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Liability of Limited Partners Virginia Partners, Ltd. (Virginia Partners), a limited partnership organized under the laws of Florida, conducted business in Kentucky but failed to register as a foreign limited partnership, as required by Kentucky law. Robert Day was tortiously injured in Garrard County, Kentucky, by a negligent act of Virginia Partners. At the time of the accident, Day was a bystander observing acid being injected into an abandoned oil well by Virginia Partners. The injury occurred when a polyvinyl chloride (PVC) valve failed, causing a hose to rupture from its fitting and spray nitric acid on Day, severely injuring him. Day sued Virginia Partners and its limited partners to recover damages. Are the limited partners liable? Virginia Partners, Ltd. v. Day, 738 S.W.2d 837, 1987 Ky. App. Lexis 564 (Court of Appeals of Kentucky)
Three major causes of inequality of income. Describe what the primary factors are that lead to poverty. We have learned there are two solutions to reduce poverty. We could expand welfare and redistribution programs, and make taxes more progressive. C..
Suppose you take out a $11000 loan at 10% in year one and pay it off with a single payment in year two. If your tax rate is 40%, what is the change in net cash flow in year two?
Illustrate what effect would customer expectations of substantial price increases in music players have upon the demand for portable music players in a completive marketplace
Pear Inc. is a monopolist producing the iWatch, a wristwatch mobile communication device. The iWatch is a device that will last for exactly two periods, after everyone will switch to Boogle Glass, a eyeglass mobile communication device that is not ye..
Public health information can be broadcast at a cost of $100. Public health information is a pure public good, in that many people can use the information simultaneously and preventing people from using the information is very difficult. At a price o..
Derive the monopoly output for period A, disregarding production in period B. What kind of equilibrium in terms of top dogs, etc. is this?
From number 33, calculate the cross-price elasticity. From number 32, calculate the price elasticity of Good Y. From number 31, the Good X market is experiencing a market failure. What is happening in Good X? Refer to the figure above. Calculate the ..
Firms often face the problem of allocating an input in fixed supply among different products. Find the optimal crude oil allocation for the following example if the profit associated with square foot of fiber is cut to $0.375, What is gasoline margin..
What are the differences between the consumer price index (CPI) and the GDP deflator? Check all that apply.
Which of the following market transactions of final goods and services are excluded from the computation of U.S GDP
If, in the short run, a perfectly competitive firm is producing at a point where total cost is greater than total revenue, then the firm should.
Suppose that demand for a product is Q = 1000 – P and supply is Q = 9P. Furthermore, suppose that the marginal external damage of this product is $20 per unit. Suppose this is a negative production externality. Calculate the Q currently being produce..
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