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Kent is retained by Mighty Manufacturing, Inc. to perform welding. He was specially trained in safety precautions applicable to installing replacement mufflers on automobiles including a rule against installing a muffler on any auto that had heavily congealed oil or grease or that had any leaks. One day when he was asked to weld a customer’s muffler, Kent disregarded this rule and as a result a customer’s auto caught fire during repair, causing injury to Kent, the car and the Mighty Manufacturing shop. Explain who can sue whom for what.
A competitive firm’s cost of production is C(Q) = Q3-20Q2+125Q. The firm’s problem is to choose the value of Q$0 that maximizes its profit. If this were a free entry industry, then what would be the long run equilibrium price?
Suppose you own a home remodeling company. You are currently earning short-run profits. The home remodeling industry is an increasing-cost industry. In the long run, what do you expect will happen to
Elucidate how does the theory of the industry provide an integrated framework for the analysis of managerial decision making.
The property in that area is rapidly appreciating in value because people anxious to get away from urban developments are bidding up the prices.
When do assumptions made in conjunction with economic theorizing have to be realistic. Can unrealistic assumptions provide useful outcomes.
An apparel manufacturing plant has estimated the variable cost to be $4.50 per unit. Fixed costs are $500,000 per year. Forty percent of its business is with one preferred customer and the customer is charged at cost. If 150,000 total units are sold ..
q1. discuss the social security system current status and future outlook. be thorough and focus on the economic
A tailor must make 6 of the same size suits for a client. The first suit took 14.7 hours to make and the last suit took 7.9 hours to make. What was the tailor's learning curve % of this run of suits assuming a steady state of production is never reac..
Under its present policy of purchasing 5,000 sinks per order, what is Plumbing Supplies total annual inventory cost? Calculate the Economic Order Quantity for Plumbing Supplies Inc.
The city government is losing millions of dollars on the mass transit system (buses and subways). The government proposes to increase the fare of a ticket by 20% to raise revenue and has asked your advice. You know that the price elasticity of demand..
Describe how many days before the due date the cesarean section should be carried out so that there is no more than a 10 percent chance that the woman will go into labor before that date.
Imagine that the mayor has hired you as a consultant to evaluate the increase in aggregate demand in the city where you live. Describe to the mayor one (1) aggregate demand and supply factor that would have the greatest impact on the economy of your ..
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