An owner owned 80 acres of land, fronting on a town road. two years ago, the owner sold to a buyer the back 40 acres. the 40 acres sold to the buyer did not adjoin any public road. the owner's deed to the buyer expressly granted a right-of-way over a specified strip of the owner's retained 40 acres, so the buyer could reach the town road. the deed was promptly and properly recorded. last year, the buyer conveyed the back 40 acres to a doctor. they had discussed the right-of-way over the owner's land to the road, but the buyer's deed to the doctor made no mention of it. the doctor began to use the right-of-way as the buyer had, but the owner sued to enjoin such use by the doctor. the court should decide for

Consumer surplus is: the difference between the price of a product and what consumers were willing to pay for the product. the difference between the discounted price of a product and its retail price. the difference between the price paid by consumers and the price required of producers. the difference between the price of a product and consumers' valuation of the last unit of the product purchased.

Kahn company's static budget was based on sales volume of 12,000 units. its flexible budget was based on sales volume of 14,000 units. based on this information multiple choice the sales volume variance is expected to be unfavorable. the materials cost volume variance is expected to be favorable. the labor cost volume variance is expected to be unfavorable. none of the answers is correct.

The treasurer for pittsburgh iron works wishes to use financial futures to hedge her interest rate exposure. she will sell five treasury futures contracts at $139,000 per contract. it is july and the contracts must be closed out in december of this year. long-term interest rates are currently 7.30 percent. if they increase to 9.50 percent, assume the value of the contracts will go down by 20 percent. also if interest rates do increase by 2.2 percent, assume the firm will have additional interest expense on its business loans and other commitments of $149,000. this expense, of course, will be separate from the futures contracts. a. what will be the profit or loss on the futures contract if interest rates increase to 9.50 percent by december when the contract is closed out