EBK MICROECONOMICS
2nd Edition
ISBN: 9780134458496
Author: List
Publisher: VST
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Question
Chapter 2, Problem 4P
To determine
The study of gun ownership indicates stricter gun laws.
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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.
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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.
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