What duties do you owe to the people closest to you, such as family, friends, and neighbors? What duties do you owe to people in general, any time and any place?

Dear Expert,

the course is BUS 3305: BUSINESS LAW AND ETHICS

UNIT 3: Tort Law

Learning Journal Unit 3

Please provide references

2. Wind turbines generate energy, but they also make noise that disturbs and even affects the health of people living within a mile of a turbine. Currently the amount of noise generated is determined by how many kilowatts the windmill generates. Two policies have been proposed to address this situation:

(i) A pigouvian tax on each kilowatt generated by a windmill, to be paid by windmill owners.

(ii) A tradable permit program, in which windmill owners are given permits allowing them to generate a certain number decibel-hours of noise, where “decibel hour” output is determined by multiplying the number of hours the windmill operates by the average number of decibels of noise it makes while operating. Windmill owners may buy and sell these permits.

T          F          a. The noise generated by the wind turbines is an example of a negative

externality.

T          F          b. Any policy that reduced the amount of noise generated by the windmills would

improve social welfare, although some policies would improve it more than others.

T          F          c. From the point of view of social efficiency, an advantage of the pigouvian tax

policy is that it would generate revenue for the government.

T          F          d. Both the pigouvian tax policy and the permit program would raise the price of

energy generated by the windmills.

T          F          e. Both the tradable permit program and the Pigouvian tax policy would

incentivize the discovery of technologies for reducing the noise generated by

windmills.

) 3. Currently, the term of copyright in the US is the creator’s life plus 70 years. Suppose that the term of copyright was shortened to ten years after the date of creation of the copyrighted work. List one social cost and one social benefit of this policy.

if your company sells expensive, high quality kitchen appliances, do you think the average college student will fit ideal customer profile?

A farmer has discovered that on his farm, he can get 30 bushels of corn per acre if he applies no fertilizer. When he applies N pounds of fertilizer to an acre of land, the marginal product of fertilizer is 1−N/200 bushels of corn per pound of fertilizer.

(a) If the price of corn is $3 a bushel and the price of fertilizer is $p per pound (where p < 3), how many pounds of fertilizer should be use per acre in order to maximize profits?

(b) Write down a function that states the farmer’s yield per acre as a function of the amount of fertilizer he uses and explain why it is representative of the yield per acre.

(c) The farmer’s neighbor, Johan has better land than him, as a matter of fact, for any amount of fertilizer that was applied, he gets exactly twice as such corn per acre with the same amount of fertilizer. How much fertilizer will Johan use per acre when the price of corn $3 a bushel and the price of fertilizer is $p per pound.

Economists are unique in how they think about, analyze and solve problems. Gwartney, Stroup and Sobel outline eight principles of economic reasoning to help understand how economists approach policy issues. Using the social, political and economic issues surround COVID-19, discuss how the pandemic applies to or demonstrates at least three of the principles listed below. Be specific in your explanation and provide sufficient detail to show both your understanding of each principle included and its connection. a. Incentives matter. b. Resources are scarce and opportunity costs exist. c. Economics agents attempt to maximize or minimize when making choices. d. Economic agents make decisions at the margin. e. Information is costly. f. Economic actions often generate externalities. g. Value is subjective. h. The best test of any theory is its ability to predict

How do crypto-currencies work and why are governments so desperate to get control of them? (Choose just one or two crypto-currencies to study. Don’t try to deal with them all. there are too many!) write 1200 words based on academically acceptable reference sources.

How does the Federal Reserve manipulate the interest rate? Describe the process step by step. List out your steps 1. 2. 3. Etc…

Discuss the dangers of inflation; that is, why may it hurt an economy?

If the government wants to follow an active stabilization policy when the economy is experiencing an excessively high rate of inflation then the government should increase the money supply and decrease taxes.           

Select one:

True

False

If the Fed conducts open-market purchases, the money supply increases, interest rates decrease and aggregate demand shifts to the left.

Select one:

True

False

According to supply-side economists, a reduction in the tax rate provides an incentive for people to work more and the increased work effort causes production to increase.

Select one:

True

False

If the Fed targets the interest rate, then it must buy bonds and increase the money supply if the actual interest rate is below its target interest rate.

Select one:

True

False

Open market operations by the Fed are automatic stabilizers because the FOMC automatically responds to inflationary pressures in the economy by decreasing the money supply.

Select one:

True

False

Assume that the MPC is 0.8. Assume that the total crowding-out effect is $25 billion. How will an increase in government purchases of $9 billion shift the AD curve?

Monopoly is the least competitive of the market structures. Patents are a major source contributing to the development of monopolies; explain why that might be a good thing. In general, what makes this market structure "bad" from a public policy perspective (the key is how price relates to marginal cost)? What does it mean to say that a monopolist is a "price maker" and explain the process a monopolist goes through to maximize profits.