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Suppose an environmental impact study shows that the coral reef near Port Douglas, Australia, can sustain 20 scuba diving tours per week. Discuss the pros and cons of setting a quota of 20 dive tours per week.
Microeconomics, Economics
Market equilibrium. Demand : QD = 20 - 3P Supply: QS = -8 +2P Draw the demand and supply curves on one graph and solve for the equilibrium price and quantity
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Use the cost-benefit framework along with the relevant concepts (e.g. benefits, costs, net-benefit, opportunity cost) to explain following questions 1. Why would someone who makes a high salary and who enjoys their job g ...
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