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Class, Hurricane Katrina's effect on the Gulf Coast was tragic for that area and for the entire United States of America. Many lives were lost and the true cost to society of the loss of human lives is immeasurable. The cost to the economy, however, is more easily estimated; even though the effects have resounded in the months, and years, that followed. Which side of the aggregate United States' economy did Hurricane Katrina affect more, the supply side or the demand side? Give specific examples. You may do online research for this particular question. Please elaborate on how we still feel the effects today. Also, please compare and contrast this event with the effects of other major disasters, both human-made and natural, for example the recent tsunami in Japan.
Suppose that in the Akerlof example, there are only eight cars ranging in quality from 1/4 to 2 ( there is no complete lemon). Hence, the mean quality level is 1.25. Determine whether the market disappears completely, and if not, how many cars wil..
How many minutes will the average consumer spends travelling to another ATM machine and what is the resulting non-pecuniary price of an ATM transaction?
The following link should take you to an article by Krugman that appeared in The New York Times on September 6. 2009. He contrasts the stark differences between the salt water and fresh water camps of macroeconomists. What does he find to be the k..
Explain what short-run impact immigration is likely to have on natives' wages and employment when immigrants are a) substitutes to natives and b) complements to natives. Explain also the so-called immigration surplus for the short-run case.
Are there any current subsidy or welfare issues that are being duscussed or addressed in parliament?
Why do public goods demonstrate the limitations of a free market economy. they allow consumers to make all of the economic decisions or else.
A firm faces a perfectly elastic demand for its output at a price of $6 per unit of output and each hour of labor produces five units of output. For L number of workers hired each hour and w hourly wage rate, the firm faces an upward- sloped labor..
Value management (VM) is the application of value methodologies with the purpose of improving organizational effectiveness. Value management is made up of five subprocesses: sensemaking, ideation, elaboration, choice
The government is considering increasing the tax on gasoline by $3 per gallon and has asked you to determine the impact on Janet's consumer surplus. Janet spends 5% of her income on gasoline and her utility function is Cobb-Douglas.
Draw the production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today.
What is meant when a monopoly firm is described as a price maker? How is a price maker different from a price taker? Is a monopoly ever a price taker?
Industry studies often suggest that firms may have long-run average cost curves that show some output range over which there are economies of scale and a wide range of output over which long-run average cost is constant.
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