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1. What's the main difference between New Institutional Economics and Old Institutional Economics?

2. Illustrate the Malthusian model and describe where the Malthusian trap is. Give an ex of a way to escape the Malthusian trap.

3. Suppose there are 3 people: Mike, Josh, and Chris. They start at point A, which gives a payoff of {2,3,1}. Should they move to point B (payoff of {6,4,2}) or point C, which gives {3,3,4}.
(a) Answer as a Rawlsian.
(b) Answer as an Utilitarian.

5. What do you think will be the effect in Colorado and Washington of legalizing the sale and consumption of marijuana on the equilibrium price and quantity?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946418

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