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1. Joe was diagnosed as having advanced brain cancer and the doctors believed that he had only a few days to live. He told Susan, his girlfriend, that he wanted her to have his car when he died. Susan immediately took possession of the car. As it turns out, the doctors misdiagnosed Joe's condition and he rapidly recovered. Several weeks later, Joe was struck by a hit-and-run driver and he died shortly afterwards. Who is entitled to the car - Susan or Joe's estate?
2. If you were to own property with your cousin, what form of property ownership would you choose and why?
3. Would implantation of silicone breast implants constitute a sale of goods by the surgeon and therefore governed by the Uniform Commercial Code (UCC) Article 2? Explain.
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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