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1. ABC Inc., sponsors the "Pioneer Trial Ultramarathon," with an advertised first price of $10,000. The rules require the competitors to run 100 miles from the floor of Blackwater Canyon to the top of the Pinnacle Mountain. The rules also provide that ABC reserves the right to change the terms of the race at any time. Andy enters the race and is declared the winner. ABC offers him a price of $1,000 instead of $10,000. Did ABC and Andy have a contract? Explain.
2. Andy, a sports marketing expert, met with Ben, the owner of the San Francisco Crazy Baseball team, many times to discuss the Andy Benson Crazy Company (ABC). Andy was paid as a consultant. Later, he filed a suit, seeking an ownership share in ABC. There was no written contract for the share, but he claimed that the matter had been discussed. Does Andy have a valid claim for payment? Discuss.
When the price of gasoline increased from 3 to 4 dollars per gallon, the demand for gasoline decreased from 100,000 gallons to 90,000 daily. Also, the demand for a $50,000 SUV dropped from 3000 to 2500 cars per month. Estimate the price elasticity of..
Mars and Hershey's dominate the domestic chocolate candy bar business. In this mature market; advertising by individual firms does little to convince more people to eat candy. Effective advertising simply steals sales from rivals. Briefly describe th..
If the government adhered strictly to an annual balance rule for its budget, then the government's budget balance would:
What is the Law of Diminishing Returns. Discuss a company's two short run options: 1. stay open or 2. shut down.
Total revenue is defined as the product of quantity of an item sold and it price. The price of an item is given by: The total cost incurred is the sum of the fixed costs and operating costs. The latter increases as more items of a product are manufac..
Discuss the various ways inflation can hinder economic activity. What are some strategies you might use in your life to deal with rising inflation? How might these strategies change if we experienced deflation?
Germany and France produce guns and butter. Who has the comparative advantage in which good? You must show your work to get credit, e.g. by calculating the relative opportunity costs of guns in each economy. What is the range of exchange rates at whi..
List at least one advantage and one limitation of international trade you encountered in the simulation. Define absolute and comparative advantage in your own words.
GDP does not count productive services, such as child care, food preparation, cleaning, and laundry, provided within the household. Why are these things excluded? Is GDP a sexist measure? Does it understate the productive contributions of women relat..
It has been said that “prices are like giant neon billboards that flash important information.” Describe the type of information that market prices provide.
Oftentimes, businesses target their customer service departments as costs to be eliminated (to which I agree to an extent). Customer service costs, however, are tied to quality, rework, pride in product, employee turnover, and a myriad of other varia..
Explain how do you calculate the actual dollar reserves that must be kept on hand. What activities are responsibilities of the Federal Reserve.
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