xBookUtils.terms['fn_5_501'] = "See International Money Fund. 2005. World Economic Outlook—2005. Washington, DC: IMF. See, in particular, Chap. 4.";
xBookUtils.terms['fn_5_502'] = "On the elasticity of demand for oil, see Cooper, John C. B. 2003. Price elasticity of demand for crude oil: Estimates for 23countries. OPEC Review27(1): 1–8. On the elasticity of demandfor Minute Maid orange juice, see Capps, Oral Jr., and H. Alan Love. 2002. Econometric considerations in the use ofelectronic scanner data to conduct consumer demand analysis. American Journal of Agricultural Economics84(3): 807–816.";
xBookUtils.terms['fn_5_503'] = "On the elasticity of demand for illegal drugs, see Cicala, Steve J. 2005. The demand for illicit drugs: A meta-analysis ofprice elasticities. Working paper, University of Chicago. On theelasticity of demand for cigarettes, see Keeler T. E., T. W. Hu, P. G. Barnett, and W. G. Manning. 1993. Taxation, regulation, and addiction: A demand function for cigarettes based ontime-series evidence. Journal of Health Economics12(1): 1–18.";
xBookUtils.terms['fn_5_504'] = "On the elasticity of supply for cocoa, see Burger, K. 1996. The European Chocolate Market and the Effects of the Proposed EU Directive. Amsterdam: Economic and Social Institute, Free University. For the elasticity of supply of coffee, see Akiyama, T., and P. Varangis. 1990. The impact of the international coffee agreement on producing countries. World Bank Economic Review4(2): 157–173.";
xBookUtils.terms['fn_5_505'] = "For details on the national program, see Office of the Press Secretary, White House. April 28, 2000. President Clinton Announces Gun Buyback Partnership with the District of Columbia. http://clinton4.nara.gov/textonly/WH/New/html/20000428.html. Also from the Washington police, see http://mpdc.dc.gov/mpdc/cwp/view,a,1242,Q,546745,mpdcNav_GID,1541,mpdcNav,%7C,.asp. HUD’s gun buyback programended in 2001, although buybacks continue in many cities. In2006, for example, the Boston Red Sox donated a substantialsum to help Boston’s buyback program. See Boston Red Sox. July 1, 2006. Red Sox Make $25,000 Donation to City’s Gun Buyback Program. http://boston.redsox.mlb.com/NASApp/mlb/news/press_releases/press_release.jsp?ymd=20060701&content_id=1532641&vkey=pr_bos&fext=.jsp&c_id=bos.";
xBookUtils.terms['fn_5_506'] = "Callahan, C., F. Rivara, and T. Koepsell. 1994. Moneyfor guns: Evaluation of the Seattle gun buyback program. Public Health Reports109: 472–477.";
xBookUtils.terms['fn_5_507'] = "Welch, William M. March 17, 2008. Critics take aim at gunbuybacks. USA Today.";
xBookUtils.terms['fn_5_508'] = "See Mullin, Wallace P. 2001. Will gun buyback programsincrease the quantity of guns? International Review of Law and Economics21: 87–102.";
xBookUtils.terms['fn_5_509'] = "For a review of some of the evidence on a variety of crime fighting policies, see Levitt, Steven D. 2004. Understanding whycrime fell in the 1990s: Four factors that explain the decline andsix that do not. Journal of Economic Perspectives18(1): 163–190.";
xBookUtils.terms['fn_5_510'] = "For Williams’s story, see Gavel, Doug. September 28, 2000. Sophomore skips orientation to free 4,000 slaves in Sudan. Harvard University Gazette. For Denver schoolchildren, PBS OnlineNewsHour. May 31, 1999. Jim Lehrer on the crisis inthe Sudan. http://www.pbs.org/newshour/bb/africa/jan-june99/sudan.html.";
xBookUtils.terms['fn_5_511'] = "Miniter, Richard. July 1999. The false promise of slave redemption. The Atlantic Monthly284(1): 63–71. http://www.theatlantic.com/issues/99jul/9907sudanslaves.htm. Note that although the Miniter article contains some useful information, it is a confusedaccount of economics. Miniter argues that a low price for slavesmeans the slave traffickers are being driven out of business andhigh prices mean that slavery is profitable, but one has to ask whythe price is low or high. High prices driven by increased demandfrom slave redeemers is a good sign because it means the slaveredeemers are outbidding potential slave traffickers.";
xBookUtils.terms['fn_5_512'] = "It is also possible to make predictions about quantities usingtwo similar formulas.";
xBookUtils.terms['fn_5_513'] = "The proof of these formulas is not difficult, but a bit moreadvanced than is necessary for this textbook. For a proof, see McAfee, Preston. 2006. Introduction to Economic Analysis. http://www.introecon.com.";
xBookUtils.terms['fn_5_514'] = "Office of the Press Secretary, White House. http://www.whitehouse.gov/news/releases/2005/11/20051103-10.html.";
xBookUtils.terms['fn_5_515'] = "The Klick and Tabarrok and Gruber articles use advancedstatistical techniques to argue that the increase in policecauses the decrease in crime and the increase in giving causesthe decrease in attendance. For more details, see Klick, J., and A. Tabarrok. 2005. Using terror alert levels to estimatethe effect of police on crime. Journal of Law and Economics48(1): 267–280. Also, Gruber, Jonathan. 2004. Pay or pray?The impact of charitable subsidies on religious attendance. Journal of Public Economics88(12): 2635–2655";
xBookUtils.terms['fn_5_516'] = "These curves are the same curves as in Figure 5.1, so they run through a common point, and thus we can apply our elasticity rule, which tells us that at any given quantity the flatter curve is more elastic than the steeper curve.";
xBookUtils.terms['fn_5_517'] = "See Miron, Jeffrey A. 2004. Drug War Crimes: The Consequences of Prohibition (Oakland, CA: Independent Institute) and Kleiman, Mark, Jonathan P. Caulkins, and Angela Hawken. 2011. Drugs and Drug Policy: What Everyone Needs to Know (New York: Oxford University Press) for two good analyses of the war on drugs from an economic perspective.";
xBookUtils.terms['fn_5_518'] = "Note that we have assumed that the supply of drugs is perfectly horizontal, which is plausible for an agricultural product whose production can be expanded or contracted very easily without an increase in costs. We discuss the elasticity of supply at greater length in the next section.";
xBookUtils.terms['fn_5_519'] = "On the benefits of a tax system for currently illegal drugs, see Becker, Gary S., Kevin M. Murphy, and Michael Grossman. 2006. The market for illegal goods: The case of drugs. Journal of Political Economy 114(1): 38–60.";
xBookUtils.terms['fn_5_520'] = "Why isn’t the supply of Picasso paintings perfectly inelastic for certain? The supply of newly created Picasso paintings is perfectly inelastic, but with a higher price more people will be induced to sell their Picasso paintings, so the market supply of Picasso paintings will be very inelastic but not necessarily perfectly inelastic.";
xBookUtils.terms['fn_5_521'] = "For more on the difficult ethics and economics of slave redemption, see the essays in Appiah, Kwame Anthony, and Martin Bunzl. 2007. Buying Freedom: The Ethics and Economics of Slave Redemption (Princeton, NJ: Princeton University Press). See especially Chapter 1, “Some Simple Analytics of Slave Redemption,” by Dean S. Karlan and Alan B. Krueger, for the incisive economic analysis that we have drawn on.";