test on little of chp 4, all of 5 and 6, section
7.1 and 7.2
Aggregate Production Function
y= A x F(K,H)
A= efficiency of how they use resources, including technology
new GDP per capita-old GDP per capita/ old
How have we as a society sought to reduce smoking?
Taxes on producers that raise price by decreasing supply- only one that doesnt change demand
-movement along demand curve (not a change in demand)
Information on Risks
-decreases demand (shift curve) by c
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Cecil the lion: trophy hunting is good for the economy
-Can allowing trophy hunting increase the population of lions?
Consider the INCENTIVES
-if you live in village with livestock, you hate lions and supp