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Discuss why the number of children that a family has may differ in an Industrial Society and a Third World Agrarian Society.
The Supply and Demand for ChildrenIn Chapter 1, I distinguished between an economic force and a market force. Economic forces are operative in all aspects of our lives; market forces are economic forces that are allowed to be expressed through a market. My examples in this chapter are of market forces - of goods sold n a market - but supply and demand also can be used to analyze situations in which economic, but not market, forces operate. An economist who is adept at this is Gary Becker of the University of Chicago. He has applied supply and demand analysis to a wide range of issues, even the supply and demand for children.Becker doesn't argue that children should be bought and sold. But he does argue that economic considerations play a large role in people's decisions on how many children to have. In farming communities, children can be productive early in life; by age six or seven, they can work on a farm. In an advanced industrial community, children provide pleasure but generally don't contribute productively to family income. Even getting them to help around the house can be difficult.Becker argues that since the price of having children is lower for a farming society than for an industrial society, farming societies will have more children per family. Quantity of children demanded will be larger. And that's what we find. Developing countries that rely primarily on farming often have three, four, or more children per family. Industrial societies average fewer than two children per family.
Assume the market for natural gas can be explained by, Where P is the price of natural gas per million BTU, Q(D) is the quantity demanded and Q(S) is the quantity supplied of million BTUs of natural gas a day.
Suppose you are starting your own Internet business. You make a decision to form a company that will sell cookbooks online. You estimate that the yearly cost of this business will be given as follows:
Describe how market structure affects market performance and conduct. Recognize three types of government regulation that aid to enhance market performance
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Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
For Profit Labs, Inc. (FPL) is a private laboratory that does only routine blood count. With total assets of $8 million last year, FPL took in $3 million in revenue and had expenses of $2 million. The average firms in other industries make a retur..
Suppose that the euro zone is the home "country" and the US is the foreign country, which means that exchange rate, which has the dimensions of local currency per unit of foreign currency, is in units of euros per dollar.
Describe the difference between a monopoly and an oligopoly, and a cartel and provide an example of the monopoly, an oligopoly, and a cartel and write down the welfare effects of monopolies and oligopolies.
Assume you are a stock market analyst specializing in the stocks of theme parks, and you are analyzing Disneyland's stocks. The Wall Street Journal reports that tourism has slowed down in the US.
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
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