Economics
1. Please answer the following question from Miller, Benjamin and North 17th Edition (page 15, number 2):
“How could the incentives facing officials at the FDA be changed to reduce the incidence of Type II errors?
2. Please answer the following question from Miller, Benjamin and North 13th Edition (page 8, number 1):
“Under what circumstances is it appropriate to trade off human lives against dollars when making decisions about safety?”
1. Please answer the following question from Judge Posner’s Economic Analysis of Law (page 21, number 7):
“It is often said both that litigation costs too much and that there is too much of it. Under what assumptions can both propositions be true without violating
economic logic?”
2. Please answer the following question from Judge Posner’s Economic Analysis of Law (page 21, number 6):
“Explain how a buffet meal in a restaurant illustrates the concept of marginal cost.”
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