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Suppose that a car stalls on the railroad tracks because its carburetor is badly maintained. A train collides with the car because the train’s brakes are badly maintained. What is the proximate cause of the accident? Who had the “last clear chance” to avoid the accident? Does the answer to the first question affect the answer to the second question?
Suppose that B’s faulty driving causes an accident that injures driver A. A was not at fault in her driving, but she was not wearing her seat belt, and this fact aggravated her personal injury. Discuss liability under the rules of simple negligence, negligence with a defense of contributory negligence, and comparative negligence.
For purposes of the theory of accidents, how would you define the activity level of a railroad? An airline? For some activities, the level relevant to the probability of an accident is difficult to define. Can you define an activity level relevant to a homeowner’s maintenance of her front steps? A pharmaceutical company’s sale of a drug with dangerous side effects?
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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