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Question: Invariance. With zero transaction costs, the farmer fences the cornfield rather than the rancher fencing the ranch-regardless of the rule of law. Notice that in this example, the use of the fields for cattle-ranching and corn growing is the same, regardless of the initial assignment of property rights. This version of the Coase Theorem is called the invariance version (because the use of resources is invariant to the assignment of property rights). This version turns out to be a special case. The more general case is one in which the resource allocation will be efficient (but not necessarily identical), regardless of the assignment of property rights. There will be a Pareto-efficient allocation of goods and services, but it may be different from the Pareto-efficient allocation that would have resulted from assigning that same entitlement to someone else.
To illustrate, assume that farmers like to eat more corn and less beef, whereas ranchers like to eat more beef and less corn. Assume that farmers and ranchers own their own land, that transaction costs are zero, and that fence is costly relative to their incomes. The change from "ranchers' rights" to "farmers' rights" will increase the income of farmers and decrease the income of ranchers. Consequently, the demand for corn will increase, and the demand for beef will decrease. Greater demand for corn requires the planting and fencing of more cornfields. Thus, the change in law causes the building of more fences. Remember the distinction between "price effects" and "income effects" in demand theory? Can you use these concepts to explain this example?
Should you have done anything differently? If so, what? Could the evaluation of clinical performance by you and Nurse Martin have been done in a manner.
Bech owned a building in which Cuevas resided as a tenant at will.- The law of that state required 30-day notice to evict a tenant at will. Must Cuevas vacate the premises? Explain.
Compare the arguments for and against the use of biometric technologies in tracking down criminals to arguments we examined for and against computerized.
part onecome up with a goal determine constraints and formulate a reasonable investment policy statement.part twoselect
identify and then describe the remedies that should be available. Explain which you would recommend to be the best remedy for both parties
Mary, the manager of an apartment complex, feels overwhelmed by the number of complaints she is receiving. Below is the check sheet she has kept for last 12 weeks. Develop a Pareto chart using this information. What recommendation would you make?
What is the difference between job security and union security? How do unions attempt to enhance union security?
You are a member of a healthcare company that offers a variety of services designed to provide an integrated approach to lifelong well-being.
Consider the scenario and assume that you are the race director for a new race in Scotland.
Should Congress also pass laws to regulate other institutions such as schools, churches, synagogues, and mosques, in the same way that Sarbanes-Oxley regulates corporations? Why or why not?
Discuss the option of using a service such as www.groupon.com or www.sweetjack.com. Is this a good strategy for your restaurant? Why or why not?
In a research paper, evaluate the key role budgets play in the strategic planning process. Be sure to address the following: Examine the budget as an effective management tool. Explain how you would formulate the budget as a best practice used to uph..
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