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Q1. Suppose that Abel builds a factory next to Baker's farm, and air pollution from the factory harms Baker's crops. Is Baker's property right to the land being violated? Is an externality present? What if the pollution invades Baker's home and harms her health? Are her property rights violated? Is an externality present? Explain.
Q2. Sally and Joe recently graduated from college, mutually majoring in history. Joe took an impressive job as a legal clerk. Sally obtains a job as a specialist in fighting forest fires. Equally receive an additional training to both of them before entering into their jobs. Among both of them who will likely earn a higher salary and why?
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
Determine the cost to the government of buying firms unsold units
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Define Mercantilism, Pick a country and talk about the products they import and export with the U.S.A. Also talk about the composition of trade with relation of abundance of the two countries
Explain the role culture may play in influencing entrepreneurship both at the individual and social level. Define culture in your response.
Similarities in the definitions of management quoted from authors of management textbooks
The Australian government administers two programs that affect the market for cigarettes
Describe the difference between Economic contraction and Economic expansion
The Coca-Cola Company has 40% of the cola market. Determine the probability that a sample proportion
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
A local community voting to raise property taxes to increase school expenditures
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