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Popular software can cost thousands of dollars even though the marginal cost of producing another copy on CD. What kind of good are these programs?
A talented musician plays for tips on the street, but never seems to make very much money. Explain why his tip jar is never very full.
Explain why tomatoes grown in individually owned plots are so much better than tomatoes grown in the common plot.
Give an equation for the process capability index Cpk, calculate and interpret it.
People who own land over the aquifer are free to take as much as they want. What is likely to happen to water supplies in an aquifer? Is this efficient?
Even though many school zones don't have much traffic and aren't regularly. Why might this be the case even in the absence of strong government intervention?
List some possible reasons that the ban hasn't been very successful and suggest an alternative approach.
Why is it difficult for private markets to provide the optimal quantity of a public good? Why is it difficult for government to provide the optimal quantity?
What was, in your view, the worst decision made in your of?ce within the past year? Consider each of the ten cardinal decision issues to formulate your answer.
Suppose someone suggests dividing park into private lots and selling it to individuals. How might solution address the tragedy of the commons that is occurring?
Consider a proposal to privatize street lighting. Would this be feasible? Why or why not? Does street lighting suffer from a tragedy of the commons problem?
How is A&F addressing their Corporate Social Responsibility? What are they doing?
Suppose that some neighbors get together and organize a block watch group. What sort of good is community safety?
Suppose that anyone is legally allowed to enter a government-owned forest and start logging. What type of good are these forests?
Public-opinion polls in a small city have revealed that citizens want. Which of these three citizen requests could be privatized by assigning property rights?
What goals do you think motivate a payroll tax? What goals motivate an alcohol tax?
Using this fact, explain to what extent you think a tax on cigarettes would fulfill each of the goals of taxation.
Which would you expect to be less efficient, a flat tax on all income or a property tax (charged based on the assessed value of real estate)?
A local government is considering ways to raise taxes to pay for making. Explain why, despite its apparent fairness, this tax is likely very inefficient.
Explain what assumptions they must be making in order to justify their different positions, in terms of price and quantity effects.
Explain the first three (3) steps involved in the process of investigation of a feasible product.
With reference to the price and quantity effects, why all else equal, taxing several goods at a modest rate is better than taxing one good at a very high rate.
What is the expected selling price of the property? Interpret your result.
Now, suppose that food and children's clothing are exempted from the sales tax. Is this likely to make the tax more or less regressive?
Drawing on the idea of economic incidence and administrative cost, explain why this tax may not benefit consumers after all.