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Consider one of the many dilemmas faced by the U.S. Food and Drug Administration. Which ethical theories would support this decision?
To what extent is government aimed at the common good? Can individuals be trusted to act on the behalf of society? Comment in a paragraph or two.
What do you think are the strongest determinants of an individual's environmental ethic?
Would you hunt and kill one of these turtles for $20? For $10,000? At what price would you draw the line? What does this say about your environmental ethics?
What criteria do you most often use when faced with an ethical dilemma? Which of the theories described in this chapter is the closest to your personal theory?
Explain the econometric method of forecasting and describe process from specifying the econometric equation to having the final results of forecasted variables
List and explain the possible variations in the time series data. How are they different from each other?
Explain the nature and purpose of economic forecasting and how significant it is in the context of managerial economics.
Describe the process of demand estimation by the regression method from the beginning to the end and specify what it need to be a reliable method of estimation.
What is the significance of demand estimation? Discuss how it is important to the theory and to managers and their business strategies.
If this consumer is willing to pay $96.00 a piece, how many units would he or she buy? How would these scenarios be depicted on a graph?
If the government imposes a price floor of $1.20 on this commodity, what would happen to the quantities demanded and supplied?
If a price ceiling of $6.00 is imposed and the demand rises to QD = 150 - 20P, what would be the consequences in the market?
Compare the weak axiom of revealed preference with the strong axiom of revealed preference.
List as many factors as you can that would cause shift in demand and supply separately. How would demand of wide-screen TVs and the supply of tobacco affected?
What is the dynamically efficient allocation in each period if the total quantity is 60 and the discount rate is zero? Illustrate your answers with graphs.
From your own experience, provide two or three reasons why more people do not adopt these seemingly negative-cost items.
Draw a monopoly graph and indicate the level of a price ceiling that would decrease the quantity of output to a level below the monopoly level of output.
What do you see as the greatest specific cost and benefit of globalization?
Does this make sense from an economic standpoint? Using a graph, illustrate the effect of this burn on the quantity of tusks supplied illegally by poachers.
What incentives do they have to prioritize environmental interests? Are these incentives appropriate? If not, how could the incentive structure be changed?
Globalization may permit firms to shop across countries to find low environmental standards. Explain the remedy you favor for this practice.
Describe a weakness of the CVM method. What makes this method attractive despite potential flaws?
How would you decide which species to provide with boarding passes? Be specific. Your method does not need to be one of those described in this chapter.
What is the CVM valuation of the white-crowned pigeon? What components of value would this estimate omit?