Enter question here...1.Suggest how an economist would approach the problem of a
ID: 1183435 • Letter: E
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Enter question here...1.Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis.. 2.Analyze how prescription drugs affect the demand and supply of other products and services in this country.. 3.Formulate a reason why the elasticity of demand is an important consideration when analyzing the impact of a shift in supply and why the elasticity of supply is an important consideration when analyzing the impact of a shift in demand. Include at least one (1) example in each scenario.. 4.Provide two (2) examples of increasing-cost industries in your state and propose why they would have a positively sloped supply curve.. 5.Suggest how, under certain conditions, a perfectly competitive market is economically efficient.. 6.Use at least three (3) quality resources in this assignment..Explanation / Answer
It is a real case of negative externalities both in consumption and production.production of alcohol causes pollution too.The two possible solutions suggested by economists are: 1. Coase theorem. They can negotiate by themselves for compensation without any government intervention if the property rights are secured and the cost of negotiation is not high. 2. Pigouvian taxes or regulations.Drunk driving is included. an economist would increase cost through added tax and reduce availability. im not familiar with the four elements of the economic way of thinking. i use common cents when considering human rationality and tendencies, the nature of the black hole, the moon, and the Sun. a social worker would recommend AA. a psychiatrist would recommend a pharmaceutical drug
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