California ’s Proposition 184: Three Strikes and You ’re Out Last year in California voters approved a controversial ballot initiative. Proposition 184‚ also known as the three strikes and you ’re out law‚ was passed on November 9‚ 1994. Under this new legislation repeat offenders‚ upon committing their third felony offense‚ will be sentenced to a mandatory twenty-five years to life in prison(California 667). The initiative passed by a landslide‚ with 76% of the voters in favor of it. The
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The Cause and Effect of Oil Price Hike to the Price of Commodities that Affect the Firms and Consumers Introduction Oil is very important as it one of major sources of energy. With oil there is fuel that is made to run or vehicles‚ buses‚ airplanes‚ to run machineries and plants and to heat hour homes. We have this unlimited need for oil but like any other natural resources‚ it is limited. One day in the future it is possible that we’ll run out of oil. So as ordinary consumers we just accept
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2005 New York City transit strike The 2005 New York City transit strike was a strike in New York City called by the Transport Workers Union Local 100 (TWU). Negotiations for a new contract with the Metropolitan Transportation Authority (MTA) broke down over retirement‚ pension‚ and wage increases. The strike began at 3:00 a.m. EST on December 20‚ 2005. Most New York City Transit Authority personnel observed the strike‚ effectively halting all service on the subway and buses. Millions of commuters
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Relationships of Changes in Price‚ Price Elasticity and Total Revenue 1. By definition‚ total revenue (TR) is obtained by multiplying quantity demanded of a product (Qx) by price (Px)‚ that is‚ TR = Qx Px. (1) In class‚ by taking the derivative of the above total revenue equation with respect to price (dTR/dPx)‚ we obtain the following general functional relation: dTR/dPx = Qx (1 + Ep) (2). In Equation (2)‚ Ep represents the price elasticity of demand. Since
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When Children Raised Their Voices in Protest The Newsboys Strike of 1899 and Its Consequences Child labor was a major issue in our nation’s history‚ from its founding through the early decades of the twentieth century. In 1900‚ United States census records counted at least 1.75 million children who were “gainful workers‚” (that is‚ worked for pay)‚ comprising six percent of the nation’s workforce. (Many others may not have been reported.) Most child laborers worked in agriculture‚ but many
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the market power to set the price of a homogeneous product. Because the conditions for perfect competition are strict‚ there are few if any perfectly competitive markets. Still‚ buyers and sellers in some auction-type markets‚ say for commodities or some financial assets‚ may approximate the concept. Perfect competition serves as a benchmark against which to measure real-life and imperfectly competitive markets. Price Discrimination | | Most businesses charge different prices to different groups
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Price elasticity of demand In economics and business studies‚ the price elasticity of demand (PED) is an elasticity that measures the nature and degree of the relationship between changes in quantity demanded of a good and changes in its price. Introduction When the price of a good falls‚ the quantity consumers demand of the good typically rises; if it costs less‚ consumers buy more. Price elasticity of demand measures the responsiveness of a change in quantity demanded for a good or service to
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would always raise prices when facing an inelastic demand curve‚ but might or might not raise prices when facing an elastic demand curve? Explain and justify your answers in detail. Price elasticity of demand is defined as percentage change in quantity demanded divided by the percentage change in price. If the demand is elastic‚ consumer response is large relative to the change in price (e.g.‚ new car‚ airline travel). If demand is inelastic‚ consumers aren’t very responsive to price changes (e.g.‚
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A Price Theory of Multi-Sided Platforms By E. G LEN W EYL∗ Draft: October 6‚ 2009 I develop a general theory of monopoly pricing of networks. Platforms use insulating tariffs to avoid coordination failure‚ implementing any desired allocation. Profit-maximization distorts in the spirit of Spence (1975) by internalizing only network externalities to marginal users. Thus the empirical and prescriptive content of the popular Rochet and Tirole (2006) model of two-sided markets turns on the nature
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Inaccuracies of the Consumer Price Index(CPI) Aman Aggarwal Sept. 28‚ 1996 The Consumer Price Index is a measure of the prices of a fixed market basket of some 300 consumer goods and services purchased by a "typical" urban consumer. The 1982-1984 period serves as the base period so analysts can compare other year’s changes with this base period. The composition of the market basket is fixed in the base period and is assumed not to change from one period to another. The reason for the assumption
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