July 26, 2013
What’s to Love about Economics?
1. Law enforcement agencies seek for lawbreakers to create problems in which they are fined for crimes they have committed. They want this to happen in order to create fines for these criminals in order for the agencies to make a certain amount of revenue from the fines that the lawbreakers pay as a consequence of their actions. Some laws that law enforcement agencies set up in order to create this type of revenue off of lawbreakers include speeding tickets. The action of speeding can cause more good than harm because of the amount of revenue that speeding tickets can produce, compared to the amount of speeding related automobile accidents that people who speed cause. The consequence of getting a speeding ticket is a much more efficient consequence than consequence of someone who has committed a murder and pays no fine but instead pays by way of being incarcerated in a prison for an allotted amount of time. One law that I believe should have a higher fine consequence than a consequence of incarceration would be the act of burglary. I believe that the consequence of this act should be to pay twice the amount in fines off what the person attempted to steal, as well as also spending time in prison.
2. I believe that it is common for the marginal costs to increase and the marginal benefits to decrease. The marginal benefit for the first practice of the day for a swim team would be getting to learn new skills. The marginal benefit of the second practice of the day would be working on improving the skills learned in the previous practice. The marginal cost of the third practice of the day for the swim team would be finally being able to master the skills they learned in the beginning of the day. However, for each practice there would also be marginal costs. For the first practice it would probably have to be getting up early in the morning and sacrificing sleep. The second...
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