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The Gregor family installed a pool in their backyard but refused to put in a fence. While the Gregors were on vacation, a 10-year-old boy jumped in their pool and was injured. The boy's family will MOST likely sue the Gregors for negligence.
As there is negligence on gregors family part, which can be completely seen as they refused to put fence in their backyard.
Negligence is a failure to exercise ethical ruled care that was expected to be exercised amongst specified circumstances here refused to fence the pool in the backyard.
The area of tort law is known as negligence involves harm caused by failing to act as a form of carelessness possibly with given circumstance.
Learn more about negligence here
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Answer:
There will zero economic profits in the long run.
Explanation:
Monopolistic competition is a market structure where there is a large number of firms producing differentiated products. There is very low or no restriction on the entry and exit of firms in the market.
The market for plumbing services in a city is a monopolistic competition. An increase in the market demand will cause the price to increase. This will cause an increase in the profits of the existing firms.
In the long run, new firms will enter the market, increasing the market supply. This will cause the price level to decrease till all the firms are having zero economic profits.
Answer:
1 (a)
Since p = 10 - Q,
Revenue = p × Q=10Q - Q2
Hence, MR = 10 - 2Q.
MC is given fixed at 4.
Demand function is Q = 10 - p.
Plotting all these values in graph attached picture, we get
1 (b)
The monopolist will yield where MR = MC. So,
10 - 2Q = 4
Q = 3.
At this quantity, P = 7.
1 (c)
Consumer Surplus = Area of Triangle ABC = 0.5 × 3 × 3 = 4.5
Producer Surplus = Area of Rectangle ABEF = 3 × 3 = 9
2 (a)
Since the price is now P = MC = 4, this means
Q = 10 – 4 = 6.
2 (b)
The consumer surplus in this case would be = 0.5 × 6 × 6 = 18
The producer surplus will be zero.
2 (c)
Deadweight Loss = Total Surplus in Case B - Total Surplus in Case A
18 - 13.5 = 4.5
A supply curve for the car industry would show the quantity of cars supplied at different prices. The supply curve shows the relationship between the cost of a good or service and how much is supplied during that time. When you are looking at a supply curve, it will show you different prices that an item is sold or service supplied at.
