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1- Suppose anyone could park in the driveway of your home so it would often happen that you could not get into your garage with our car. How would this "open access" to your driveway impact the value of your home? If there was open access to all driveways in your city, what would be the impact on the construction of new homes in your city?
2. How would you go about analyzing the benefits and costs of outlawing drugs such as heroin? Bee specific about what you would include as a benefit and what you would consider are the costs involved.
3. The U.S. Department of Agriculture publishes nutritional guidelines, and the Affordable Care Act mandates calorie counts on menus. Yet the federal government also subsidizes the production off foods that end up causing Americans to violate those guidelines and consume calories that contribute to the national obesity epidemic. How do you explain this seeming inconsistency? (Hint: Who benefits from agricultural subsidies and how might they react to decreases in such subsidies?)
4. The United States currently has an "opt-in" system for organ donations from the deceased. People must explicitly choose postmortem donation ahead of time (as when they obtain their driver's licenses). Many other nations have "opt-out" systems: A desire to donate postmortem is presumed to exist unless an individual explicitly chooses ahead of time not to permit donation. How, if at all, would a shift to an opt-out system in the U.S. likely change the supply of cadaveric (postmortem) donations.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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