EC 410

EC 410 ~ Property Readings Cooter/Ulen ~ Chpater 4: An Economic Theory of Property  Cooter identifies four fundamental questions of property law: o How are ownership rights established?  H2O: prior appropriation vs. riparian rights  prior appropriation: first in time - first in right o Under the doctrine of prior appropriation whoever uses a particular river water first acquires a right to continued enjoyment of the same over and above rival claimants who start consuming later....

CONDITIONAL PROBABILITY AND INDEPENDENCE Step 1 of 1 Question 1 of 5 Question 2 of 5 The first three questions refer to the following information: Suppose a basketball team had a season of games with the following characteristics: • 60% of all the games were at-home games. Denote this by H (the remaining were away games). • 25% of all games were wins. Denote this by W (the remaining were losses). • 20% of all games were at-home wins. Of the at-home games, we are interested in find...

EC410 Exam 2 Study Guide  Bargain Theory: Hamer v. Sidway  Bargain Theory: Allegheny College v. Chautauqua National Bank  Contract Formation: Lucy v. Zehmer  Optimal Reliance: Hadley v. Baxendale  Optimal Reliance: Allied Canners & Packing v. Victor Packing Co.  Optimal Reliance & Promissory Estoppel: Pertz v. The Edward J. Corporation  Optimal Reliance & Promissory Estoppel : Hoffman v. Red Owl Stores  Gratuitous Promises: Cosgrove v. Bartolotta  Mistakes: A...

EXAM 2 CASES- EC410  Case Presentation 17: Bargain Theory--Hamer v. Sidway (1890) o “established that forbearance of legal rights (voluntarily abstaining from one's legal rights) on promises of future benefit made by other parties can constitute valid consideration (the element of exchange generally needed to establish a contract's enforceability in common lawsystems).” o Hamer sued Sidway (in charge of Story I’s estate) for $5000. Story II (son) was promised this money if he a...

CHAPTER 5. UNDERSTANDING LINEAR DEPENDENCE: A LINK TO ECONOMIC MODELS SOLUTIONS by Wei Lin and Yingying Sun (University of California, Riverside) Exercise 1 We simulate 1000 observations of the process pt = 6.43 + 0.55pt−1 + εt and plot 100 observations. Compare Figures 1, 2, and 3 with Figures 5.2 and 5.3 in the textbook. The price oscillates around an average price of $14.3 in all these graphs. The time series of the simulated prices in Figures 1, 2 and 3 exhibit smooth dynamics ...

MODULE CONDITIONAL PROBABILITY AND INDEPENDENCE Step 1 of 1 Question 1 of 5 These days with the cost of a college education it is important to be able to graduate with a bachelors degree in 4 years. The National Association of Independent Colleges and Universities (NAICU) certainly would encourage students to attend independent schools. They provided the following information: (i) 20% of all college students attend private colleges and universities. (ii) 55% of all college students gradua...

CHAPTER 3. STATISTICS AND TIME SERIES SOLUTIONS by Wei Lin and Yingying Sun (University of California, Riverside) Exercise 1 a. Let RPCE and RDPI denote “real personal consumption expenditure” and “real disposable personal income” respectively. Their growth rates are calculated as follows, G RPCEt = 100 × [log(RPCEt) − log(RPCEt−1)] G RDPIt = 100 × [log(RDPIt) − log(RDPIt−1)]. Figure 1 and Figure 2 plot G RPCEt and G RDPIt respectively. From visual inspection of the ...

MODULE EXAMINING DISTRIBUTIONS Step 1 of 1 Question 1 of 7 Question 2 of 7 The distribution of the amount of money spent by students for textbooks in a semester is approximately normal in shape with a mean of $240 and a standard deviation of $25. According to the Standard Deviation Rule, in a semester, almost all (99.7%) of the students spent on textbooks: between 165 and 315 dollars. between 190 and 290 dollars. between 215 and 265 dollars. less than 215 dollars or more t...

Question 1 of 7 Question 2 of 7 Seat belts are supposed to save lives. Here are the results of a 1988 study of accident records conducted by the Florida State Department of Highway Safety. The researchers classified people in vehicles involved in accidents as having worn seat belts or not. The following two-way table gives the results of the study: Accident Nonfatal Fatal Total Seat Belt? Yes 412,368 510 412,878 No 162,527 1,601 164,128 Total 574,895 2,111 577,006 In this example, it ...