In: Economics
How do marketers estimate the size of a market? Explain
In: Economics
4 - Big Bumping Burgers and Rory, an owner, are in trouble. At one of it's Branches, an employee mixed a batch of burgers that contained bacteria. The burgers were not cooked enough to kill off the orgasms. As a result, 40 people became gravely ill and 4 of them died. The Municipal Health Unit shut them down. The business is going to be fined a large sum of money and there are civil suits by victims whose combined claim is in the millions of dollars. What will the financial consequences be for Rory if:
A - The branch is a franchise and Rory is the Franchisor?
B - The business is a sole proprietorship?
C - The business is a Partnership?
D - The business is a corporation?
In: Economics
Show the effect of COVID 19 on the US Economy (before and after) graphically using the Mishkin's AD/AS Model :
In: Economics
Imelda, Lucy, Spiro and Juan are architects in business in Ottawa as a partnership (ILSJ Architects). They have been together for 20 years and have noticed that competition has driven down their profits. They prepare a bid in response to a tender from the City of Ottawa to design a new library. Spiro reaches out to the competing firms in Ottawa and strikes a deal with them whereby the other firms will make bids that exceed $3,000,000 to ensure ILSJ will win the bid at a price that will yield an acceptable profit. In exchange, he will bid too high in the next City of Ottawa tender opportunity. They are awarded the contract on October 31, 2019 at a price of $3,000,000 and must complete the design by March 31, 2020 Unfortunately, all of the partners get ill with the new coronavirus and cannot do the work. The contract in favour of the City of Ottawa is ironclad and the partners have no defence to the contract claim. All the partners manage to recover from COVID-19, but the City awards the contract to the next lowest bidder at $4,500,000. The City sues the 4 partners for the $1,500,000 difference. At this point Lucy learns of Spiro’s deal with the competitors and believes that the contract could have been completed for $2,500,000 so the City did not really suffer damages because the price of $4,500.000 is artificial. Lucy comes to you for legal advice. What do you tell her? Identify as many issues as possible. Note that the question is not about contract law so do not raise any contract law issues in respect of the contract with the City of Ottawa.Lucy has very little in assets and cannot afford to pay a judgment. Will she have to declare bankruptcy? If so, what is the process and what issues may emerge through the bankruptcy process? What other areas of law are relevant?
In: Economics
Based on at least three examples, using sources, please show how philanthropists have influenced k-12 public education.
Words 200-300. Thank you
In: Economics
Consider a lake found in the village of Leduc, and then answer the questions that follow.
The village has a resort whose visitors use the lake for recreation. The village also has a chemical plant that dumps industrial waste into the lake. This pollutes the lake and makes it a less desirable vacation destination. That is, the chemical plant's waste decreases the resort's economic profit.
Suppose that the chemical plant could use a different production method that involves recycling water. This would reduce the pollution in the lake to levels safe for recreation, and the resort would no longer be affected. If the chemical plant uses the recycling method, then the chemical plant's economic profit is $2,200 per week, and the resort's economic profit is $3,200 per week. If the chemical plant does not use the recycling method, then the chemical plant's economic profit is $3,000 per week, and the resort's economic profit is $2,000 per week. These figures are summarized in the following table.
Complete the following table by computing the total profit (the chemical plant's economic profit and the resort's economic profit combined) with and without recycling.
Action |
Profit |
||
---|---|---|---|
Chemical Plant |
Resort |
Total |
|
(Dollars) |
(Dollars) |
(Dollars) |
|
No Recycling | 3,000 | 2,000 | |
Recycling | 2,200 | 3,200 |
Total economic profit is highest when the recycling production method is .
When the chemical plant uses the recycling method, the resort earns $3,200−$2,000=$1,200$3,200−$2,000=$1,200 more per week than it does with no recycling. Therefore, the resort should be willing to pay up to $1,200 per week for the chemical plant to recycle water. However, the recycling method decreases the chemical plant's economic profit by $3,000−$2,200=$800$3,000−$2,200=$800 per week. Therefore, the chemical plant should be willing to use the recycling method if it is compensated with at least $800 per week.
Suppose the resort has the property rights to the lake. That is, the resort has the right to a clean (unpolluted) lake. In this case, assuming the two firms can bargain at no cost, the chemical plant will the recycling method and will pay the resort per week.
Now, suppose the chemical plant has the property rights to the lake, including the right to pollute it. In this case, assuming the two firms can bargain at no cost, the chemical plant will the recycling method, and the resort will pay the chemical plant per week.
The chemical plant will make the most economic profit when .
True or False: The chemical plant will use the recycling method, regardless of who has the property rights.
True
False
In: Economics
PLEASE USE EXAMPLES
In: Economics
Explain the relationship between the structural budget deficit and contractionary changes in fiscal policy with a diagram [You only need to draw the diagram]. [7 Marks]
In: Economics
In: Economics
Equipment for immersion cooling of electronic components has an installed value of $182,000 with an estimated salvage value of $40,000 after 15 years. For years 2 and 10, use DDB book depreciation to determine: (a) the depreciation charge, and (b) the book value.
I want an explanation for the steps
In: Economics
Jacob is a private math tutor. He has no cost (assume just for simplicity, we know that opportunity of his time is not zero). Currently Jacob has two students. Andy’s demand function for math private classes is pA = 20−qA while Ben’s demand function is pB = 12−(1/2)qB, where q is number of math classes.
(a) Assume that Jacob cannot price discriminate. Jacob has to charge the uniform price to both students. Find the profit-maximizing price he charges for his services, number of the classes each student takes and his profit. Support your answer by a graph.
Assume that Jacob can price discriminate, and indeed uses 3rd degree price discrimination.
(b) Briefly describe features of this price discrimination and hypothesize which student will pay higher price and why.
(c) What is the price Andy will pay and how many classes does he buy?
(d) What is the price Ben will pay and how many classes does he buy? (
e) What is Jacob’s profit? Support these equilibria with graph. Comment on your findings and compare it with profit from part a).
In: Economics
15.
There are two types of private cars in Country A: small-cylinder
engine and large-cylinder engine. The gasoline price in Country A
has increased rapidly recently. With the help of demand-supply
diagrams, briefly explain why the increase in gasoline price leads
to an increase in the price of new small-cylinder engine cars and a
decrease in the price of new large-cylinder engine cars in Country
A.
In: Economics
In: Economics