Answer:
D) Yes, as long as he actually communicates the revocation to Hal and Sophia (or their agent) prior to acceptance.
Explanation:
In contract law, an offer can always be taken back as long as the other party hasn't accepted it yet. In this case, Jack agreed to make an offer about the restaurant and he even included certain details that apparently were important (non-competition agreement), but since Hal and Sophia haven't accepted it yet, Jack can take it back without fear of any claim being made against him. All he has to do is communicate his decision of taking back his offer to either Hal or Sophia, or their agent (if there is one).
Answer:
Their net operating income for the year was $39,628
Explanation:
Flip or Flop's net operating income for the year = Gross revenue - Cost of Goods Sold - Operating expenses
Their Cost of Goods Sold (COGS) was 21% of gross revenue, therefore:
Cost of Goods Sold = 21% x $93,200 = $19,572
The company has operating expenses for this same period of $34,000.
Net operating income for the year = $93,200 - $19,572 - $34,000 = $39,628
Answer:
B. the highest valued alternative that must be given up to engage in an activity.
Explanation:
Opportunity Cost is the cost of next best alternative foregone while choosing an alternative.
Eg1: If I like Chapati more than rice & rice more than curd, the opportunity cost of consuming chapati is the next best option i.e rice.
Eg2 : Working as school teacher with salary 20000, next best option salary as coaching tutor i.e 10000 is the Opportunity Cost
A is inapt : Opportunity cost can be monetary or non monetary. Eg2 has monetary opportunity cost. But, Eg 1 has opportunity cost in terms of rice' (sacrifised) satisfaction.
C is inapt : Opportunity cost is only the cost of next best alternative & not all alternatives. Eg1 - Curd i.e 3rd best option after chapati, is not the opportunity cost after chapati.
Answer:
a. Ted gets the hut; Sadie gets the rest.
Explanation:
Since Ted placed a much more higher priority on the hut by assigning it 35 points more than all other items, and Sadie placed a very low priority on the hut by assigning it 10 points when compared to all other items, it shows Ted is ready to let go of other items just to have the hut, and Sadie is ready to let go of the hut to have the other item. Hence, the "Ted gets the hut, Sadie gets the rest" splits is efficient.
