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1. Before the Civil War, the South graded with the North and with England. It sold cotton and bought manufactured goods and food. During the war, one of Lincoln's first actions was to blockade the ports, which prevented this trade. The South had to increase its production of munitions and food.
In what did the South have a comparative advantage?
Did the Civil War change any opportunity costs in the South? Did the opportunity cost of everything rise? Or did items cost less?
2. The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct,
How will a successful campaign that decreases the supply of drugs influence the price of drugs and the amount spent on them?
What will happen to the amount of crime?
Illustrate what is the most effective process of decreasing the quantity of drugs consumed and decreasing the amount of drug-related crime?
Illustrate what effect does the income tax have on consumption and labor supply? Explain your results in terms of income and substitution effects thoroughly.
Suppose the market for wheat is perfectly competitive. Fed up with low prices, a wheat grower in Texas decides he won't take his output to market and, instead, dumps all his wheat into the Red River. What happens to the market price of wheat?
Illustrate what is the elasticity of demand if you raise the price of your airline's tickets by 6% also the number of tickets sold decreases.
Air transport for businesspeople and tourists
Using production theory, explain illustrate what will take place to the capital- labor ratio in both the short-run also the long run.
Assume that the marketplace for engagement rings is in equilibrium.
its marginal costs are below total average costs. If it creates an additional watch where its average total costs rise -fall or stay the same.
What happens to total revenue if the price of sugar rises from $3 to $7 per kilogram.
Now illustrate what is the price elasticity of demand. Illustrate what is the cross-price elasticity of demand.
Illustrate what sets the 1st generation marginal lists apart from their second generation marginal list
Evaluate the influences of intellectual predictors of the following economic theorists: Adam Smith, David Ricardo, also Karl Marx.
Why might price collusion occur in oligopolistic companies. Evaluate the economic desirability of collusive pricing.
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