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Carnack contracts to sell his house and lot to Willard for $100,000. The terms of the contract call for Willard to pay 10% of the purchase price as a deposit toward the purchase price, or as a down payment. The terms further stipulate that should the buyer breach the contract, Carnack will retain the deposit as liquidated damages. Willard pays the deposit, but because her expected financing of the $90,000 balance falls through, she breaches the contract. Two weeks later, Carnack sells the house and lot to Balkova for $105,000. Willard demands her $10,000 back, but Carnack refuses, claiming that Willard's breach and the contract terms entitle him to keep the deposit.
Calculate the elasticity of demand for burrito meals with respect to the price of burritos, the price of tacos, and per capita income.
What are externalities? What are positive and negative externalities? Give examples of Positive and negative externalities and give a brief introduction about your chosen merit good and explain the role of government in providing this merit good to..
Suppose the ratio of deposits that banks hold in the form of reserves is 7 percent. Suppose further that people want to hold 8 percent of their deposits in the form of cash. Then if the fed wants the money supply to be $6,228 billion, what is the ..
What is the income elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50? What is the cross-price elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50? Are kitty litter and cat food substitutes or complements?
If you were a supplier to the furniture manufacturer, would you have preferred to see the analysis performed in physical sales units rather than dollars of revenue How would this change alter the interpretation of the price coefficient, presently ..
Suppose the national-income model: Y = C + I + G C = a + b(Y - T)(a > 0; 0 0; 0
Suppose a country has a money demand function ( M/ P)^d = kY, where k is a constant parameter. The money supply grows by 12 per year, and real income grows by 4 percent per year.What is the average inflation rate
What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
There are two workers in the economy, "A" and "B"; "A" can go to school and "B" cannot. Education increases future income according to the following function: I(e)= 50(e)/(1+e) Total cost per year of schooling equals 2, and thus: mc(e)=2.
Assuming that all firefighters must be at least 67 inches tall, how does this height restriction affect the wage the city must pay to attract five firefighters, and how does the restriction affect the gender composition of employment
(a) How many people participate in the study (b) Calculate the Relative Frequency and enter the results in the above table. (c) Calculate the Midpoint for each class and enter the results in the above table. (d) Calculate the Cumulative Frequency and..
If the current exchange rate is €1.5/£1 and is expected to fall to €1.45/£1 next year, and if the current nominal interest rate in the United Kingdom is 8%, what should be the interest rate in the eurozoneaccording to the nominal interest rate pari..
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