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Robert and Deborah Philabaun owned Philabaun's Hidden Cove Resort. When about to undergo surgery for lung cancer, Robert handwrote a document titled "Agreement", which only he signed. The document state that in case he did not survive his surgery, Robert wated it to be known that he wished to sell the resort to Danny Gajovski for $900,000. Robert survived the surgery, but died ten months later. Deborah would not sell the resort, so Gajovski sued for breach of contract. Did he have an enforceble contract to buy the resort? (Gajovski v. Estate of Philabaun, 950 N.E.2d 595 (Ohio Ct. App.)).
The current price charged by a local movie theater is $8 per ticket. At the current ticket price, the theater typically sells 300 tickets per showing. If the theater raises ticket prices to $9, the theater will sell 270 tickets. Assuming that the dem..
Suppose now that the government reduces (t) and increases (t') so that the government budget constraint continues to hold. What will be the effects on an individual con-sumer's consumptionin present
What kinds of changes in underlying conditions can cause the supply and demand curves to shift? Give examples and explain the direction in which the curves shift.
Draw a production possibilities frontier for the production of corn and steel, identifying the efficient points, feasible points, and infeasible points. Illustrate and explain increasing opportunity cost.
Your company manufactures controllers used in the production of commercial air conditioning units. Your current price is $50 per controller. At that price the total quantity demanded is 4,000 spread over a large number of small customers. Would you r..
According to the graphical method used in class, figure out how a decrease in government purchases (G) is going to affect the IS curve. Is decrease in government purchases an expansionary fiscal policy or a contractionary fiscal policy? Why?[Hint: Us..
Show the balance sheets of Swede world only commercial bank after the initial deposits
(i) Construct a payoff matrix for this game. (ii) Determine whether each firm has a dominant strategy and, if it does, identify the strategy. (iii) Determine the optimal strategy for each firm.
The third largest city of a country has a population of 12.5 million.
Analyze the various means of taxation available to finance the government and evaluate the alternatives to taxes. Identify if there is an economic limit to the extent to which the government can increase taxes. Justify your response.
Suppose a typical consumer's inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q. The marginal cost for gathering and bottling the water is $3 per gallon. Find the op..
Draw the demand curve and show the values of the price and quantity intercepts using the linear equation for Qx=28,000,000-Px divided by 1000.
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