Answer:
Explanation:
Often scarcity is caused by a combination of demand and supply induced effects. A rise in demand, e.g. due to rising population causes overcrowding and population migration to other fragile ecological areas
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Answer:
$6,636.25
Explanation:
The amount which will be deposited by the Jude today in order to receive the $1,100 in the beginning of each of next eight years shall be determined through present value of annuity formula, which is given as follow:
Amount to be deposited today=R+R[(1-(1+i)^n-1)/i]
Where
R=amount to be received at start of year=$1,100
i=interest rate compounded annually=9%
n=number of years involved=8
Amount to be deposited today=1,100+1,100[(1-(1+9%)^7/9%]
=$6,636.25
Answer:
Quasi contract
Explanation:
A Quasi contract refers to an agreement between two parties who owed no past obligation to one another. It is a kind of a fictional contract which the law recognizes.
The characteristic feature of a quasi contract is that obligation is not created by any of the parties but by law. Such a contract does not exist out of agreement but by the operation of the law.
The objective behind imposition of such a contract by the law is to ensure fairness and justness to a party.
In the given case, Ann out of mistake, mowed Donna's lawn. Ann acted in good faith as she wasn't aware at the time of performing her duty but Donna was fully aware and let the act of mowing done to her own advantage. Later when Ann realized and asked for payment, Donna refused.
In this case, the party who acted in good faith would be at a loss if the law does not intervene and impose a contractual obligation on Donna to pay Ann for her work. The contract imposed by law in such a case under which Ann would recover her payment would be termed as a Quasi Contract.
Answer
The answer and procedures of the exercise are attached in a microsoft excel document.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.
