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Investment Properties, Inc., hires Justus Construction Company to renovate the interior of Investment's office building. Justus sub¬mits plans that Investment approves. Justus completes the major recon¬struction, paints the interior, and buys the fixtures and furnishings. Investment rejects some of the furnishings because they do not match the plans, and subsequently refuses to allow Justus to finish the work or to col¬lect payment. Could Justus sue successfully for payment for the entire contract?
whether or not the measure satisfies each of the five axioms we discussed (Anonymity, Scale Independence, Population Independence, Transfer Principle and Monotonicity). [ Note: a good way to do this might be to come up with small example populatio..
In a closed economy $10,000 is to be spent anually on the maintenance of existing capital stock,while the factor cost of final goods producing during the year=65k $. Producers pay 10k by the way of production. Find GDP at market price.
A museum increases its admission price by 10 percent. As a result, total revenues increase by 10 percent. the price elasticity of demand for admission is?
When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this con..
Explain why the waiter will provide bad service and since you are interested in good service, can you convince the waiter, in a binding/credible manner that you will tip him?
Set up the consumer's utility maximization problem for prices pi, p2 and income m and how can this person be better off than by consuming the bundle
The following is the production possibilities for a firm. At 0 labor units (strangely enough), there are 0 units produced. At 1 labor unit, there are 10,000 units produced, at 2 labor units, there are 25,000 units produced, at 3 there are 45,000, ..
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
you are the manager of a California winery.then how would you expect the events to affect the market equilibrium price you receive for a bottle of wine.
Discuss perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings. Additionally, how does the proliferation of global trade and competition contribute to markets moving more awa..
The general demand function for a good, Good A, is: Is Good A a normal good or an inferior good? How do we know exactly?
What combination of capital and labour should it use to produce and what would be the cost of production
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