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Ace contracted with Jones to do certain remodeling work on the building owned by Jones. Jones supplied the specifications for the work. The contract price was $70,000. After the work was completed, Jones was dissatisfied and had Clay, an expert, compare the work done with the specifications provided. Clay testified that the work had been done improperly by Ace and that it would case about $6,000 to correct the mistakes of Ace. If Jones refuses to pay any amount to Ace, what recourse, if any , does Ace have against Jones?
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In year 1 the price level is constant and the nominal rate of interest is 6 percent. But in year 2 the inflation rate is 3 percent. If the real rate of interest is to remain at the same level in year 2 as it was in year 1, then in year 2 the nominal ..
Consider now an economy where you need to search for a job. Let b be the fraction of people that do not have a job and are searching for one. Write the equations describing the dynamics of those employed (E) and those who are not employed (NE). Compu..
If you have an asset that costs $20 in year zero and face a MARR of 1%, what is the smallest benefit you could receive in period 5 and still find the investment acceptable?
Describe the concept of opportunity cost with example. What would be your opportunity cost of taking on-line classes to get a degree at your University as compared to taking classes at traditional day schools at your University?
Assume that you are the manager of a firm. You are concerned about a potential increase in interest rates because it would reduce the demand for your products. Currently, economic growth is high, but annual inflation has increased from 3 percent to 5..
How might efficiency wages contribute to downward wage inflexibility, at least for a time, when aggregate demand declines.
q.a firm is using 30 units of labor and 20 units of capital to produce 4000 units of output. at this combination the
Pharmaceutical drugs have an inelastic demand, as well as computers have an elastic demand.
q1. unique creations hold a monopoly position in the production as well as sales of magno-meters. cost function facing
Increase in demand and increase in supply will lead to?:
Neal Rubin, while driving his car in Chicago, inadvertently blocked the path of a Yellow Cab Co. taxi driven by Robert Ball, causing the taxi to swerve and hit Rubin’s car. Angered by Rubin’s driving, Ball got out of his cab and hit Rubin on the head..
Discuss examples from economic theory that would be estimated using the methods of simultaneous equation models.
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