Parking meters may yield little or no net revenue
Explain: “Even though parking meters may yield little or no net revenue, because of the rationing function they perform nevertheless be retained”
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Even parking meters that charge, say, 25 cents an hour do perform a useful parking-spot-rationing function: the car owner must either move the car when the hour is up or rush out to feed the meter to avoid getting a ticket. It is not money or ration coupons that ration the parking space but the timing device on the meter in this case.
Adam Smith’s perception which self-interested motives underpin even charitable activities through apparently selfless people appeared originally into his primary major book that was entitled: (1) Theory of Moral Sentiments [1755]. (2) Leviathan
Explain increased global competition?
What divergences arise between equilibrium and an efficient output when spillover costs? How might government correct this divergence?
Conception of the “Invisible Hand” by Adam Smith relies on mechanisms like those as underpin: (1) William Stanley Jevons’ “sunspot” theory of business cycles. (2) the biological concept of Homeostasis. (3
Illustrates the inverse relationship between price and quantity?
Illustrate and clarify the economizing problem?
Is transfer income involved in national income? Explain Why? Answer: No, since transfer income does not effect in the production of services and goods.
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
Describe briefly Operating income approach?
Assume that you bought a ton of gold in Santiago, and Chile for $450 per ounce and immediately sold all of this in Antwerp, Belgium for $480 per ounce. Therefore economists would categorize your movement as: (i) arbitrage. (ii) scalping. (iii) screening. (iv) speculat
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