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In 1191, Three-year old Douglas Moore was playing with one of BIC’s lighters. While playing with the lighter, he started a fire that severely injured his 17-month-old brother. BIC Manufactures Inc. Included several child-safety warning labels on their lighters. These labels identified the risk of fire of injury as a result of misusing the product. The lighter provided warning to adults to “keep out of reach of the children’ or “keep away from children.” The BIC Corporation had knowledge that its lighters could be manipulated by children, but it felt that including safety features would significantly increase the cost of the lighter. The Moore family brought a strict liability suit against BIC. Explain why strict liability should or should not be applicable in this case.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
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The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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