Discussion Post
I). i. Increases in productivity due to changes in technological capacity
ii. Assume tobacco is a normal good; Incomes of New Englanders increase
iii. Tobacco prices fell dramatically in the early 1600s in spite of demand increases
II) The U.S. terminated its role in the slave trade in the early 1800s. What is the best assessment of what would have happened had the U.S. not ended the slave trade?
III) What would be the impact of a virus that infected the Midwestern corn crop?
IV) Describe the impact of the cotton gin.
V) For the following scenarios; A) Tell us if this activity produces any externalities,
B) Is the externality positive, negative, or both.
i. an iron smelting factory emits sulfur dioxide into the air
ii. the owner of a steamboat company dredges a river in order to improve navigation
iii. a group of investors starts a business specializing in transporting goods via clipper ship
iv. flatboat operators purchase steamboat tickets in order to return to their homes upstream.
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.