Principles Of Microeconomics - What goods and services would

Principles Of Microeconomics

1. What goods and services would you include in an estimate of the basic necessities for a family of four?

2. If a family of three earned $20,000, would they be able to make ends meet given the official poverty threshold?

3.How do you think the problem of moral hazard might have affected the safety of sports such as football and boxing when safety regulations started requiring that players wear more padding?

4.A website offers a place for people to buy and sell emeralds, but information about emeralds can be quite imperfect. The website then enacts a rule that all sellers in the market must pay for two independent examinations of their emerald, which are available to the customer for inspection.

5. How would you expect this improved information to affect demand for emeralds on this website?

6. How would you expect this improved information to affect the quantity of high-quality emeralds sold on the website?

7.  Is Diffusion needed for a product to be successful? Explain.