Suggest How An Economist Would Approach The Problem Of...

1. Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis. a. An economist may use statistics and mathematical predictions to determine those who have the highest rate hit of turning to alcoholism and provide these individuals with prevention treatment whilst monitoring them. This would prevent accumulating costs later. b. Economists may suggest Piglovian taxes or regulations which include regulations on drunk driving The four elements are the following: Economists use assumptions to simplify They isolate variables that may be causing the problem They think in terms of profit and loss and lowest margin factors. They realize that rational people respond to incentives 2. Analyze how prescription drugs affect the demand and supply of other products and services in this country. Prescription drugs are related to over the counter drugs. With increase of prescription drugs, demand for OC drugs falls. The reverse is the case too: reduction in demand for prescription drugs will cause rise in OC drugs. On the other hand, with increase in prescription drugs, there may be too increase in OC drugs and other related products (such as vitamins and food items to essay pain and bitter taste). Demand in OC drugs too may occur since prescription drugs may be costly for some. 3. Formulate a reason why the elasticity of demand isShow MoreRelatedEco 100 Assignment 1833 Words   |  4 PagesEconomics Strayer University ECON 100 March 12th 2012 Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis It is a real case of negative externalities both in consumption and production. production of alcohol causes pollution too. The two possible solutions suggested by economists are: Coase theorem-They can negotiate by themselves for compensationRead MoreShould Drugs Be Legalized? Essay1203 Words   |  5 Pageslowered prices and abundant supply – both of which would be the natural outcomes of legalization of drugs, would significantly increase drug use among the young. He also considers cocaine and heroin abuse as a direct victimization of other unsuspecting people who may be recruited as drug users. Milton Friedman, one of the most famous economists in the world, looks at the issue of legalization of drugs through the lens of morality. His arguments suggest that he favors legalization, especially since heRead MoreAn Economists Approach to Alcohol Abuse1324 Words   |  5 Pagesï » ¿Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis. It is a genuine case of negative externalities both in production and consumption. Alcohol production also causes pollution of the environment especially due to the large CO2 emissions produced by factories and some of the byproducts. Two possible solutions to these problems proposed by economistsRead Moreliterature review- should marijuana be legalised?1457 Words   |  6 Pagesquestion in the debate relating to the legalization of marijuana is whether consumption would rise and by how much. Many people are concerned that if the drug became legal it would become more accessible, affordable, and acceptable in society, making an increase in consumption a big possibility. Rand, a drug policy research centre, conducted a study that supports this argument. â€Å"Results from these studies suggest that regular use of marijuana will Increase both in prevalence and in terms of averageRead MoreMarijuana Should be Legalized for Medical and Recreational Use1742 Words   |  7 Pagescame across medical marijuana while trying to research JJ’s problems and after discussing it with his doctors decided to give it a try. She took him off all his medications and put the marijuana in a muffin in amounts prescribed and monitored by the doctor. JJ’s behavior issues declined almost immediately. He is polite, eager to learn and interacts well with teachers and students at school. Now he talks through his questions and problems instead of acting out due to frustration. Marijuana has beenRead MoreDecriminalization of Drugs3014 Words   |  13 Pagesmany liberals would whole-heartedly suggest that we legalize all controlled substances for recreational use, but that is a pipe dream reserved for a utopian society in a novel. Therefore I suggest a similar yet more conservative approach to this problem: the decrim inalization of drugs. Instead of legalizing, which involves taxation and regulation of controlled substances; decriminalization simply removes the association of criminal activity with illegal drugs. In short, an individual would not be placedRead MoreDrug Dependency And Drug Related Crime6861 Words   |  28 Pagesbeen made in favor of legalizing some less harmful drugs, such as marijuana, as a means of addressing this crisis. Legalization makes economic sense as it would save a net $14 billion/year in saved or redirected enforcement costs and taxes on the product which can be used toward treatment/reform programs and prevention. At the same time, it would keep more people out of jail for simple possession and more able to compete for greater than minimum wage jobs so they can continue to be more productiveRead MoreAmerica s War On Drugs3748 Words   |  15 Pagesworldwide, drug cartels are richer and more powerful, and the drug related violence is at its peak. Drugs today are m uch cheaper and more potent than back they have been for years. One would think to make some changes to the current drug policies but none have been made. There currently is not any study that shows how good or bad we are doing. Central American countries are now affected by drug smugglers and their violence carrying cartels due to the policies of the United States. According to JohnsonRead MoreThe Social Impact of Drug Abuse24406 Words   |  98 PagesNum ber 2 THE SOCIAL IMPACT OF DRUG ABUSE This study was originally prepared by UNDCP as a position paper for the World Summit for Social Development (Copenhagen, 6-12 March 1995) Contents Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Chapter Part one: background I. The drug problem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 A. B. C. D. E. TheRead MoreQuestions On Opportunity Cost And The Margin And Give An Example Of How They Are Used By Economists2725 Words   |  11 Pages1. Define the terms ‘opportunity cost’ and ‘the margin’ and give an example of how they are used by economists to set priorities. Opportunity cost is the cost of choosing one option, or using a resource in one way, over another. The missed benefit may be in resources (such as a gardener choosing to grow pumpkins or cucumbers), in dollars (the price of buying meal A versus meal B), in life years saved (such as a patient being given one treatment over another), or other characteristics difficult to