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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.
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..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
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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