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In community A, there is a single beekeeper and a single garden. The bees obtain nectar from the garden but provide no relevant pollination services. The bees, however, are a nuisance to the owner of the garden. The garden owner brings a lawsuit against the beekeeper and the judge provides the following opinion. “The garden was there before the beekeeper arrived and the bees are clearly a nuisance. The court hereby orders the beekeeper to cease operations.” Graphically show and define the economic issue being experienced by the beekeeper and the gardener. What economic principle is the judge employing in her opinion? Be sure to provide a complete discussion of this principle.
In community B, there are many garden owners and a single beekeeper. The garden owners bring a lawsuit against the beekeeper and the judge issues the opinion that the beekeeper must pay damages based on the number of bees he/she owns (basically a tax on bees). Why in this case would the opinion differ than in community A? What principle is the judge relying on in this case?
what his students remembered fron introductory macroeconomics about the creation of money. He reported that few students were confident enough or remenbered enough to reply correctly to his question.
Explain how each of the following developments would affect the supply of money, the demand for money, and the interest rate. For each case, show what happens in a closed economy and in a small open economy.
Which good is likely to have more elastic demand: soda or new cars? Explain your answer, also assume that all brands of each good experience a price change.
Calculate how the hurricane affects the income of each worker and of each remaining orchard owner. What happens to the income of Ectenia as a whole?
On Friday nights, patients arrive at the emergency room at Mercy Hospital following a Poisson distribution at an average rate of seven per hour. Assume that an emergency-room physician can treat an average of three patients per hour and that the trea..
The demand for good X is given by QXd = 6,000 - (1/2)PX - PY + 9PZ + (1/10)M Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000. Determ..
The Acmeville Metropolitan Bus Service currently charges $0.67 for an all-day ticket, and is used by an average of 513 riders a day. The bus company is not earning a profit, but according to their contract with the city, they cannot cut the number of..
About one out of every ten dollars of federal government spending goes toward interest on the national debt. Over one out of every three dollars of federal tax revenue comes from social insurance receipts. The most important source of local tax reven..
To make the financial markets safer, the Canadian government proposes tightening the rules for making a loan. Such rules require higher borrower creditworthiness and shorter pay-back periods. Analyze this proposal in a supply and demand for loan able..
Define the five types of “production effects” of economic growth in a country and the five types of “consumption effects” of the economic growth. Then define the types of possible “overall” or “net” effects of the country’s growth on the relative imp..
Many factors affect the supply and demand of carbonated sodas. Draw and accurately label a graph that shows a decrease in the supply of sodas to the market, you must accurately label the graph. What are the two most significant unintended economic co..
(a) Recommend some U.S. fiscal policy change in business taxes or government spending that would reduce the U.S. government’s budget deficit and also help improve the U.S. economy? Explain. (b) Would reducing the federal budget deficit also reduce th..
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