Q1. If a monopolist has an own-price demand elasticity of -.8, is it maximizing profits? Explain
Q2. What are some examples of behavior that at one time wire victimless crimes that are no longer criminal? What are some examples of behavior that were not victimless crimes that now are crimes?
Q3. Assume that the full-employment level of output is $5000 billion and the natural unemployment rate is 5%. Assume the current unemployment rate is 8%. What would be the current level of output according to Okun's law (when the Okun's law coefficient is 2)?