1. A little boy was drowning in the family swimming pool. Emergency medical technicians were called and came to the home. The floor was wet from the water on the child’s body and from those that brought him to the house. It was too late for the child; though he lived, he lived in a vegetative state and had to be fed through a feeding tube. He cannot communicate in any way. A policewoman called to the scene slipped on the floor and injured her knee. She sued the parents of the child for personal injuries. Why do you think a lawyer would take this case, and why would the policewoman file the suit? Does the policewoman have a case? Justify your answer. (1 page) 2. Occasionally, when examining marketplace considerations, an organization might establish strategies for consolidation. Name the 4 ways to accomplish this objective, and give an example. (1 page) 3. Please do not use Wikipedia for this assignment. Search the Internet for at least 3 good definitions of the Good Samaritan Law. Compare the definitions with the text material from the book (The Legal Environment Today: Business In Its Ethical, Regulatory, E-Commerce, and Global Setting, 7th Edition. Which do you think is the better explanation? Provide your source or sources for your response. (1 page) Justify your response using knowledge acquired from research and textbook. Cite the sources using APA format. (2 pages)



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Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

You just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determining prices and what products to supply, so you decide to investigate this concept.

You call your friend, an economics professor, and ask, “What is the price elasticity of demand? What determines it? What is elastic and inelastic demand?”

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To really understand it, compute the following price elasticities of demand:

  • The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded.
  • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quantity demanded.

Of the above examples, which is more elastic, and which is the least elastic? Why? Answer the following questions:

  • Why is elasticity an important concept for a business?
    • Bridge tolls
    • Beachfront properties
    • Gourmet coffee
    • Gasoline
    • Cell phones

 

Now that you are an expert on elasticities, what do you think would be the best time of year to raise prices, and why?

What do you think the elasticities are in the flower business?



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