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Although written in 1968, “The Tragedy of the Commons,” by Garrett Hardin applies to many of the economic, political, and social struggles we are experiencing today like the debates about health care reform, deficit spending and the debt, tax reform, immigration, etc. In a short essay, explain what Hardin means by the following quotes. • “It is one of the peculiarities of the warfare between reform and the status quo that it is thoughtlessly governed by a double standard.” • “Freedom is the recognition of necessity.” In particular, what is the “double standard” and what implication does this have on the political economy and how does Hardin interpret the word “freedom” and what is its implication on the political economy?
Show what would in the market for unskilled labor if Congress were to raise the federal minimum wage to $9.00 per hour. The value of the Syrian pound has dropped
The Berwyn Company is considering the addition of a new product to its product line. The firm has plenty of excess manufacturing capacity to produce the new product, and its total fixed costs would be unaffected if the new product were added to its l..
Where, q is the quantity demanded at price p when the person’s income is I. Assume initially that the person’s income is $40,000. Show your work/ calculations. At what price will demand fall to zero? At a price of $10, what is the price elasticity of..
Research shows that much more money is spent on medical care for the elderly today than 50 years ago. What is the likely reason? Do today’s elderly tend to be sicker and more likely to be disabled than in prior years?
Explain why is the supply of physicians a major cause of concern. What is the quintity of aprtments demaneded, and what is the quanitity of apartments supplied.
Travelers driving through Gotham City can use a freeway or the Cross Town Toll way to get through the city. The toll way charges $1.00 per car during the morning rush hour (6-9 AM) and the afternoon rush hour (4-7 PM), and the toll is $0.40 per car a..
A $1000 face value bond has a 6.85 percent semi-annual coupon and sells dor $980.00. What is the current yield? A 7 percent coupon bond has a face value of $1000 and pays interest annually. The current yield is 6.8 percent. What is the current price ..
q1. cuties farm produces and sells milk. the market is perfectly competitive. the market price of milk is 2.50 per
Choose two real-world companies in different industries, one that you feel faces elastic demand and one that you feel faces inelastic demand. In each case, you are an economist working in the company and you have come to a conclusion of what kind of ..
Illustrate what effect might economic and socioeconomic forces within that nation have on product's potential.
Using demand and supply analyst briefly discuss the effect of each of the following on the market for cigarettes: a cure for lung cancer is found b). The price of cigars increases. c.) Wages increase substantially in states that grow tobacco. d.) A f..
Why do you think so many state and local governments are greatly concerned about the Federal government’s allegedly lax enforcement of the immigration laws and congressional proposals to grant legal status (amnesty) to the 12 million illegal immigran..
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