ECO320 Tutorial#1.docx - ECO320 Tutorial #1 1. Besides...

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ECO320 Tutorial #11.Besides efficiency, what other policy values should matter to making law and applying it?
c.Fairness: should fairness matter or not?
2.Using economic analysis, what is the most optimal way to change a law? Majority vote?Or court decisions by judges?
3.With the coming legalization of marijuana in July 2018, should the smoking of marijuanabe regulated the same way as cigarettes? How could the government apply cost benefitanalysis what are the issues?
4.In the farmer rancher problem, we assumed that transaction costs were zero.Transaction costs would be, for example, the cost of hiring a lawyer to go to court to suethe rancher if the rancher ignored the rule requiring the rancher to pay the farmer
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Chapter 6 / Exercise 16
Microeconomics: Private and Public Choice
Gwartney/Stroup/Sobel/Macpherson
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damages caused by the cattle to the wheat. What if the transaction costs exceed thecompensation won at court? What would the farmer do?

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Economics, Ronald Coase, transaction costs
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Microeconomics: Private and Public Choice
The document you are viewing contains questions related to this textbook.
Chapter 6 / Exercise 16
Microeconomics: Private and Public Choice
Gwartney/Stroup/Sobel/Macpherson
Expert Verified

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