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Patrick hires Bryan, a well–known artist, to paint a mural on the wall of Patrick’s restaurant. After signing the contract, Bryan calls Patrick and tells him that he is too busy to do it. Patrick wants one of Bryan’s murals on the wall, so he sues for specific performance. A court will:
a. grant specific performance because painting is a mechanical act.
b. not grant specific performance because it is a personal service.
c. grant specific performance because Bryan’s murals are unique.
d. not grant specific performance because a mural will not enhance the restaurant’s profitability.
Supposes airline industry consisted of only two firms: American and Texas Air Corp. Let two firms have identical cost function, C(q) = 40q. Assume that demand curve for industry is given by P=100-Q and that each firm expects or to behave as a Cou..
Based on your personal experience, please post one good that you think has elastic demand, and one good that has inelastic demand. Please include an explanation as to why you chose these goods.
Based off of the book Global Political Economy: Understanding the International Economic Order. I need this answered a list of the (1) philosophies, (2) assumptions, and (3) biases used in their arguments
Discuss why the monopolist chooses a level of output that creates deadweight loss, and whether the level of output is equilibrium. Include an illustration of your numerical example, and refer to it throughout your discussion.
The short run price elasticity of demand for tires is 0.9. If an increase in the price of petroleum used in producing tires causes the marketplace.
Suppose that a store will sell 2000 boxes of bananas a week at a price of $12 per box. If the store raises its prices to $15 per box, it will sell 1500 boxes. What is the elasticity using the original formula? What is the elasticity using the midpoin..
Three tests for any source of competitive advantage are align, differentiate, and add value. Discuss whether these tests are difficult to pass. Can compensation really be a source of competitive advantage? Why or why not??
You have been assigned to contract with an outside research firm to do both qualitative and quantitative research project for your company. Describe the criteria that you would establish in making this selection. In addition, explain your reasons for..
R = 3% (annual domestic interest rate), R* = 5% (annual foreign interest rate) E = 2 (current spot rate; expressed as the price of pound in terms of us dollar) If the domestic money supply increases by 10% and drive the interest rate down by 1% in th..
Phillip Haynes is the controller of a company that has the sole authority to manufacture your product. The inverse market demand curve is. Your total cost equation is. What is the output you should produce, the price you should charge, and your profi..
Elucidate what is the socially efficient quantity of the public goods. How much will each worker have to pay per unit to provide the socially efficient quantity.
An emissions fee is paid to the government, whereas an injurer, who issued and held liable, pays damages directly to the party harmed by an externality. What differences in the behavior of the victims might you expect to arise under these two arr..
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