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Thomas Ossi purchased a jar of mixed nuts from Bottle Champ Liquors. When Ossi bit down on an unshelled nut, believing it to be shelled like every other nut in the jar, he damaged his tooth causing severe pain and suffering. Ossi sued Bottle Champ Liquors for damages. State whether Ossi will win this lawsuit or not and why. Explain the cause of action and cite any cases or theories discussed in class to support your position.
Bernice purchased a trampoline from ABC Trampolines. Included in the Instruction manual was a slip of paper which stated that Purchaser released ABC Trampolines from any consequential damages for personal injury. Unfortunately, while using Bernice's trampoline in a proper manner, Bernice's sister Eunice suffered a broken leg when the trampoline ripped. Eunice went to ABC Trampolines to ask for them to pay the hospital bill and ABC refused, stating the disclaimer relieved them from any liability. Is ABC correct? Can Eunice even sue ABC? Why or why not? Cite any cases discussed in class to support your position.
All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 + 40q. Market demand is Q(p) = 140 − p. Calculate the equilibrium price, firm output, total output, and number of firms in the industry.
Suppose the Stimulus package (The American Recovery and Reinvestment ACT of 2009) for $862 (originally it amount was approved for $787 billion and subsequently increased to $862 billion) was allocated for spending in all 3 components of the AE model ..
In the News: If you bought any good or service this week, you have already participated in the market system that operates by demand and supply. What drives the demand for any product? Why are firms willing to supply it?
What is the difference between accomodating and non-accomodating responses to supply shocks? Explain how the Fed’s concern with keeping Y close to Y* comes into conflict with the goal of price stability.
The United States makes up approximately 4% of the world population but generates more than 20% of its income. The most recent number is $52, 587 per person versus a world average of $10, 163. React to this as a Utilitarian, a Rawisian, and personall..
Identify three types of competition that most firms encounter other than competition from other firms in their industry in their home country. (b) Is it good for the economy to have more competitive markets? Explain. (c) If government industry regula..
Using this information in the table above, what does GDP equal? Items Billion of dollars Wages 300 Consumption expenditure 350 Interest, rent, and profit 50 Statistical discrepancy 0 Government expenditure 300 Indirect taxes minus subsidies 15 Net ex..
Survey data has been gathered from 500 hikers who visited a forst in a neighboring state. Using regression analysis, economists have controlled for differences in income, employment status, age and other important factors that might affect the number..
The elasticity of demand for cigarettes is estimated to be about - 0.5. Assume the elasticity of supply of cigarettes is 1. If the government places a tax of $0.60 on cigarettes, how much will the price of cigarette increase (approximately)?
The demand for a new drug is given by equation Q = 150 - 3P (where Q is bottles of medicine and P is the price per bottle in dollars). The slope of the demand curve is -1/3. What is the equation for total revenue? What is the equation for marginal re..
A chemical company determined the need for a chemical additive that will improve their product by 20%. The company’s CEO arranged to purchase the additive through a 5-year contract at $7,000 per year, starting 1 year from now. He expects the annual p..
A licensing agreement is an arrangement whereby a licensor grants the rights to intangible property to another entity (the licensee) for a specific period, and in return, the licensor receives a royalty fee from the licensee. Remember that technologi..
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