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a. A 12-year-old boy, while crossing a bridge over the defendant's trolley tracks, swung an 8-foot-long wire over the bridge. The wire touched the defendant's uninsulated trolley wire, which ran over the tracks of his trolley and beneath the bridge on which the boy was walking, resulting in an electric shock that injured the boy, who then sued. If the probability of this occurrence was .00001, and the damage to the boy was $10,000,000, should the court hold the defendant trolley company liable if the cost to insulate the wire underneath the bridge was $150? Why or why not?
b. In part a above, what if the situation was that the industry norm was to insulate at a price of $150, as noted in the question, but that this particular trolley owner had access to a substitute cover material that would have protected the boy from harm at a cost to him of $90. Would he be held liable for the damage to the boy even though the industry norm was to insulate at a cost of $150? Explain.
Write down the firms problem in the long-run. Note the price for capital and labor are respectively, r and w. (Normalize the price of output to be 1 so that w and r are in real terms). (b) Does this production function depict constant return to sca..
Sheila's Sports Shop is a very popular sporting goods store, which has a yearly revenue of $600,000. Sheila runs the business herself. Her alternative employment options are to be a college swimming coach for $50,000 per year or a construction wor..
You are about to purchase your first home for personal use. The price of the house is $400K. The property taxes and casualty insurance are estimated at $200 and $100 per month respectively; these two costs are placed each month into your escrow. Y..
A truck manufacturer monitors the width of the door seam as vehicles come off its assembly line. the seam width is the distance between the edge of the door and the truck body, in inches. these data are 62 days of measurements of a passenger door ..
In a population Y=100 and Y=43. Use the central limit theorem to answer the following questions a. In a random sample of size n=100, find P(Y or = 98).
C2. Which harvester is better using the External Rate of Return (IRR) Method C3. Which harvester is better using the Simple Payback Method if the average recovery period (industry threshold) for this category of harvester is 3 years.
Assuming the same interest rates, what isthe 8-month forward rate for one dollar in terms of won Is this an indirect or a directrate If the forward rate is an accurate predictor of exchange rates, in this case will thewon get stronger or weaker ag..
Value Lodges owns an economy motel chain and is considering building a new 200-unit model. The cost to build is estimated at $8,000,000; estimates for motel furnishings will cost an additional $700,000 and will require replacement every 5 years. A..
The Haverford Company is considering three types of plants to make a particular electronic device. Plant A is much more highly automated than Plant B, which in turn is more highly automated than Plant C. for each type of plant, average variable c..
(a) indicate the best strategy for each firm. The strategies for firm A are low price and high price and the strategies for firm B are enter and don't enter. What is the best (optimal) strategy for each firm
Between October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4 percent. How is it possible for output to increase without a proportional increase in the number of workers.
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $160billion for each 1 percent change in the Federal funds interest rate. Also, assume that the current Federal funds rate is at the 3 percent r..
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