Economics analysis of that liability standard

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Reference no: EM138196

Q1. "Canadian gas companies shipped 21.4 billion cubic meters to the US last year, up from 20.1 billion in 1983, according to figures released Tuesday by the Canadian Gas Association. But lower prices permitted under new federal regulations instituted last year, reduced the over-all take from $3.94 billion to $3.92 billion." Calculate the price elasticity of demand for natural gas sold to the US.

Q2. Some scholars discern a trend in modern products-liability law toward "absolute" liability or what is sometimes called "enterprise" liability. Under that theory, manufacturers would be held liable for almost every injury resulting from the use of their products. Give an economics analysis of that liability standard for product-related harms.

Reference no: EM138196

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