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Daniel, a recent college graduate, is on his way home for the Christmas holidays from his new job. He gets caught in a snowstorm and is taken in by an elderly couple, who provide him with food and shelter. After the snowplows have cleared the roads, Daniel proceeds home. Daniel’s father, Fred is most appreciative of the elderly couple’s action and in a letter promises to pay them $500.00. The elderly couple, in need of funds, accept Fred’s offer. Then, because of a dispute between Daniel and Fred, Fred refuses to pay the elderly couple the $500.00. Discuss in detail whether the couple can hold Fred liable in contract for the services rendered to Daniel
Find the cost functions for the following firms: A firm with production function f(x1,x2) = min{ 2xl,3x2} A firm with production function f(xl,x2) = 2x1 +3x2 A firm with production function f(x1,x2) = In
Choose an industry or market* and, based on the material in the last few chapters, analyze what type of market structure best describes your chosen industry/market. (i.e., is your industry monopolistically competitive, a monopoly, an oligopoly, or a ..
Describe the Stolpher-Samuelson theory of trade. How does it differ from the factor endowment model? What are its predicted effects on wage-inequality in (a) industrialized countries that are capital-abundant and (b) developing countries that are lab..
Workers actively demand pay increases when the price level is rising and are willing to accept pay cuts when the price level is falling, then the short-run aggregate supply curve would be:
If the government were to make university attendance mandatory and subsidize tuition costs with tax dollars, how might this affect a nation's economic growth?
Explain how much will your firm's total revenues (revenue from both products) change if you increase the price of good X by 1 percent.
You have maxed out your $10,000 credit card, which is being charged 12.8% interest compounded daily. What is the minimum monthly payment to continue to break even? How much should you pay each week to get out of debt within one year?
How do government programs that provide benefits for the poor (such as food stamps) change the incentives of people to be classified as "poor"?
q.the economic analysis division of mapco enterprises has estimated the demand function for its line of weed trimmers
The rise in the US trade deficit during the 1980s was due largely to the rise in the US budget deficit. On the other hand, the popular press sometimes claims that the increased trade deficit resulted from a decline in the quality of US products relat..
The percentage effect which increase in output will have on the profit made from producing and selling commodity Alpha will be.
Imagine that you are a business owner. Choose whether to hire a new person in the marketing department or upgrade your computer system.
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