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1st question :
Modern medicine has made organ transplants a common occurrence, yet the number of organs that people want far exceeds the available supply. According to CNN, ten people die each day because of a lack of transplantable organs like kidneys and livers. Some economists have recommended that an organ market be established through which doctors and others could pay people for the right to use their organs when they die. The law currently forbids the sale of organs.
What do you think of such a proposal? What kind of incentives would an organ market provide for people to allow others to use their organs? What would happen to the supply of organs if, instead of relying on donated kidneys, livers, and retinas, doctors and hospitals could bid for them? What drawbacks would a free market in organs have? Have you made arrangements to leave your organs to your local organ bank? Would you do so if you could receive $50,000 for them? 2nd Question: As women's wages and employment opportunities have expanded over the past 50 years, Americans have purchased more and more labor-saving home appliances like automatic washers and dryers, dishwashers, and microwave ovens. Do you think these phenomena are related? Could higher wages and better job opportunities lead to a more capital-intensive way of performing household chores? Explain.
The accompanying table illustrates the marginal benefit to Sian per year of education and the marginal cost per year of education. Each year of education has a marginal external benefit to society equal to $8,000.
Compare the performance of the two bonds in the two scenarios, one involving an increase in rates, the other a decrease. Based on the comparative investment performance, explain the attraction of convexity.
some company uses capital and labor to produce gizmos. the marginal product of capital is 600, and the marginal rate of technical substitution of labor for capital is 1/4. Calculate the marginal product of labor.
you earn $30,000 annal income and you are risk averse. every year there is a 10% chance that you will loose $30,000 due to burglary and 90% chance that will loose nothing. Identify the maximum amount you will pay for insurance that completely cove..
Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For Iowa the opportunity cost of producing 1 bushel of wheat is 3 bushels of corn. For Nebraska the opportunity cost of prod..
Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets Is it ..
the Marginal product of labor (measured in units of output) for a firm is:MPN = A(100 - N) Where A measures productivity and N is the number of labor hours used in production. The price of output is $2.00 per unit. if A = 1, what will demand for labo..
Why is independence important in the central bank business? Should a central bank be independent? Define independence of a central bank according to the authors of the textbook.
A business magazine is available for $58 for 1 year, $108 for 2 years, $153 for 3 years, or $230 for 5 years. Assume you will read the magazine for at least the next 5 years. For what interest rates do you prefer each payment plan
Suppose that they have decided to accept a custom-style order that has sufficient volume to exceed break-even and have already set up for production. The customer now indicates that they are only willing to pay $31.99 per pair of shoes.
X and Y are two random variables. The average value of X is 40,000 and X has a standard deviation of 12,000. The average value of Y is 45,000 and the standard deviation of Y is 18,000. The correlation between X and Y is 0.80.
In the short run a firms total cost of producing the hundreth unit of output equals $10,000. If it produces one more unit its total costs will be $10,150. whats the marginal and average total cost of the 101st unit and whats the average total of 1..
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