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Scott Jensen owned two hundred acres of farmland in California. A creek flowed through the land, and Jensen used water from the creek to irrigate his crops. The water was adequate for his needs. Wesley Sarvis purchased farmland upstream from Jensen’s property and began using water from the creek to irrigate. Claiming that he had exclusive rights to the water, Jensen filed a lawsuit in a California state court against Sarvis for using the water. The court held that Jensen and Sarvis had to divide their water use equally and that each of them was entitled to use the water every other week. Fifty years later, a similar dispute arose between two more California farmers. Bo Ellis lived upstream from Faye Deason. Deason claimed that she had exclusive rights to the water and filed a lawsuit in a California state court against Ellis for his use of the water. In the second case, Deason v. Ellis, the court will most likely
a. apply stare decisis and give Ellis exclusive rights to the water.
b. apply stare decisis and divide the water rights because the facts of the two cases are similar.
c. refuse to apply stare decisis and overturn the rule because so much time has passed.
d. refuse to apply stare decisis and overturn the rule because the facts of the cases are not similar.
Efficiency of labor (h), a measure of human capital, increases with education. With greater efficiency, earning opportunity increases. Suppose a person with high school degree starts a job at MacDonald for $16,640 annual salary. If she has to earn an..
Explain a way that your family interactsin factor market and a way that it interactsin products market. Discuss how circular flow relates to current economic situations.
Unemployment is one of the major concerns that people have in today’s economy, since losing one’s job can be one of the most devastating events a person can experience. What is the labor force participation rate? What was the labor force participatio..
A manager of a clothing firm is deciding whether to add another factory in addition to one already in production.
q.think of another good that you have purchased recently or you could continue with the good you selected in tda i. be
Calculate the average cycle stock for this item using the order quantity in part a.Assuming there are 12 periods per year, calculate total cost per year.
If the owners could have earned a 20% annual rate of return on the invested money, explain how would the economic profit change (all else equal). How would the accounting profit change.
If collusion is not allowed, what kind of market arrangement do you think is likely to result from competitive interactions among these four firms? Calculate the profits of these firms in either case (a and b).
How have financial innovations increased the liquidity of home mortgages since the late 1970s? Has this increase in liquidity tended to increase or decrease the interest rate on home mortgages? Explain why.
Which of the following is not a concern about nudge policies?
Estimate amount of former foreign-monopoly profit that is transferred as tariff revenue to home nation when home nation imposes tariff.
Assume you plan to invest $10,000 at one of the following interest rates. Order the interest rates in declining order of the amount of interest they would provide in one year
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