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Water is incredibly inexpensive and yet is vital to life itself. Without a sufficient supply of clean water, people, animals, crops, and forests would be devastated. Sadly, the supply of water is not easy to control or influence, and in many areas of the country, drought conditions may exist for many years. Use the following websites to learn more about drought and the hardships it creates. Then apply your new knowledge to our discussion of supply and demand. Please respond to all of the following prompts:
•Using the supply-and-demand model, explain what would happen to the supply curve during a drought. Also explain the affect on the price of water as illustrated by the graph. •We know the supply curve for water is not easily changed, (That is, it's not easy to make rain!) so let us assume a "fixed" supply (In other words, the supply curve is vertical at a given point in time). We also know during times of drought, people are encouraged to conserve water usage. Graphically, what does conservation "look like" on our supply and demand graph? What happens to price? What are the implications for the success of conservation measures and policies?
Look at some of the news reports on the current election campaigns. State a claim made by a candidate that is an example of the fallacy of false cause. How do economists attempt to avoid this problem
Toward Effective Risk Regulations (1993) examines goverment's role in controlling and managing the health risks society faces from exposure to environmental pollution. One major problem examined in the book is cleanup of hazardous waste sites.
During the Great Depression, Tobin"s q A) rose dramatically, as did real interest rates.fell to unprecedentedly low levels.
You can either take a bus or drive your car to work. A bus pass costs $5 per week, whereas driving your car to work costs $60 weekly. You spend half an hour less on a one-way trip in your car than on a bus. How would you prefer to travel to work if y..
Suppose someone tells you that, over time, free trade is helping capitalists and harming workers. What fact would you cite to challenge this statement?
Yesterday you were consuming 4 eggs and 2 strips of bacon. Today you are consuming 3 eggs and 3 strips of bacon. If you have the same taste what might have caused this change Are you better or worse off
Who has the absolute advantage in catching fish? What is Friday’s opportunity cost of gathering one coconut?
The demand function for a cola-type soft drink in general is Q = 20-2P, where Q stands for quantity and P stands for price.
Jim previously earned $70,000 per year, but he now pays himself $25,000 per year while he is building the new business. what is the economic cost of the time he contributes to the new business.
During March 2001 and March 2002, measured RGDP in the economy actually increased by about 2.5 percent, even though total employment in terms of hours worked declined through 1.8 percent and the unemployment rate increased sharply from 4.3 percent to..
What is the labor force participation rate and what was the labor force participation rate in 2008 - How is unemployment measured and reported?
Due to the presence of dimishing returns to capital, doubling the amount of physical capital available for one worker to use will:
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