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Economists can measure this kind of as an expected cost. The expected cost of engaging in an illegal activity equals the cost you pay if you are caught time the probability that you will be caught. For example, suppose 10,000,000 people share music files and the RIAA randomly sues 10 of these people. If you share music files, your probability of being sued is 1 in 1,000,000. Suppose that if you are sued, you will pay a $10,000 fine. In this case, your expected cost of sharing files is $10,000 times the probability of being sued, of $10,000 times (1 divided by 1,000,000), which equals $0.01.
Now suppose that the number of RIAA lawsuits increase to 10,000. what is the new expected cost of peer-to-peer file sharing?
In the market for foreign-currency exchange in the open-economy macroeconomic model, which of the following does the amount of net capital outflow represent?
The direct and excess burdens from an excise tax are greater the less elastic is demand in the market. Real national income can never exceed its potential level.
Describe Wheatley theories and perspectives of leadership and organization. How do Wheatley's ideas support the new business realities?
Which characteristic would best be associated with pure competition and is a reason why economists suggest pure competition makes society better off?
You are a manager for monopolistically competitive firm. From experience, the profits maximizing level of output of your firm is 100 units. However, it is expected that prices of other close substitutes will fall in the near future. how should you ad..
You promise to cut tax rates, increase transfers and government purchases, reduce the governments budget deficit and reduce the governments debt as a fraction of the gdp. If elected, is it possible for you to keep all of your campaign promises.
What policy rule do monetarists believe the Fed should follow? What are the major assumptions underlying this policy prescription? What average annual inflation rate would a monetarist expect if the Fed maintained a growth rate of M2 = 10% per year f..
Suppose that the Bank of Canada unexpectedly decreases the money supply. What will happen to unemployment in the short run? What will happen to unemployment in the long run?
A flat tax plan allows individuals to deduct a standard allowance of $10,000 from their wages. Assume that the flat tax rate is 12%. Calculate the amount of income tax and the average tax rate if you were earning.
Other things being equal, woudl this tend to increase planned expenditure in the United States by exactly, more than, or less than $50,000? Would it shift the aggregate demand curve to the right, the left or not at all? Explain in detail.
Suppose you have two goods, ice cream and macaroni(an inferior good to most people). show graphically what would happens when the price of the ice cream decreases and income increases.
Johnny Rotten consumes two commodities, namely garbage and vinyl records. He keeps the garbage in the backyard where it is eaten by goats and vermin. The reason he accepts the garbage is that people pay him $2 per sack for taking it.
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