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LawEconHW1 - Law Economics Homework#1 2.2 Productive...

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Law & Economics Homework #1 2.2: Productive efficiency is making a combination of inputs and getting as much outputs for as few inputs as possible. Whereas, allocative efficiency is the distribution of goods and services in order to maximize social welfare. 2.7: False, the cost of a week of vacation is not just the money cost of plane, food, and so fourth. When going on vacation you are forgoing the opportunity cost of missing working and making money. Instead of going on vacation, you can be saving more money or going on vacation and spending your savings and possibly not having a lot of money when you return. 2.11: If the government poses a price ceiling on the market price of food that is below the equilibrium some of the consequences that locality will face is that suppliers might drop out of the market while the demand will become higher then amount supplied leaving a shortage. 2.12: 2.13: False, even if Japan had hired their employers for life it would not stop unemployment. If they hire individuals and never fire them eventually the supply gets
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