Foundations of Economics, Student Value Edition (8th Edition)
Foundations of Economics, Student Value Edition (8th Edition)
8th Edition
ISBN: 9780134489230
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 1, Problem 6SPPA
To determine

To explain:

The incentives that would have changed, if, to hire an actor Mr. C, a double pay is paid who was offered a part in another movie, and the way the changed incentives had affected the choices of the people.

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Please see question bellow and 1st answer. Please help with the 2nd part of the question. What kind of incentives would help with the problem? The black rhino is one of the most endangered species on the planet. In southern Africa in 1970 there were 65,000 Black Rhinos. Now there are only 2,500. Basic economics tells us why they are in trouble and what we can try to do about it. Why do people kill the black rhino? Because they can make a lot of money relative to the risk of getting caught - just like drug trafficking and lying on your taxes. In Asian communities the horn is viewed as an aphrodisiac and a powerful pain reliever. In Yemen sabers are made from them. As a result one horn can fetch $30K on the black market. The average yearly income in southern Africa is $1,000 and falling. The black rhino is worth more dead than alive. This is a market that does not correct itself. Another piece of this, that is common to many environmental challenges, is that most black rhinos are…
Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20 for both him and his friend. Jeremy would also like to get a new shirt. The shirt would cost him $25. If Jeremy decides to buy the shirt, what would be his opportunity cost?      $25 The satisfaction of taking his friend to a movie $20 The popcorn at the movie
Question 17: For economists, human behaviors influence the choices people make to fulfill their needs, wants or desires.   A True B False
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