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Posner (1998a, 114) notes that the facts of Sherwood v. Walker provide "some evidence that [the cow's] sale price included her value if pregnant, discounted\ (very drastically of course) by the probability of that happy eventuality." Should this evidence affect the court's decision regarding enforcement of the original contract?
Explain what Steve means. Why might his economic profits fromrunning a bed-and-breakfast be higher than those of working as an architect?
Widgets are supplied by a perfectly competitive market. The marginal internal cost function is given MCI(Q) = (1/2)Q. Unfortunately, production of widgets also produces pollution, which has a marginal damage to society given by MCX(Q) = Q
What would be the daily dose in g for a 35 lb child?
In your 1st position as a Finance manager you have been given responsibility for decreasing use of residential heating fuel in state. Choose one of three legislative proposals to accomplish this target
Assume the demand function for basketballs is given by QD = 150 - 3P + 0.1I, where P = price of a basketball and I = average income of consumers. Also, assume the supply of basketballs is given by QS =2P. If the market for basketballs is perfectly..
Blair has decided to manufacture the sub assemblies within the company and must now consider whether to rent one centerly located facility or to rent three separate facilities, each located near one of the assembly plants, where each facility woul..
What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
What are the five characteristics of a good tax system?
What is the real interest rate you are paying on your mortgage in each case?
A monopolist sells in two states and practices price discrimination by charging separate prices in each market. The monopolist produces at constant marginal cost MC = 30. Demand in Market 1 is P1 = 100 -Q1. Market 2 demand is P2= 120 - 2Q2.
What price should a firm charge for a package of two shirts given a marginal cost of $4 and an inverse demand function P = 8 - 2Q by the representative consumer
At what price is total revenue maximized?
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