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Suppose that most people will not speed if the expected ne is greater than $200. Given current police practices, the probability of being caught speeding is 20%.a. How high must the actual ne for speeding (what you have to pay if you get a ticket) be to deter mostpeople from speeding?b. Suppose the Lexington mayor caps the amount police can ne speeding motorists at $500. The police vow to step up enforcement in order to cintinue to deter speeding. How high must the probability of being caught speeding be in order to deter most people from speeding?
Many people believe that Congress will eventually have to reduce Social Security benefits in order to reduce the budget deficit. Although most of the changes would not take place until later, assume for the purpose of this problem that Social Securit..
Is income inequality as it exists in the United States at presentbeneficial to the market? Why or why not?
Find (algebraically) the points where the MC function intercepts the AVC and the ATC functions. (Hint: at one interception point MC = AVC and at the other MC = ATC)
Peterson has just completed his study from college and is now a junior member of the staff of a United State senator. He has been asked to draft a statement detailing the senator's position on the economic growth implications of immigration
What is the difference between the real exchange rate and the nominal exchange rate? If the nominal exchange rate goes from 120 to 160 pesos per dollar, what has happened to the value of a dollar
Illustrate is the point cross elasticity among steel and aluminum. Are steel and aluminum substitutes or complements
question 1 consider the following function for the social welfare losswhere y denotes output y the target level of
The two firms could successfully collude over the monopoly output and hence share the monopoly profit using trigger strategies.
Explain how do you calculate the free market wage rate given the labor supply and demand functions.
The following quotations are from an article in the Financial Times on November 9, 2007:
One of the questions in a survey of high school students asked about lying to teachers. The following table gives the number of students who said that they lied to a teacher at least once during the past year, classified by gender. Lied at least o..
Illustrate what other economic factors are affected when taxes are raised or lowered, and how are they affected.
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