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An interesting application of supply and demand to addictive substances compares alternative techniques for supply restriction. For this problem, assume that the demand for addictive substances is inelastic.
a. One approach (used today for heroin and cocaine and for alcohol during Prohibition) is to reduce supply at the nation's borders. Show how this raises price and increases the total income of the suppliers in the drug industry.
b. An alternative approach (followed today for tobacco and alcohol) is to tax the goods heavily. Using the tax apparatus developed in Chapter 4, show how this reduces the total income of the suppliers in the drug industry.
c. Comment on the difference between the two approaches.
A construction company has purchased a crate that comes with a 3-year warranty. Repair costs are expected to average $3500 per year beginning in year 4 when the warranty expires. Determine the present worth of the crane's repair costs over its 15-..
If this individual thinks about the fact that he may be unemployed in any time period, how much should he save every (good) time period in order to have the maximum average or expected utility over time?
What will the following variables change? How do they change?
use the table below to answer the following questions please show all
Domino Sugar Is considering the purchase of Fisher Honey Co. for $100 million. Based on information obtained from 500 supermarkets around the country, when 1 lb. of Domino Sugar went o sale from $2.00 to $1.50,
Suppose that in Canada the government places a $1,500 tax on the buyers of new snowmobiles. After the purchase of a new snowmobile, a buyer must pay the government $1,500. How would the imposition of the tax on buyers be illustrated.
What is each orchard's labor demand as a function of the daily wage W? What is the market's labor demand?b. Ectenia has 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit..
A random variable X is defined to be the larger of the two values when two dice are thrown, or the value if the values are the same. Find the probability distribution for X.
A study by Hewitt Associates showed that 79% of companies offer employees flexible scheduling. Suppose a researcher believes that in accounting firms this figure is lower. The researcher randomly selects 415 accounting firms and determines that..
Knockoff Inc. produces what it regards as a low-quality digital camera. However, because the market is so new, reputations for quality have not yet developed, and consumers cannot tell the quality difference between an Ajax digital and a Knockoff ..
How does a minimum wage imposed under monopsony differ in results as compared with a minimum wage imposed under perfect competition? (Assume the minimum wage is above the market-determined wage.)
Office building maintenance plans call for the stripping, waxing, and buffing of ceramic floor tiles. This work is contracted out to maintenance firms, and both technology and labor requirements are very basic.
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