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1. What is meant by cause-in-fact? Explain how the logic of cause-in-fact does not always make economic sense.
2. Why is it that in manufacturing and medicine the legal rule is generally strict liability?
3. Explain the following quote from Richard Epstein: "The moral case behindstrict liability is that the distribution of gains and losses matters as much as the total size of the social pie."
4. How is it that tort law is inadequate to deal with crime?
5. How is it that the economic theory of crime and punishment differs from the traditional theory of criminal law? what does the economic model add?
Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 2X1/3 Y2/3. If Px = $4, Py = $5, and Income I = $200, compute Mary’s utility maximizing consumption bundle. Show the utility maximizing consumption bundle on a graph.
A teacher invests $5,000 at the end of every year for a 30-year career. If this teacher wants to have $1,000,000 in savings at retirement, what interest rate must the investment earn?
Which of the following was responsible for slower economic growth before the Industrial Revolution? There was no instance of technological innovation.
If each maintenance check costs $220 and the machine is expected to provide 30,000 hours of service, what is the total savings of scheduling maintenance every 6,000 hours over 3,000 hours?
Five annual deposits in the amounts of $10,000, $8,000, $6,000, $4,000, and $2,000, in that order, are made into a fund that pays interest at a rate of 8% compounded annually. Determine the amount in the fund immediately after the fifth deposit.
Edison Electric Company's president has been arguing that residential electric rates need to be raised relative to industrial rates.
One type of benefits involves giving workers discounts on the firm’s products. We noted that this type of system could reduce the firm’s costs by reducing some marketing expenses. Explain why offering such discounts (as opposed to increasing workers’..
q. suppose people in our overlapping generations model have the opportunity either to hold at money with complete
An economy adjusts on its own to close a recessionary gap because there is
Efficiency refers to whether a market outcome is fair, whereas equality refers to whether the maximum amount of output was produced from a given number of inputs. When a good is taxed, the tax revenue collected by the government equals the decrease i..
illustrate what is the profit maximizing quantity that should be offered to Group B
Under the Hypothetical Tax Code 1 (where the standard deduction and personal exemption still apply), if you earn $72,750.00 a year in total income, then what percentage of your total income would you pay in taxes? Report your answer as a percentage r..
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