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Draw the PPF curves for downtown music retailers and online music retailers before and after the Internet became available.
What are the social institutions that Cuba might lack that help Canada to achieve allocative efficiency?
Make a graph that illustrates the farm's PPF. Is the farm more efficient with the new technology than it was with the old one? Why?
Distinguish between production and allocative efficiency. Why many production possibilities achieve production efficiency but only one allocative efficiency.
Calculate Tessa's opportunity cost of producing a cap. Who has a comparative advantage in producing caps?
Who now has a comparative advantage in producing jackets? Would Sue and Tessa still be willing to trade 1 jacket for 15 caps? Explain your answer.
What is meant by the term neoclassical counterrevolution? What are its principal arguments, and how valid do you think they are? Explain your answer?
Explain the effects of the income and substitution effect of an increase in the price of good. What is overall effect, and give an example of a Giffen good.
Identify three of the most environmentally negative impacts of the Industrial Revolution and justify your choices.
Determine the effect on equilibrium price of the introduction of specific tax of value t=8. Is the tax over shifted? Justify your answer.
Explain three possible feelings or thoughts that a person who has been subjected to violent crime may have?
Apple Inc. decides to make iTunes freely available in unlimited quantities. Does Apple's decision change the incentives that people face?
The night before an economics test, you decide to go to the movies. Did you face a tradeoff? What was the opportunity cost of your evening at the movies?
Sponsors spent $27.6 billion on hotels and facilities hoping to turn Sochi into a year-round tourist magnet.
How does the creation of a successful movie influence what, how, and for whom goods and services are produced?
What might be an incentive for you to take a class in summer school? List some of benefits and costs involved in your decision. Would your choice be rational?
What is the leading economic news story? With which of the big economic questions does it deal and what tradeoffs does it discuss or imply?
Discuss whether you favor a larger or smaller role of government in the economy. Refer to concepts found in the reading to support your opinion.
Under what circumstances might you nonetheless vote for rent control? Why would your enthusiasm for rent control wane over time?
If the supply of rental apartments is more elastic in the long run, explain why a ceiling on rents would reduce the total surplus.
What type of good (private, public, common resource, produced by a natural monopoly) is this newer type of television and music provision?
Also calculate the marginal cost per dozen pizzas using the information on variable cost. What is the relationship between these sets of numbers?
What is the connection between crime and unequal access to basic services? Least four connecting factors.
What type of good (private, public, common resource, produced by a natural monopoly) is a broadcast television or broadcast radio signal? Explain.
How do they make it profItable if they cannot charge the recipient of the signal?