View the step-by-step solution to: 1. Government is known to utilize a product's elasticity measures

1. Government is known to utilize a product's elasticity measures to set taxes and subsidies. Should they use this information to set policy on tobacco products? What about gasoline projects? Research the government's tax policy in these areas and any objectives of the tax policy.


2. If you take away $1 from a rich person and give it to a poor person, the rich person loses less utility than the poor person gains. Agree or disagree. Defend your answer with economic principles and the reasons why.


3.Should businesses profit from war? Defend your answer with economic principles and the reasons why.

4. Many airline routes worldwide are served by only one airline (a monopoly). Within the U.S., these are often from a small or mid-sized city to a major carrier hub and frequently operated by a regional carrier under contract to the larger airline.
1. Will these monopolies typically earn economic profits?
2. Why do not other airlines enter these monopoly routes?
3. Is price discrimination likely? If so, what type (1st, 2nd, or 3rd degree)? Will price discrimination increase profts?


5. Considering companies operate in their own self interest, should cartels be legal? Defend your position using economic principles. Are there economic policies available to break a cartel? If so, what are they?

6.Should the United States pass a minimum wage that assures all workers earn a wage above the poverty level? Defend your position using economic principles.

7.Should an athlete, having no formal education or no apparent skills training, earn $1 million plus annually for sweating? Defend your position using economic principles.
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