WRITE 2 ASSIMENTS IN 2 DIFFERENT DOCUMENTS
WRITE 1.5 PAGE
Using shifts in supply and demand curves, describe a change in the industry in which your firm operates. The change may arise from a change in costs, entry/exit of firms, a change in consumer tastes, a change in the Macroeconomy, a change in interest rates, or a change in exchange rates. Label the axes, and state the geographic, product, and time dimensions of the demand and supply curves you are drawing. Explain what happened to industry price and quantity by making specific references to the demand and supply curves. If more than one change occurred, then decompose the change into smaller pieces so that your explanation has a step-by-step character to it. (Hint and warning: Demand and supply curves are used at the industry level, not at the firm level.) Describe how your company could profitably use the analysis.
WRITE 1 PAGE
Question I – Claire is severely injured in a car accident. The local hospital cannot treat Claires injuries. In order to survive, Claire must be flown via Helicopter to a hospital in a bordering state. Prior to boarding the helicopter, Claire signs a contract obligating her to pay for the helicopter flight and all of its expenses. Claire lives and fully recovers. However, she is being sued by the helicopter company in the amount of $50,000 for the helicopter transportation and its accompanying expenses. What is argument Claire could make in order to rescind the agreement? Does it matter that the helicopter company performed its obligation under the contract?
Question II – Bono is a musician. He sells his neighbor a gently used lawn mower at a deeply discounted price. The neighbor is dissatisfied with the performance of the lawn mower. Can the neighbor sue Bono under the UCC §2-314, the implied warranty of merchantability? Why or why not?
Question III – If cigarette companies want to work with one another for a common interest, what is one example that would allow the cigarette companies to do so without violating the Sherman Act? What source of law protects the cigarette companies actions?
Question IV – The year is 2012 and the light bulb has not yet been invented. Thomas Edison and Nikola Tesla are in a bitter feud to see who can bring electricity to the masses first. In this alternative history, it is indisputable that Tesla invented the lightbulb first. However, Edison filed his lightbulb patent prior to Tesla. According to the law in 2012, who holds the patent to the lightbulb?
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