should be made by the decision maker?
Explain the current success of harrah strategy : Discuss the advantages and/or disadvantages of distributing marketable pesticide permits to each farm operating in the watershed equal to 40% of its current level of use of that pesticide, versus simply ordering each farm to reduce pesticide use t..
Determine the depth d of liquid in the tank : The level of the liquid surface in the tank can be calculated. If the pressure on the gage is 20 kPa, Determine the depth d of liquid in the tank?
Concepts of minimum wage thery and monopoly market : Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.

Reviews

Write a Review

Macroeconomics Questions & Answers

  Deadweight loss for the monopolist firm

What is the profit-maximizing price-output combination and what are the levels of the profits and consumer surplus at that point? What is Dead-weight-loss?

  Economic statements about purely competitive firms

Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..

  Short run and long run profit maximizing price

Finding the short run and long run profit maximizing price - quantity and number of firms in industry.

  Contractionary and expansionary monetary policy

What is the difference between contractionary and expansionary monetary policy?

  Prepare a project summary

Overview of the project's objectives and scope

  Explanation of social welfare under tariff

What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.

  Canadian economy

When the Bank of Canada sells the government bonds to a commercial bank, the commercial bank experiences a decline in reserves and in increase in bonds. Total assets are unchanged; this is just a portfolio switch between bonds and cash.

  Question on macroeconomics

Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.

  Human service interactions in terms of macro systems

Human service interactions in terms of macro systems-communities and organizations. Empowerment is basically a process to assist people groups, families and communities, individuals, to use their strengths to overcome their challenges.

  Impact of change in investment on gdp

Explain how a change in investment can have big impact on GDp causing nationwide slump. Recall that investment is "small' relative to the whole economy.

  Calculate the variance and standard deviation

Compute the expected value (revenue) from each project. Compute the coefficient of variation of each project, and find out which project should the company choose. Compute the variance and standard deviation of expected value from each project.

  True or false questions on monopoly and perfect competition

Perfect competition guarantees allocative efficiency. A profit-maximizing monopolist can never be allocatively efficient.

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