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Lenny was a resident of Maine and Milly was a resident of Arizona. Both went on vacation to Nevada. When on the golf course, Lenny drove the golf car recklessly, hit Milly, breaking her back. Milly suffered damages of $84,000.
Indicate which states could have jurisdiction in this case and state why.
Indicate whether the case could be heard in federal court and why.
Assume that the skateboard industry is monopolistically competitive. Assume that skateboard manufacturers are earning short-run economic profits. At the profit maximizing price you identified in part a, would the typical firm’s demand curve be price ..
Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to calculate the percentage increase in real GDP per person from 1987 to 2005.
Consider a monopolist who faces the following market demand curve: Q = 100 – 0.5 p, 0 ≤ p ≤ 200 = 0, p > 200. The monopolist’s cost function is TC(Q) = 20 Q + Q2. What is the profit maximized uniform price? Calculate the profit at the price obtained ..
The terms below are measures or individual components of the money supply. Specifically considering the money supply of the United States, rank these items from largest to smallest in terms of dollar value. M2, currency, travelers checks, balances in..
Economists argue that successful business depends on creating sustainable and effective supply and demand networks. If you own (manage) a business, how do you create effective deamnd and effective supply to maximize profit?
Prepare a table that shows total variable cost, average total cost, and marginal cost at each level of output.
Suppose a bank will pay you a 10% interest rate on your deposits for 1 period. In this case you must sacrifice $10 of current consumption to finance. One thousand dollars given to you a year from now is worth __________ to you today if the relevant d..
A country's trade balance. A. is greater than zero only if exports are greater than imports. B. must be zero. C. is greater than zero only if imports are greater than exports. D. must be greater than zero.
A machine that produces a certain piece must be turned off by the operator after each piece is completed. The machine "coasts" for 15 seconds after it is turned off, thus preventing the operator from removing the piece quickly before producing the ne..
As a result of your prowess in identifying how many rolls of toilet paper a typical American family keeps on hand, you win the opportunity to choose one of the following: $1,800 today, $8,000 in 11 years, or $26,000 in 27 years. If you are offered $2..
Using the midpoint method, calculate the price elasticity of demand for winter wheat.
General Cereals is using a regression model to estimate the demand as well as for Twee tie Sweeties, a whistle-shaped, sugar coated breakfast cereal for children.
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