Write an outline and a paper on an economics topic from chapters 7 and 8 in the Heyne text.

Look at the discussion questions at the end of chapters 7 and 8 in the Heyne text for ideas on papers to write.

You will write an outline that organizes your paper and includes an introduction and a conclusion. This is a separate deliverable and is intended to assist students in writing outlines and organization.

The papers should demonstrate your understanding of the economic issues and should follow a format similar to:
• Introduction
• Background
• The pros to your concept
• The opposing points of view
• Conclusion

The papers should follow APA and have properly cited references. (if you have any questions on this please see the information in “course information” and then feel free to ask)
CHPATER 7
PROFIT and LOSS

The text argues that if an activity is known to be profitable, more people will go into that activity and the profits will disappear. Does that apply to the selling of cocaine?
(a) The costs of selling cocaine include the risk of being arrested and imprisoned. Why is a ten year sentence not twice as strong a deterrent as a five year sentence? Why does one chance in five of being imprisoned for ten years translate into less than two years’ imprisonment? Is a cocaine seller likely to use high or a low discount rate in deciding on the subjective cost of possible imprisonment? Why is the treat of imprisonment more effective in deterring some people than others?
(b) Another cost of selling Is the risk of being killed by competitors. This cost will be much lower for some people than others. Characterize a person foe whom this cost will be relatively low.
(c) For whom is the selling of cocaine profitable?

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