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Explain why both strict liability and negligence (with the correct standard of care) are efficient when the appropriate action removes all harm to third parties, but only strict liability is efficient when there is residual harm. [Assume nothing that is not present in the problem.] What conditions not described in the problem above might exist to make strict liability inefficient?
A famer develops and patents a new method for growing corn that decreases the cost of growing corn by $300 per acre. thereby increasing his profits from growing corn. According to ____principle. The farm argues that he should keep the entire $300 per..
A university spent $1.8 million to install solar panels atop a parking garage. These panels will have a capacity of 500kw, have a life expectancy of 20 years and suppose the discount rate is 10%. a. If electricity can be purchased for costs of $0.10 ..
The data-plotting tool will automatically connect the points with a line.
Select a foreign country and analyze its monetary system. Research the country’s monetary system using at least five scholarly sources, including a minimum of three from the Ashford Online Library. Your analysis should be an eight to ten page paper f..
At a recent board meeting, the president and CEO got into a heated argument about whether to shut down the firms plant in Jackson. The Jackson plant current loses $60,000 monthly. should the jackon plant be closed or continue to operate at a loss in ..
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food. Draw the budget constraint for the individual with the composite good on the y-axis and food on the x-a..
Last year a very severe ice storm hit the north counties of New York state, and the states of Vermont and Maine. Electric poles were down and no one had power for days. It was reported that the price of kerosene heaters skyrocketed and the number pur..
Suppose wages in the market for plumbers increase. Some plumbers start taking on extra plumbing jobs while others cut back on the number of hours they work. What could explain? this?
As an economist, what good do you think each of your companies have a comparative advantage in. Why. What would an economist say was the cause of the price of your stock rising, falling or staying the same? Be specific regarding the determina..
The U.S. continues to experience a relatively high level of unemployment in its workforce. When analyzing a two-good production possibilities curve (PPC), where would you expect to find a point that reflects this unemployment?
For each of the following cases, what is the expected impact on the total revenue of the firm? Explain your reasoning.
Outlining what firms need to do in order to bring in the most talented people (from anywhere) and make the fullest possible use of their abilities.
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