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For each of the following three case problems prepare a typed response including the following:
1. Highlight the pertinent facts;
2. Identify the issue of law and/or fact posed by the case problem;
3. What should be the decision in the case?
4. The reasoning for such decision.
Green was the owner of a large department store. On Wednesday, January 26, he talked to Smith and said, “I will hire you to act as sales manager in my store for one year at a salary of $48,000. You are to begin work next Monday.” Smith accepted and started work on Monday, January 31. At the end of three months, Green discharged Smith. On May 15, Smith brought an action against Green to recover the unpaid portion of the $48,000 salary. Is Smith’s employment contract enforceable?
Are cyclical fluctuations necessary for economic growth?
Calculate output, price, total revenue and total profit at revenue maximizing activity level and n at profit maximizing level.
Europeans lead the world in terms of the quantity of genetically modified (GM) foods consumed. In Germany, labor-management relations tend to be even more antagonistic than in the US. In the struggle and lobbying for political influence, smaller grou..
Suppose both product and factor markets are competitive, why is the labour demand curve downward sloping? Professors, lawyers and doctors receive similar amounts of education, why are professors paid less than lawyers and doctors? Why do we say that ..
Assume that a consumer has the utility function U(x,y) = 3x+y, where x and y represent the quantities of two goods, X and Y. The consumer has I=$60 to spend on the two goods, and good Y costs py=$2 per unit. The price of good x, px, is also exogenous..
Which of the following factors reduces the need for government involvement in the marketplace?
Now suppose that whoever took out the loan in (b) writes a cheque for this amount and the person receiving the cheque deposits it in a branch of the Westpac bank. Show the effect of these transactions on the balance sheets of the Commonwealth Bank..
Each of the following is considered a disadvantage of federalism for democracy EXCEPT
Suppose the current equilibrium price for American cheese is $1.00 per pound. Suppose the French suddenly develop a preference for American cheese. Explain the impacts of this unlikely development on all the relevant markets.
One morning, you are the first caller to identify a song contest hosted by a local radio station. As a prize, you won a free concert ticket worth $50. Unfortunately, the concert is the same night that you have to work at your $10/hour job. If you wen..
After calculating the sample size needed to estimate a population proportion to within 0.05, you have been told that the maximum allowable error (E) must be reduced to just 0.025.
What profits are being made. What type of profit is this normal or abnormal. What is the cost per passenger carried(as opposed to the cost per vehicle kilometre)
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