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A man mailed a letter to a woman promising to sell her his motorcycle for $1,000. After receiving the letter, the woman sent the man a fax that stated, "The price is little high, I will give you $800." The man responded by fax, "I will not accept $800." The next day, the woman telephoned the man and said, "I changed my mind, I will pay $1,000 for the motorcycle." The man refused to sell the woman his motorcycle.
If the woman sues the man for breach of contract, what would be the likely outcome?
(Please follow the four points to write the answer: (1) recognizing the issue, (2) correctly stipulating the rule, and (3) organizing your analysis. (4)conclusion.)
Explain how the following factors affect the value of dollar vis-a-vis other currencies under a floating exchange rate system.
Jacob Viner originally envisioned a situation where, in the demand/supply graph of a trade-diverting customs union, the demand cureve was vertical and all supply curves (including the supply curve of domestic producers) were horizontal. In this situa..
Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur
Mena would like to build a dam in the Grand Canyon of Western US to provide electricity to the nearby urban area of Las Vegas. Suppose the dam costs $800 million to build and is expected to generate $150 million of annual electricity production forev..
what is the output level does the marginal cost curve cross the average cost curve. Compute her accounting and economic profits.
How does a firm then maximize its total revenue? Describe the relationship of the demand curve and total revenue, indicating in which of the four types
What is the basis for the managed care ‘‘backlash’’ in the United States, and why has enrollment in PPOs grown while enrollment in HMOs has declined? How did the enactment process of the ACA differ from the previously failed attempts to provide compr..
q1. 1. what might be the goal of a museum? of a firm? what are the basic steps in all types of decision making
Consider the following game: There are 3 players. Each player decides whether to work on a common project or not. The project is successful only if 2 or more players work on it. When the project is successful, each player obtains a payoff of 20. When..
If Michael is spending all of his money on these 2 snacks which he purchase more chips also less ice cream as well as purchase less chips.
Firm A is producing 40,000 units of output, incurring a total cost of $1,000,000 and total variable cost of $200,000. What is Firm A's average fixed cost?
The Laffer curve illustrates the concept that. The primary value of GDP lies in its ability to
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