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Sunny made a contract with Mandy selling her his television set for $10,000. When he delivered it to Mandy, he told her that he would accept $8,000 as he had moved to a small apartment and no longer had the necessary space for the television set. Mandy gave Sunny $8,000 and her Snoopy collection valued at $250 in exchange for the promise. One month later, Sunny changed his mind and requested Mandy to pay him the outstanding balance for $2,000. Advise Sunny of his legal position.
Create and explain a production possibilities frontier for an economy that produces milk and cookies. Determine what happens to this frontier if disease kills half of the economy's cow population?
In 2005, hogs in the US were selling for $67 each, down from $75 a year ago. This was primarily due to fact that supply had raise during the period to 1.8 million hogs per week.
Describe the difference between the specialist, market maker and electronic system for trading stocks. What are the benefits and detriments of each system How is the difference between the real estate market and the financial markets reflected in ..
Want the duration of its assets to be greater than the duration of its liabilities - a positive duration gap.Want the duration of its assets to be greater than the duration of its liabilities - a negative duration gap.
What market structure is used to benchmark allocative efficiency and why do we use it? Illustrate and explain using a diagram
Defines and explains a closed system and provides an example and explains the inner and outer flows of a closed system.
"Monopolies are very efficient." Do you agree or disagree? Provide justification for our response.
Who has a comparitive advantage in jigsaw puzzles? If Tom and Tessa specialize in producing the good in which they enjoy a comparative advantage, what are the quantities of jigsaw puzzles and kites produced?
For every penny that the price of gasoline goes up, the U.S Postal (USPS) service experiences a monthly fuel cost increase of $8 million. State what assumptions you need to make to answer this question
Study an organization of your choice and recommend methods to decrease costs. Determine what effects do technologies have on costs and what are some lower cost sources organization may utilize to decrease cost?
minimum wage legislation increases costs of production (and thus product prices) and creates an excess supply (unemployment) of unskilled labor.
Demand for DVD rentals at a video store is described by the equation: Q= 4,000-500P, where Q denotes the number of DVDs rented per week and P is the rental price in dollars.
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