A decrease in the price of GPS systems will result in:
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Which of the following is a common-resource good?
Economic Discussion Question: write at least two or three paragraphs to explain the below issue (from "The Economic of Public Issues") ch.22- Student Loans: The inflation-corrected price of cars has gone up over the time. But cars purchased today are quite different rather than those purchased thirty years ago. In particular, today's cars are much safer to drive because they have multiple airbags and more crash-resistant engineering. Additionally, they have sophisticated GPS systems. Consequently, if we correct our price statistics relating to automobiles to include the value of improvements in quality, the implied inflation-corrected price has not gon up as much as we think. Can the same argument applyâ to the inflation-corrected increase in the price of a college education? why or why not?
